Majority of the Indian students dream to study abroad in leading global universities. However, studying abroad is expensive and unaffordable for the Indian middle-class. It is good news that Indian financial institutions are forthcoming and provide very flexible study abroad education loans. In this blog, let's look at the steps you would need to take to get an education loan to study abroad.
Understanding the types of loans available for you:
Edu loans is the most comprehensive platform for study abroad education loan. It has over 15 lenders providing all types of education loans which include loans with collateral security, loans without collateral security but with strong parental financial income, or loans without collateral security and guarantors. Each type of loan comes with a different processing fee, interest-rate, and maximum amount which the student can draw for an education loan to study abroad. You need to understand which type of loan you would want to go with as well as the cost involved with each type of loan. The amount of an education loan to study abroad may vary depending on your cost of education and your personal funds.
Comparing lenders with similar type of loans:
Once you have understood the most suitable study abroad education loan for yourself, you have to look at the various lenders which provide the loans. For example, if you're looking at unsecured loans, you have NBFCs like HDFC Credila as well as private banks like Axis and ICICI. Each of these lenders has a wide range of processing fees, interest rates, and unique advantages which they offer such as flexible interest-rate during moratorium period, 80 E tax benefit etc. At Edu loans, we can guide you for the most suited study abroad education loan provider among the type of lenders having comparable study abroad education loans.
Understanding and preparing documentation required for study abroad education:
Once you have shortlisted the financial institutions through the help of Edu loans, you are required to understand and prepare the documentation required to be submitted for your study abroad education loan. Eduloans will provide you with the application form and the checklist of documents which need to be self attested by you which are then delivered to the respective financial institutions. For nationalised banks, you might have to visit the branch. For private banks / NBFCs, you would be able to get that dedicated relationship manager visiting your house. General documents include students' academic documents such as admit letter and proof of cost of funds, parents' 2/3 years IT return with credible Cibil score, chain of documents showing the registration of the property provided as security. These are the mandatory documents required for study abroad education.
Choosing the right option:
Once you have applied with a complete set of documentation and completed the formalities, you would get offers from various financial institutions. The offers would include the interest rate being charged, the processing fees, other charges like insurance, amount of loan sanctioned, terms of repayment, and security involved in terms of Personal Guarantee and mortgageable property. In consultation with Edu loans, we will help you decide which one is more suitable to your needs and then we will finalise and complete the final study abroad education loan provider.
We at Eduloan not only introduce you to all the financial providers but also help every step of the way to get you the best education loan to study abroad. A dedicated team is committed to providing you the best services which gets reflected in our Google review rating of 4.9 as well as our growth to 16,000 students in a span of three years. Visit us at www.eduloans.org to start your study abroad education loan process.
