Documents required for Education Loan to Study Abroad |
Posted: January 6, 2020 |
There are many advantages of studying abroad. You get a chance to explore the advanced academic curriculum, rich cultural environment and be taught by superior faculty members in excellent infrastructure. Moreover, many companies prefer students who have studied abroad due to their better communication and global skills. Maybe that’s why more and more students from India plan to study abroad. However, the high cost of studying abroad is not easy to be borne by any average middle-class Indian family. Therefore, study abroad consultants in Delhi suggest taking an education loan. There are around four types of financial institutes offering study loans in India. These are non-banking financial institutions (or NBFCs), banks, foreign banks and crowd-funded companies. The banks offer loans at relatively low-interest rates. NBFCs, on the other hand, offer relatively faster loan sanctions. And, crowd-funded firms offer study loans to students in the local currency of a particular country where he/she will be going for education. Even foreign banks have lower interest rates; however, they require a foreign co-signor to sanction the loan. How to get a study abroad loan in India?Usually, a specific pattern is followed for getting a loan from general lenders. When applying for a study loan for education in Ireland or any other country, a co-applicant has to be a parent, spouse or sibling. If the loan ranges between INR 4 and 7 lakhs, a third-party guarantor is necessary to ensure repayment. However, for student loans that are more than INR 7 lakh, applicants need collateral for loan sanction. In case, a student studying abroad cannot repay the amount, the lender recovers the sum from the co-applicant. The study abroad loans usually cover examination charges, tuition fees and cost of buying books, as well as costs of the hostel, library, laboratory, project work, exchange programs, equipment, etc. Documents Needed for Education Loan to Study AbroadFinancial institutions grant education loans for completing graduation, post-graduation or masters in Ireland for Indian students. It allows a great opportunity for students to complete higher education from a good foreign institute. However, the applicants need to submit appropriate documents for education loans. Supporting documents required for study abroad loan are:
Applicant’s photo ID, which could be: a) Voter ID card b) Passport c) Pan card d) Aadhar card e) Driving license f) Defence ID card g) Photo ID issued by central or state government h) Employee ID (if any) Applicant’s residence proof that could be: a) Aadhar card b) Passport with address c) Driving license with address d) Ration card e) Bank statements, along with the address f) Voter ID card g) Electricity/water/telephone bill but not older than three months. Admission documents a) A printed copy of the admission letter issued by the foreign university/institute. This letter should be printed on letterhead and signed by an authorized officer. b) Fee details of the university c) I-20 form of a student going abroad for higher education Academic documents a) Certificates and mark sheets of Class 10 and Class 10+2 b) Scholarship documents (if any) c) Entrance exam documents like GMAT, GRE, TOEFL and IELTS Applicant’s income proof a) In the case of a salaried employee
b) For a self-employed person
Important Note:
Conclusion Ambitious students who want to study abroad can apply for education loans for engineering, the management or medical courses or other graduate and postgraduate courses. However, ensure to submit all the legal documents to process the loan application.
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