Discovered Opportunities for World of Education
Education abroad is a desire for many students, it provides better job opportunities and diverse cultural experience and connection. But, it lacks the necessary funding to achieve this goal regularly.
But fortunately education loans could always come closer to making this dream come true. So if you are a student planning to study abroad to further his/her studies get a study abroad-loan in the following way;
Understanding Education Loans
Studying in another country might cost a lot of money, but going through it is important to know that there are scholarships and education loans. There are a number of education loan banking schemes functioning in India at the moment, and the interest rates on these schemes vary between 8.50% and 16%.
These loans include tuition fee loans, maintenance loans, loans for books and equipment, and emergency loans. When choosing a type of loan it is advisable to go for those that do not need security as this make it easier for students to access the loans.
Planning Your Financial Needs
When considering to take an education loan, evaluate your estimated funding requirement for your education. A budget for the period of your study comprising the amount needed to pay for tuition fees, living expenses, and other miscellaneous expenses should be developed.
When you have the estimate in mind, borrowing needs to be compared against different loan schemes that are in a position to be offered by different banks to be in a leaning with the money needs of the borrower. The eligibility criteria for the loan schemes are essential to meet to improve your chances of approval the loan.
The Application Process
Students can apply for education loans either online through the bank’s official website or by visiting a nearby branch. During the application, a processing fee, typically between ₹10,000 and ₹20,000, may need to be paid. After submitting your application, gather the necessary documents, as this will expedite the approval process.
Essential Documents for Loan Approval
To secure an education loan, you will need to prepare and submit several documents, including:
- Identity proof (Aadhaar card or passport)
- Address proof (utility bill or rental agreement)
- Academic records (transcripts and certificates)
- Income certificate (to demonstrate your or your guardian’s income)
- Bank account details
- Passport-sized photographs
- PAN card
- Collateral documents (if applicable)
- Visa documentation (if already obtained)
- Standardized test scores (like GRE, GMAT)
- English proficiency test scores (like IELTS, TOEFL)
- Letters of recommendation
- Statement of Purpose (SOP)
- Resume/CV
