Why Process Overseas Education Loans through Élan?

If studying abroad is a leap of faith, then an overseas education loan is the wind that carries students over to the other side. The process of securing the ideal loan for abroad studies is anything but easy – students must conduct thorough research, weigh the merits and demerits of different lenders, and find the best loan for their financial profile. It might be a difficult world to navigate for young aspirants and their parents alike, but there is a simple solution – applying for study abroad loans with end-to-end assistance from experts at Élan Overseas Education Loans.

A question must’ve popped up, why Élan Loans? Well, in the past 7 years, our company has assisted more than 48,000 students in finding the perfect loan for their studies abroad, leading to a fulfilling stint in over 250 Universities in the USA, the UK, Australia, New Zealand, and many other top study destinations. Our dedicated counsellors have helped students with diverse financial, social, and familial backgrounds in getting secured and unsecured loans worth up to INR 3 Crores at interest rates as low as 8% per annum. 

In this article, we will explore how applying for an overseas education loan through Élan can remove the financial hurdles and help students chart a straight path towards their study abroad dreams.

Élan Overseas Education Loans: Highlights for Study Abroad Aspirants

When students apply for an overseas education loan, Élan provides them with in-depth information to objectively compare loan offers from various lenders and explore attractive schemes according to their chosen study destination, University, and course. To get a better idea of our achievements, keep reading.

With the help of Élan Overseas Education Loans, students can select overseas education loans with or without collateral offered by the most trusted lenders in the Indian financial market. Get a look at the lenders we partner with in the following section.

Élan's Banking Partners for Overseas Education Loans

At Élan Overseas Education Loans, we believe that every student should get an opportunity to fund their foreign education, regardless of their financial background. To reflect those values, we have ongoing partnerships with Nationalised Banks, Private Banks, Non-Banking Financial Companies (NBFCs), and International Lenders. The names of our partners are mentioned below.

With the help of such diverse lenders, students can get options for loans without collateral, at low interest rates, or even without a co-applicant. Our strong relationship with these lenders makes it easier for students to negotiate the best possible loan scheme. Next, let us learn the exclusive benefits of borrowing an overseas education loan through Élan.

Benefits of Processing Overseas Education Loan through Élan

Élan provides comprehensive support at every step of the loan process, from building an attractive profile to exploring options for pre-visa disbursement and managing documentation throughout the process. 

Our in-depth personal consultations ensure that students successfully navigate through collateral issues and CIBIL scores, getting financial support and expert advice even after their loan is disbursed. Some benefits of applying for an overseas education loan through us are listed below. 

• Students get a thorough profile assessment, taking their academic record, standardized test scores, employment history and financial records of their co-applicants and guarantors.

• Our counsellors accurately assess the total loan amount required by taking the tuition fees, city-wise living expenses, currency exchange rates, and other ancillary costs, giving students an accurate estimate of their expenses across their course.

• Élan ensures that the overseas education loans meet the requirements of the student, the University, and the visa regulations of the study destination.

• Our advisors have an in-depth knowledge of the policies, advantages, functioning, and procedures of most lenders on the Indian financial market, which they use to help students find the best lender as per their requirements and profile.

• Élan guides students and their co-applicants through the pre-visa disbursement process, which plays a vital role in the student visa process for some study destinations.

• We can help students negotiate for the lowest interest rate on education loan to study abroad, lowering the overall repayment amount in the long run.

• In many cases, borrowers are eligible for income tax benefits, which our team can help them avail once the repayment process begins.

• Élan helps students evaluate the collateral papers and gather the necessary documents to ensure a smooth loan application process.

• We communicate with lenders for Pre-Visa Disbursement of overseas education loans, so that students can have a smooth visa process.

• Students can experience a smooth, speedy, and efficient loan application, verification, and disbursement process without having to visit the lender's office.

Our services extend beyond the loan processing and disbursement, checking in with students and lenders routinely to ensure a stress-free journey after the student reaches their destination and starts repaying the loan. 

Having understood how applying for an overseas education loan through us can help smooth the bumps and detours in the journey, let us learn about the process to apply for a loan in the next section.

Step-by-Step Process for Overseas Education Loans

Getting an overseas education loan can be an arduous process, from documentation to negotiations with the lender and constant communication with the loan officer. This hassle can be avoided by applying through Élan Overseas Education Loans, which streamlines the entire process so that students and their families can focus on other commitments and necessities. We have broken down the overseas education loan application process below.

1. Online or Offline Enquiry

Connect with Élan Overseas Education Loans over the phone, by message, or through a walk-in appointment at our office. Students have an initial conversation with our experienced counsellors, who will walk them through the entire overseas education loan process and discuss the student’s options according to the country, University, and course they want to pursue. Sometimes, they also calculate a rough sum for the total cost to study abroad.

2. Eligibility Check

Students choose between secured and unsecured education loans based on what suits them best, and check the eligibility requirements of the lender. This eligibility check can be done easily on the Élan website by creating a profile, filling out the eligibility assessment form, and checking the loan eligibility according to the type of loan and lender they prefer.

3. Shortlisting Lenders

Once the eligibility check is done, students can narrow down their options based on the required loan amount, interest rates, loan margin, moratorium period, repayment tenure, collateral requirements, and other important factors. This will help them determine whether to go for an NBFC education loan to study abroad, or apply for a loan from a Bank or an International Lender.

4. Documentation Process

This step of the overseas education loan application process is perhaps the most crucial, as it affects the loan approval and other processes. Each lender has different document requirements and processes, so it is important to gather and attach relevant documents with our expert insight. 

Students can submit these documents online or via courier to our counsellors, who will cross-check them and start the application process with the lender. The counsellors correspond with the lenders for any further documentation requirements and communicate those to students accordingly.

5. Applications to Various Lenders

Usually, loan applications are sent to at least 2-3 lenders to give students the best chance of getting a loan offer in time. Once Élan counsellors complete all the documentation-related formalities, the loan applications are sent to various lenders. The counsellors then coordinate with these lenders and discuss options with students, giving expert insights on ways to negotiate for lower interest rates and exclusive benefits.

6. Loan Sanction

After negotiations end, students agree to the lender’s best terms and pay the processing fees. The lender then releases a loan approval letter, which is discussed with an eye for detail before the details are confirmed. This is also where loan insurance, disbursement schedules, and repayment discussions take place. Once this is all finalised, the student and their co-applicant sign the loan agreement and continue the process.

7. Disbursement Process

There might be cases where the lender requires additional documentation before the disbursement process starts. Élan resolves these needs and handles the process with precision, especially when pre-visa disbursement is required. The account for disbursement is also set up by our counsellors as per the University, study destination, and the lender’s needs. 

Setting up a regular disbursement schedule helps students pay their tuition fees and living expenses on time when they move abroad. Even after the course starts, our counsellors keep in touch with the lender and the student so that any issues can be resolved without visiting the lender. 

To wrap up, Élan Overseas Education Loans is a pit stop that assures a smooth ride for students hoping to study in Foreign Universities. Our services cover everything from loan applications to discussions about travel insurance, and forex procedures. Students receive unbiased information and mindful advice to make the best possible financial decisions according to their circumstances. Our equation with students and their families stays open, honest, and communicative from Day 1 until the loan is disbursed.

As overseas education loan consultants with years of specially-honed expertise, we handle every possible roadblock or worry that surrounds a financial investment as large as a loan, making students’ journey from their home country to the halls of a Foreign University as simple and easy as possible. So why not trust us with your upcoming loan application?

Élan Overseas Education Loan FAQs

1. Is it mandatory to apply for an overseas education loan through Élan?

Ans. No, students are not mandated to apply for their overseas education loan through Élan. However, our comprehensive knowledge of loans and our comprehensive services can certainly make the process easier for global aspirants.

2. What is the highest unsecured loan amount I can get through Élan?

Ans.  Students can get unsecured loans up to $220,000 from International Lenders to study abroad. Additionally, lenders like ICICI Bank, Credila, Axis Bank, and Tata Capital offer high unsecured loan amounts.

3. Are there any course restrictions for overseas education loans?

Ans. Acceptable study levels and courses vary across lenders. While some lenders offer loans for Master’s and Bachelor’s Degrees, Diplomas, Pathway, and Foundation courses across disciplines, others may only allow loans for certain courses and disciplines. It is best to check with the lender before applying for an overseas education loan.

4. Is there a way to get an overseas education loan without a co-applicant?

Ans. Yes, International Lenders like Prodigy Finance and MPower Finance usually offer unsecured education loans without a co-applicant for students.

5. What documents do I need for an overseas education loan?

Ans. The documents required for an overseas education loan depend on the chosen type of loan and lender. Usually, lenders require ID proof, address proof, academic records, standardized test scores, financial records, credit scores, and collateral documents (if the student has opted for a secured education loan) from the student and their co-applicant (wherever necessary).