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Education Loans

Education Loans

The number of students opting for higher education abroad has been increasing for last 25-30 years. This has lead to the drastic increase in the cases of education loans for overseas education which has ultimately given rise to countless education loan providers.

Education loan for India i.e the education loan for Indian students for higher education in India is is also available these days. These two loans differ in their requisites you need to fulfill. Therefore when you apply for education loan follow the following rules.

  • A co-borrower is a must and it could be your parents, a sibling or your spouse.
  • You need to make a guarantor for the loans of between 4-7.5 Lacs
  • You need to provide a collateral for the loans of above 7.5 Lacs
  • The repayment of loan starts from 6-12 months after completion of course.
  • If a student fails to repay the loan, the co-borrower will have to pay the remaining loan to the bank.

The loan providers or lenders’ rates of interests, the tenure of the loan and the loan amount varies from lender to lender. They usually approve loans for some pre-approved courses and selected colleges and universities. They have devised the criteria on the basis quality of education and good will of institution and credit worthiness of the applicant and co-applicant.

In case of Education loans for higher studies in India, the lenders consider AICTE or UGC approval of the course.

Education loan for abroad covers

  • Tuition fees
  • Living Expenses including accommodation in overseas country
  • Charges for examination, library, laboratory and hostel
  • Cost of purchasing books, equipment, instruments
  • Travel expenses
  • Caution money, refundable deposit, etc.
  • Study tours, exchange programs and project work

Documents Required

Study Abroad

  • Mark sheet for last qualifying examination for school and graduate studies in India
  • Letter of Confirmation of Admission or Offer of Place from Institution
  • Schedule of expenses for the course
  • Copy of letter confirming scholarship, if any
  • Copy of Foreign Exchange permit ( if available)
  • Two passport size photographs
  • Statement of borrowers bank account for last six months
  • Income Tax assessment order not for last three years.
  • Brief statement of Borrowers Assets and Liabilities
  • Proof of Identity if applicant or co-borrower are not the customers of the bank.

Education loan for India covers

  • Tuition fees
  • Charges for examination, library, laboratory and hostel
  • Cost of purchasing books, equipment, instruments
  • Travel expenses
  • Caution money, refundable deposit, etc.
  • Study tours, exchange programs and project work

Study in India

  • Mark sheet for last qualifying examination for school and graduate studies in India
  • Document for Age Proof
  • Documents for Identity Proof and Residence Proof
  • Completely filled Application Form and two-passport size Photographs
  • Income Proof Documents for parents/guardian’s Income
  • Collaterals in the form of FDs or Property papers like Registry etc.

How can we help you?

Students looking for their higher studies in abroad can get help from the overseas education consultants like us in India. The Overseas Education provide honest and quality overseas education consultancy. Honesty and transparency is our business statement. We have been helping students to grab the appropriate overseas education opportunity for a long time. Thousands of students get benefit from The Overseas Education in opting the right course and right country for them.

We have an expert and qualified team who have been working in this field for many years. Their expertise has made the careers of thousands of students. We provide consultancy for Canada, US, Australia, UK, New Zealand, Singapore, Ireland and many other countries across the world.