Poonawalla Fincorp Overseas Education Loans: Expenses Covered, Application & Sanction Process

Are you looking forward to stepping into the world beyond borders with dreams and determination to pursue a foreign degree? Imagine that moment when an acceptance letter from your dream University arrives, and suddenly, financing it feels like the next Everest to climb. Well, you don’t have to worry about the financial obligations, as a popular NBFC is here to turn your dreams into degrees. 

Poonawalla Fincorp, born out of the trusted Poonawalla Group, is rewriting the rulebook for overseas education financing. Leading the space with a clear mission to make high-quality financial solutions accessible, transparent, and personalised to the modern borrower, in just a few years, it has positioned itself as one of India’s most progressive NBFCs. Whether it’s tuition fees at an Ivy League University, living costs in London, or research expenses in Australia, their funding solutions are designed to cover it all, so students can focus on academics instead of financial stress.

For students with global ambitions, it’s not just redefining the size of the loan you can get; it’s also redefining the experience of getting it. Keep reading to find out everything about Poonawalla Fincorp’s Overseas Education Loan. 

Key Features of Poonawalla Fincorp Overseas Education Loans

When it comes to studying abroad, the right education loan isn’t just about getting the funds; it’s about getting them quickly, on fair terms, and with the flexibility to suit your journey. Poonawalla Fincorp understands this, which is why its overseas education loan offering stands out as a finely balanced mix of generous funding, speed, and transparency. Here’s what makes it a top choice for globally bound students:

• Generous Loan Amounts for every Ambition: Poonawalla Fincorp offers up to INR 3 crores for Secured loans and up to INR 1 crore Unsecured, ensuring that even high-cost destinations like the USA, UK, or Australia remain within reach.

• Immediate Sanctions of up to INR 75 lakhs for Urgent Timelines: For select Top Institutions, instant sanctions are available for amounts up to INR 75 lakhs, so you never miss an admission or visa deadline waiting for paperwork to move.

• Global Coverage Across 2,000+ Institutions: From Ivy League and Russell Group campuses to renowned European Universities, the coverage spans over 2,000 Institutions worldwide, giving you the freedom to choose without financial restrictions.

• Competitive & Transparent Interest Rates: With rates starting as low as 10.75% p.a., and zero prepayment charges on floating-rate loans, you can plan your finances confidently knowing there are no unpleasant surprises.

• Digital Process with Minimal Documentation: Apply from anywhere, anytime. The process is 100% online with just the essential documents required, making the entire experience seamless and student-friendly.

• No Hidden Costs: The processing fee is fixed and upfront, so you know exactly what you are paying for. There are no buried charges that appear later in the fine print.

• Flexible Repayment Structures: Choose from Principal + Interest (PI), Simple Interest (SI), or EMI-based plans, so your repayment aligns with your post-study earning capacity and career plans.

With such features, Poonawalla Fincorp doesn’t just provide a loan; rather, it delivers a financing experience designed around students’ real needs. Now that you know why it’s a preferred choice, let’s explore what exactly these loans can cover to make your study abroad journey smoother.

Expenses Covered in Poonawalla Fincorp Overseas Education Loans

Securing admission to your dream University abroad is only half the battle; funding all the associated costs is where many students face the real challenge. Tuition fees are just one part of the expense puzzle; living costs, travel, and other necessities often add up to a significant sum. Poonawalla Fincorp’s Overseas Education Loan offer comprehensive coverage, ensuring that no essential aspect of your academic journey goes unfunded.

Here’s what it covers:

• Tuition Fees

• Accommodation & Living Expenses

• Travel Costs

• Study Materials & Equipment

• Examination, Library & Laboratory Fees

• Health Insurance Premiums

• Student Visa Fees & Other Related Costs

With finances handled so comprehensively, the next step is to understand the eligibility criteria, so you know accurately what it takes to qualify for this all-inclusive financial support.

Eligibility Criteria for Poonawalla Fincorp Overseas Education Loans

Poonawalla Fincorp has kept its education loan eligibility framework simple yet thorough, ensuring that deserving students can secure high-value funding without facing a maze of restrictions. Meeting the following criteria can make you eligible for a successful loan approval.

• Nationality: Must be an Indian citizen or an Overseas Citizen of India (OCI)

• Age Bracket: For students, it is from 16 to 50 years old. Financial Co-applicant can be 21 to 60 years if they are Salaried, for Self-employed, it is 21 to 65 years. Non-financial Co-applicant can be up to 80 years at the time of loan maturity.

• Academic Admission: A confirmed admission offer or proof of enrolment from a recognised University or Institution abroad.

• Eligible Courses: Graduate, Undergraduate, Diploma, Vocational, or Professional Courses in recognised global Institutions.

• Co-applicant Requirement: A Parent, Guardian, Spouse, or Sibling who meets income and credit history requirements. First Cousins, Parents' Siblings and Parents-in-law can also become co-applicants.

With these upfront criteria, Poonawalla Fincorp ensures that genuine aspirants backed by a responsible co-applicant have a fair and fast path to financing. After knowing who qualifies, it is the right time to understand what documents you will need to get your application moving without delays.

Documents Required for Poonawalla Fincorp Overseas Education Loans

One of the reasons students gravitate toward Poonawalla Fincorp is its reputation for minimal documentation. While many lenders drown applicants in endless checklists, Poonawalla has trimmed the process to only the essentials. The updated list of documents involves the following: 

For the Student (Primary Applicant)

• KYC Proof like Aadhaar Card, PAN Card, Passport, or Voter ID

• Admission letter from the overseas University or Institution

• Academic records, including Mark Sheets, Transcripts, or Certificates from previous education

• Standardised Exam Results like GRE, GMAT, IELTS, TOEFL, or other test scores (if applicable)

For the Co-applicant / Guarantor

• KYC proof like Aadhaar, PAN, Passport, or Voter ID

• Income Proof for Salaried professionals like latest salary slips, bank statements and Form 16. For Self-employed, it can be Income Tax Returns (ITR), Business proof, Bank statements and GST registration (if applicable).

For Secured Loans

• Property title deeds, approved building plans, and any other legal ownership documents related to the collateral

Because the list is concise and the requirements are transparent, applicants can gather everything in one go, speeding up verification and paving the way for faster sanctions. With your documents ready, the next step is understanding how the application and sanction process works and how Poonawalla makes it as simple as counting 1-2-3.

Application & Sanction Process for Poonawalla Fincorp Overseas Education Loans

True to its student-first philosophy, this NBFC has designed a digital-first process that trims down waiting times, removes unnecessary layers of approval, and puts you in control of your application from start to finish. Best of all, it can be completed in just three simple steps and within three days.

• Step 1: Apply Online - Visit the official Poonawalla Fincorp website and click on ‘Apply Now’ for an overseas education loan. Fill in basic details such as your name, date of birth, PAN, contact information, and intended course of study.

• Step 2: Upload your Documents - Submit scanned copies of the required documents for both student and co-applicant. The platform’s user-friendly interface ensures you can complete this within a few minutes.

• Step 3: Get your Sanction Approved - Once verification is complete, you receive your sanction letter, which is often instantly for select Universities and up to INR 75 lakhs in funding. For other applications, the approval is processed within a short turnaround time.

With this three-step structure, students can move from application to approval without the traditional headaches of manual processing. Once your education loan sanction letter is in hand, the next big milestone is disbursement, when the funds reach you or your University. The succeeding section has all the details of what lies ahead.

Disbursement of Poonawalla Fincorp Overseas Education Loans

Poonawalla Fincorp ensures the disbursement stage is just as seamless as the application process, fast, transparent, and aligned with your University’s timelines. The focus is on ensuring that you receive the right amount, at the right time, with zero last-minute hurdles.

Depending on your loan agreement and the Institution’s requirements, the funds can be sent directly to the University or credited to your account for onward payment. Disbursement is generally completed in tranches based on the semester or academic year, ensuring that you have funds when you need them, without paying interest on the entire amount upfront. 

Once your course is ongoing, the focus gradually shifts toward the repayment phase, where Poonawalla’s flexibility gives you the breathing space you need to establish yourself after graduation.

Repayment of Poonawalla Fincorp Overseas Education Loans

Poonawalla Fincorp understands that the transition from student life to earning life takes time, which is why its repayment structure is quite manageable.

It offers a generous tenure where repayments can be completed within 15 years. This includes your course duration and a 1-year moratorium after graduation. Additionally, Poonawalla Fincorp offers multiple repayment options to choose from. They include:

• Principal + Interest (PI) Payments: Start paying both principal and interest right away.

• Simple Interest (SI) Payments: Pay only interest during your course, with principal repayment starting after.

• Equated Monthly Instalments (EMI): Begin full EMIs after your moratorium ends.

Talking about the loan Prepayment Benefits, on floating-rate loans, you can prepay without any charges. For fixed-rate loans, the foreclosure fee is a reasonable 2% + GST of the principal outstanding. With the loan repayment sorted, you have officially completed the funding process of your overseas education journey. Congratulations!

In conclusion, financing your overseas education doesn’t have to be complicated. With Poonawalla Fincorp’s Overseas Education Loans, you get high-value funding, quick digital approvals, transparent terms, and repayment flexibility. To make the process even easier, Élan Overseas Education Loan offers complete application assistance right from eligibility checks to final disbursement, so you can secure your loan without stress or delays.

Team Élan is turning your study abroad plans into funded realities. Connect with our Experts today to get started!

FAQs

1. Does Poonawalla Fincorp offer co-applicant flexibility if my parents are retired?

Yes, you can have multiple co-applicants, including siblings, spouse, or other close relatives, provided they meet income and credit criteria.

2. Are part-time or distance learning programs abroad eligible for the loan?

No, Poonawalla Fincorp loans are specifically designed for full-time courses at recognised Institutions abroad.

3. How is the interest calculated during my study period?

Interest is calculated on the disbursed amount only, not the entire sanctioned amount. You can choose to pay simple interest during your course to reduce the overall cost.

4. Does Poonawalla Fincorp offer any concessions for female students?

While there’s no dedicated women’s concession currently, interest rates remain competitive for all applicants.

5. What happens if my visa gets delayed or denied after the loan sanction?

You can request a deferment of disbursement or cancel the loan. In case of cancellation, only minimal processing charges may apply.

6. Does Poonawalla Fincorp assist with currency conversion when disbursing funds abroad?

Funds are generally disbursed in INR. Currency conversion for overseas transfers is handled through authorised banking channels, and related charges are borne by the applicant.