How do I secure a student loan if I’ve already got admission abroad?

Question

Yash Mothia · Accepted Answer

If you&rsquo;ve already received admission abroad, securing a student loan is simpler since the bank knows you&rsquo;ve been accepted to a recognized institution. Start by collecting essential documents like your admission letter, course fee structure, ID proof, academic records, and proof of residence. If the loan amount exceeds 7.5-10 lakhs, you might need collateral, such as property documents or fixed deposit certificates.
Visit your preferred bank or financial institution with these documents and inquire about education loans. Banks like SBI, HDFC Credila, and Axis Bank offer loans for studying abroad, with options for secured and unsecured loans depending on your needs. You&rsquo;ll likely need a co-applicant (like a parent), so gather their financial documents, such as income proof, tax returns, and bank statements, to support the application.
Once submitted, the bank assesses your application and, if all is in order, you should receive approval within a few weeks. Some banks even offer online applications, which can speed up the process.