Edgro Finance Education Loan to Study Abroad: Key Features, Documents & More

If you’re gearing up for your study abroad journey, you already know it’s a big step for your entire future. But let’s be real, dreams like these often come with a hefty price tag. Unless you’ve got a huge fund waiting for you, chances are, you’re considering an overseas education loan. Now, if you’re leaning towards a loan without collateral, NBFCs have probably come up in your research. 

You’ve heard of the big names, Avanse, Credila, InCred, Auxilo, Tata Capital, each one trusted and reliable in their own way. But there’s a new player entering the scene: Edgro Finance. Established in 2022, Edgro might be new, but it’s already making a space for itself in the study abroad loan market. Also, you might be wondering, why should I even consider a new NBFC when so many well-known ones already exist? 

Fair question! That’s why, in this article, we’ll walk you through exactly why Edgro Finance might be worth your attention, covering its key features, eligibility and more. So, let’s get started.

Why Choose Edgro Finance for an Education Loan to Study Abroad?

Unlike traditional banks, NBFCs' focus is more on your academic potential than your financial background. That’s exactly the approach Edgro Finance brings to the table, but with a few standout advantages that might just make your loan journey a lot smoother. So, what makes Edgro worth considering? Here’s a quick glance at some of its key benefits.

100% Coverage

Edgro offers complete financial support for your study abroad plans. From tuition fees and accommodation to travel, books, and even your college laptop, everything is covered.

Loans Tailored Just for You

Every student’s journey is different, and Edgro gets that. Their loan solutions are customised based on your Profile, Course, and University. So instead of borrowing more than you need, or less than you require, you get the exact amount that fits your plans.

Supports Low Income Profiles

Even if the co-applicant's income is as low as ?18,000 per month, your loan can still be approved, provided your academic profile is strong. Edgro evaluates the potential in you, not just your bank balance.

Considers Low CIBIL Scores with Proper Justification

Have a low CIBIL score? Don't worry. If justified properly, Edgro is open to reviewing such cases on a merit basis.

Fast Disbursements

Visa Applications and University Seat Confirmations often depend on timely proof of funds. Edgro ensures quicker loan approvals and disbursals to help you meet deadlines without stress.

Hassle-Free Online Application

Gone are the days of running from one bank to another. With Edgro, the entire loan application process is online, simple, smooth, and trackable. You can apply from wherever you are and stay updated on your loan status in real-time.

These benefits were just the trailer; the real picture lies ahead. If you're someone who likes to be thorough before making a decision, now’s the time to grab a pen and paper. Because up next, we’re diving into what Edgro Finance offers.

Key Features of Edgro Finance Education Loan to Study Abroad

As a registered NBFC under Section 45-IA of the Reserve Bank of India Act, 1934, Edgro Finance brings credibility along with a fresh, student-focused approach. With this strong foundation, Edgro has introduced some key features that you definitely should know about. For additional details, check the table below.

Now that you’ve explored the key features, it’s clear that Edgro Finance brings a lot to the table. But of course, you can’t just walk in and get an overseas education loan right away. Like any financial process, there are certain eligibility requirements you need to meet first. So, let’s take a look at what makes you eligible in the next section.

Eligibility Criteria for Edgro Finance Education Loan to Study Abroad

Just like other NBFCs, Edgro Finance follows a similar set of eligibility criteria for education loan. However, to give you a clear picture, let’s break down the key factors Edgro considers before giving the green light on your loan application.

Age Requirement

You should be at least 18 years old at the time of applying for the loan.

Admission Confirmation

A confirmed admission from your chosen University or Institution abroad is a must. This helps Edgro assess the credibility of the course and the institution.

Strong Academic Background

Edgro gives weightage to your academic performance. Having a good academic record and valid entrance test scores like GRE, IELTS, or TOEFL strengthens your profile, especially if you're applying to study in countries like the US.

Eligible Countries

Edgro finances education in major study destinations including the USA, the UK, Canada, Australia, New Zealand, France, Malta, and various European countries. Approval is subject to university ranking and course assessment.

Co-Applicant Requirement

You’ll need a co-applicant for the loan; this can be your Parent, Sibling, Spouse, Cousin, or even a Maternal/Paternal Uncle or Aunt. The co-applicant must have a steady income and a healthy credit profile, as their financial standing plays a key role in loan approval.

If you tick all the boxes on the eligibility list, you’re already on the right track. Now, it’s time to gather all the necessary documents to keep your application moving forward. Let’s take a look at what you need.

Documents Required for Edgro Finance Education Loan to Study Abroad

Applying for an overseas education loan isn’t just about meeting the eligibility criteria; having the right documents is equally crucial. To simplify the process for you, we’ve grouped the documents required for education loan into clear, easy-to-understand categories.

Academic Documents

These documents help establish your Academic Credibility and Admission Status.

• An Admission or Offer Letter from Your Chosen University

• Academic Transcripts & Certificates

• Standardised Test or English Language Proficiency Test Scores, like GRE, GMAT, IELTS, or TOEFL (if required)

Personal Documents

These are the basic documents you'll need to prove your identity, address, and your relationship with the co-applicant.

• Completed Edgro Education Loan Application Form

• Passport (First and Last Page)

• Government-issued Photo ID (Aadhaar Card, PAN Card, Voter ID, Etc.)

• Proof of Address (Utility Bill, Rental Agreement, Etc.)

• Valid Student Visa for your Study Destination

• Travel Insurance with Coverage for Medical and Travel-Related Emergencies

• Proof of Relationship with Co-Applicant (Birth Certificate, School Leaving Certificate, etc.)

Financial Documents

Financial proofs from you and your co-applicant are essential for loan assessment.

• Income Tax Returns (ITR) of the Applicant and Co-Applicant (last 3 years)

• Salary Slips of Co-Applicant (last 8 months)

• Bank Statements of Co-Applicant (last 8 months)

• Estimated Cost of Attendance from the University (Covering Tuition, Living, and Other Expenses)

Additional Documents

These aren’t mandatory for everyone, but may be required depending on your situation.

• Scholarship Award Letters (if any)

• Details of any Existing Education Loans (if applicable)

• Employment Verification Letter of Co-Applicant (if salaried)

By organizing your documents in these categories, you can easily check what’s ready and what still needs to be arranged. Once you’ve got this file ready, it is time to apply for the Edgro Finance Education Loan to study abroad.

How to Apply for Edgro Finance Education Loan to Study Abroad

Applying for an education loan might sound like a lengthy process, but with the right steps in place, it can actually be quite simple. Whether you're just starting your study abroad journey or already have your admission letter in hand, here’s a step-by-step guide to applying for an Edgro Finance education loan.

1. Start with a Consultation

Begin by getting in touch with Elan Loan experts or directly contacting Edgro Finance. A short consultation will help you understand your eligibility, the loan amount you can apply for, and the best options based on your academic profile and financial background.

2. Get Your Documents in Order

After the initial discussion, you’ll receive a checklist of documents required for the loan application. Make sure to gather all documents in advance to avoid any last-minute rush.

3. Complete the Application Form

Next, fill out the Edgro loan application form carefully. Ensure that all details are accurate and match your supporting documents. Incomplete or incorrect entries may lead to unnecessary delays.

4. Submit the Application & Track Progress

Once your application is ready, submit it along with the required documents. After submission, keep track of your loan status through email or official communication channels. Respond promptly if any additional documents or clarifications are requested.

5. Approval & Disbursement

Once your loan is approved, you’ll receive a detailed sanction letter mentioning the interest rate, repayment schedule, moratorium period, and other terms. After signing the agreement, the loan amount will be disbursed, either directly to the University or into your account, as per the structure of your chosen loan.

By following these steps, you can simplify the loan application process and secure funding for your overseas education with ease. But getting your loan sanctioned is just one part of the journey. What comes next is equally important repayment. Wouldn’t it be better to understand how it works in advance and plan your finances accordingly?

Edgro Finance Study Abroad Loan Repayment

Worried about how you’ll repay your loan once your course begins or ends? Don’t be. Edgro Finance offers flexible repayment options designed to align with your future goals and financial comfort. Whether you wish to start repaying during your studies or prefer to begin after completing your course, the choice is yours.

The repayment tenure usually ranges between 10 to 15 years, depending on the loan amount. This gives you ample time to repay without putting unnecessary pressure on your finances right after graduation. Repayments are streamlined through an automated debit system. 

Once you’ve set up a valid NACH or eNACH mandate, your EMIs will be auto debited from your bank account on the due date. Additionally, Edgro requires a security mandate, which acts as a safeguard ensuring timely loan repayments. This includes both your primary EMI mandate and a separate security mandate, together ensuring your loan is serviced efficiently and without delays.

Now that you’ve reached the end of this article, we hope you're well-equipped with all the essential information about Edgro Finance Education Loans for studying abroad. If the entire process still feels a bit challenging or if you’re unsure where to begin, don’t worry!

As mentioned in the application process section, your first step can simply be achieving expert guidance. That’s where Elan Loans comes in. Our team of experienced education loan experts is here to offer end-to-end assistance, from understanding your eligibility to getting your loan approved, all without any hassle.

So, what are you waiting for? Get in touch with us today and take the first step toward making your global education dreams a reality. 

FAQs

1. What is the repayment schedule for Edgro Finance, and how can I get a copy of it?

Your repayment schedule is a document that gives you a complete breakdown of your EMIs, how much you need to pay each month and when it’s due. Once your loan is disbursed, you can request this schedule from Edgro Finance via email or access it directly through their customer portal.

2. What do ‘Due Date’ and ‘Overdue’ mean?

The Due Date is the specific date every month by which your EMI must be paid. You can find this date mentioned in your loan summary or repayment schedule. Overdue is if the EMI isn’t paid by the due date, it becomes overdue. This means you may be charged late payment fees as per your loan terms.

3. Can I change my EMI due date later on?

No, the EMI due date is automatically set by the system when your loan is disbursed and cannot be changed once finalized.

4. Does Edgro Finance provide Direct EMI loans for Undergraduate Diploma courses?

Yes, Edgro offers overseas education loans under the Funds UL category for Undergraduate Diploma programs, where Direct EMI options are available from the beginning.