Education Loan for Abroad studies: Eligibility, Procedure and Indian Banks

Education Loan for Abroad Studies

Education Loan for abroad can be good option for studying in abroad for students. Earlier it was believed that it is meant for only financially backward students but now the scenario has changed.

With the help of overseas education loans, students get the chance to pay for further studies after high school, both for courses in India and abroad. Not only tuition fees but some of the other expenses that a loan covers also include equipment purchases, charges for the hostel, and other costs related to the course. In the case of studying overseas, various education loan providers also consider airfare, food allowance, etc.

Eligibility Criteria for Education Loan for abroad

Student must be an Indian Citizen.

If a student is under 18 then his or her parent will have to take out the Loan.

Student must have a Strong Academic record.

Student must have taken Admission in to repudiated overseas institution or college.

Procedure for getting an Education Loan for abroad

Check the course in which you are going to learn is recognized by Indian Bank or not.

Plan about the Loan amount how much you required from Education Loan for abroad Studies

After that, need to know about which bank offers which interest rate for Education Loan for abroad and some more details.

Last Step is applying for Education Loan for abroad with some important Documents.

Things to remember while taking an Education Loan for abroad Studies

Loan Margin:

Banks/financial Institutions usually do not provide the complete amount of Loan 100 percent of money needed to fund the education, Major bank provides 90 percent of total amount, remaining 10% has to be arranged by student himself.

Effect of Exchange rate:

Calculate the amount which you will be receiving at the time of disbursement, as any change in the exchange rate can affect the amount you will be receiving.

Moratorium Period:

This is the time period in which the borrower need not to make any repayment of loan to the bank, this period can be varies from bank to bank.