Quality education is a must for a fulfilling and flourishing life. For many, it is equal to graduating from an abroad university or institution. The cost of education is, however, escalating speedily. In fact, the cost of studying at reputed foreign institutions is already towering.
Keeping this in mind, parents, invest their money in Mutual Funds (MFS), Fixed Deposits (FDS), Unit-Linked Insurance Plans (ULIPS), etc., for the long term, who wants to provide their children with the best possible education. But despite all this, one may still run into a scarcity of funds. Loan for higher education abroad, therefore, plays a vital role in such a scenario by helping to bridge the gap between the shortfall and the required amount.
Overseas education loans are broadly classified into two categories. They are secured overseas education loans and unsecured overseas education loans. Most Indian banks offer these overseas education loans to deserving candidates at a lower interest rate with flexible terms and conditions. It is not difficult to avail of the loan, but it is greatly essential to satisfy the eligibility criteria while applying for the same. Check out the basic eligibility guidelines to be met while you apply study loan for abroad studies
After knowing the basic eligibility guidelines, let’s discuss in detail the eligibility criteria for secured and unsecured overseas education loans.
Secured overseas education loans are taken against collateral security which is usually in the form of property. To be eligible for applying for a secured education loan you need to fulfil the given eligibility criteria.
These are the eligibility criteria for secured overseas education loans. Now let’s discuss the eligibility criteria for unsecured overseas education loans.
Unsecured overseas education loans are taken without giving any collateral security. This kind of loan is usually provided considering the Income tax return (ITR) and CIBIL scores of the loan applicant and co-applicant. So, let’s find out the eligibility criteria for this loan type ahead.
These are the required eligibility criteria for overseas education loans. Considering that you are now aware of the loan eligibility. The next thing that you must know is the required documents for loan application and processing.
So, now we will take you through the overseas education loan requirements in this article so that you have complete knowledge about the documents required for education loan for abroad studies.
The above enlisted documents cover majority as required but the list may not be limited to it. There may be changes or add-ons as per the financial institution you approach.
Well, we know it’s a long list but don’t worry just approach us and get complete assistance right from the process initiation to the loan sanction.
Even the slightest possibility of the education loan denial can be avoided by getting in touch with our Education Loan Experts who will guide you through the entire process and make sure that you make the perfect fit for availing the Student Loans for studying abroad.
So why the delay, just avail yourself of E’LAN Overseas Education Loan Services and be rest assured that your loan to be sanctioned.
We provide Education Loan Services for Study Abroad Aspirants throughout India and those who can’t approach us in person can connect to us virtually. The entire process can be done online as well.
What are the basic eligibility guidelines to get an overseas education loan?
The basic eligibility guidelines for taking an overseas education loan includes, the loan applicant or student should have attained the age of 18, should be a citizen of India, must have a good academic background and must have secured admission to a recognized foreign University, Institution or College.
How much of the loan amount can I get against my property for a secured education loan?
Considering the market value of your property, banks usually consider only 80-85 % of the property value to provide the loan amount.
Can I get a secured overseas education loan on my agricultural land?
As per the norms of RBI, you are not eligible for secured overseas education loans if you are paying tax to Gram Panchayat or Nagar Panchayat for your agricultural land, village house, or farmhouse.
What should my parent’s annual income be for an unsecured overseas education loan?
The parent’s annual income should be more than 6 lakhs with no liabilities for unsecured overseas education loans.
My Parents are farmers, and they don’t file their ITR, how can I get an unsecured overseas education loan?
If the parents are farmers and don’t have their ITR filed, you can still get an unsecured education loan of 50-60 lakhs based on your GRE scores. However, the GRE score should be 300+.