How to get loan?

Asked by Ferose 8 months ago

Answers 1
Divyakshi  Gupta

Divyakshi Gupta

Study Abroad Expert

Attending a grad school abroad can be the best decision for your career, but finding ways to pay for school can be challenging. Your initial consideration would obviously be the programs and the location of the university, but there’s no way you can ignore the cost of education at the university. 

A student loan for abroad is a loan product designed specifically to help students pay for post-secondary education and the associated fees - tuition, books and supplies, and living expenses, to study abroad.

Eligibility Criteria and Documents Required to Apply for a Study Loan for Abroad 

Borrower’s Profile

GRE score is an important factor in getting a student loan for abroad. Along with the GRE score, the overall academic performance along with the work experience also matter while getting a loan. Not to forget that the most crucial factor to meet an education loan for abroad eligibility is Indian citizenship.

Co-borrower’s Profile 

The co-borrower’s profile also plays an important role in getting a student loan for study abroad. The financial background, location and owned assets are some important factors to get hold of a foreign education loan.

Recognised University

The ranking of the university in which you have taken admission also matters. Better the ranking of the university, better chances of getting a loan. Top universities across the globe also offer better jobs which increases the security on the foreign education loan.

Underwriting Norms

Underwriting norms are the guidelines established by loan vendors to ensure that safe and secure loans are issued. They are issued to decide if a study loan for abroad should be issued to a person or not, how much loan the company is willing to issue and at what interest rate the study loan for abroad should be issued.

Let us now look at the documents required for abroad education loan: 

A completely filled application form
Academic transcripts 
Passport photographs 
KYC documents 
Residence proof
Bank statements 
Income proof 
Collateral documents
Birth certificate
Acceptance letter from a recognized university 
Application Process to Apply for a Student Loan Abroad 

Choose a loan for foreign studies, which is the most suitable for you 
Check all information including moratorium period, repayment tenure, education loan for abroad studies by Indian government interest rate, etc
Visit the official website for the education loan you’ve chosen 
Fill in the application form
Scan and upload the required documents
Wait for the decision

If any of this feels like a hassle to do by yourself, I suggest you directly get in touch with Study Abroad Experts here. They have been helping students get their studies funded for a long time now. I am sure they will not just help you with all the required information but also assist you in the entire process for FREE.

Hope this helps!


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