All AnswersShould my university arrange all of my study loans in which i supposed to take admission?
Asked by Bhushan over 2 years ago
It can be a daunting task to plan your education abroad. Especially planning ‘When should I apply for student loans?’ Let us warn you that studying abroad is not at all cheap. Deciding the right timeline for loan application can be complicated. Don’t Worry! We are here for you. We will help you in getting the right loan and the rate of interest, and also help you answer the question-”When to apply for an education loan?” And, therefore, we have listed down a few Frequently Asked Questions on “Student Loan: When to Apply”.
Education Loan for Abroad Studies: Studying abroad can be a life-changing decision, however, this doesn’t come easy. Those who want to pursue higher studies abroad, but find it difficult to arrange for funds, now have the option to make arrangements for funding their education. In this article, we will cover every detail related to education loans for studying abroad. Be it the process to apply for a loan, eligibility, or documents required for it. We will also cover various other aspects related to student loans like Indian banks giving student loans or the role of a guarantor. We will cover every aspect for all those who are looking for an education loan to study abroad.
Eligibility criteria to apply for the education loan
The first and foremost thing is to check whether you are eligible to apply for an education loan or not. Provided below are the general terms and conditions that are usually followed by any bank in the process of granting an education loan. Kindly note that individual banks could have their eligibility guidelines which would have to be adhered to when applying to that particular bank.
-The applicant should be a citizen of India.
-The applicant must have attained the age of 18 else his/her parents will have to take the loan.
-The applicant must have a good academic background.
-The applicant must have secured admission to a recognized foreign university/institution/college.
-The desired course which the applicant is going to study must be a technical or professional one, as banks give preference to job-oriented courses.
-Underwriting norms are the standards set out by loan providers to guarantee that only safe and secure loans are made available. They are also important as they are used to determine whether or not to provide a person a study loan for overseas study, as well as how much money the firm is prepared to loan and at what interest rate.
When it comes to financing your education abroad, it's crucial to approach it with a well-thought-out plan. While some universities may offer assistance in arranging study loans, it's not a universal practice. As a study abroad expert with years of experience, I advise students to take an active role in securing their study loans.
Relying solely on your university to arrange study loans can limit your options and flexibility. Instead, I recommend exploring various financial institutions and loan providers to find the most favorable terms and interest rates. This proactive approach allows you to tailor your financing to suit your individual needs and circumstances.
Additionally, seeking guidance from financial advisors and experts can provide valuable insights into the loan application process and help you make informed decisions. Universities often have resources available to assist students in navigating the financial aspects of studying abroad, so don't hesitate to reach out for support.
Ultimately, taking control of your study loans empowers you to make strategic financial decisions that align with your academic and career goals. By being proactive and thorough in your research, you can secure the funding you need to pursue your education abroad successfully.