Gone are the days when one would aspire to study abroad but due to financial issues, couldn’t actually afford to. With various loan programs for higher education, it is now convenient for students to make their dreams come true. The stress of submitting documents and completing your application procedure for the university is the first step. The real task is to manage your finances and get an education loan. By choosing a loan plan that’s best for you can help you save up to lakhs of rupees. Understanding how to apply for a higher education loan program, its eligibility criteria and documents required along with a firm understanding of what are the type of loans available for you is essential.
If you have just begun planning and exploring some of the best European universities that suit your career goal, we can help you followed by guiding you through the process of acquiring an international student loan for studying in Europe. Visit our website for more information on studying in European countries and how to apply there.
So let us begin by understanding the eligibility criteria for applying for a higher education loan program according to the majority of Indian banks:
- The student should be an Indian citizen
- The student should be 18 years of age or above to acquire the loan, else his/her parents will have to take the loan
- The student should have acquired admission to a recognized abroad university or college
- The student should have a good academic record
Apart from the usual requirements, banks also give preference to job-oriented courses, so a student’s application for a professional or technical course is likely to be accepted.
Once a student has ensured he/she fits the eligibility criteria for an educational loan, the next step is to collect all the necessary documents for your application. These documents are not only required with respect to the student but also the co-applicant, who in most cases is the parent and the guarantor. Here is what the 3 people involved need to present:
- A completely filled application form
- An identification document such as your Aadhar card/ PAN card/ Driving license/ Passport (it should be a photo ID)
- A residential proof by the student and the co-applicant
- Academic documents of the student- mark sheet, certificates, test results of GRE/ TOFEL/ IELTS or whichever applicable
- Admission proof of the student
- Bank statements of the last six months of the co-applicant
- Income proof of the co-applicant
The other required documents will be stated by the bank as well. Keep a checklist to ensure that you have all of them handy during the application process. But what is the overall application for an educational loan? Let’s find out:
The process of applying for a foreign educational loan is time consuming and tedious which is why we always recommend our students to plan in advance and start early.
The first step is to confirm if the bank recognizes the course you wish to apply for. The second step is to categorize the required financial aid into how much you’ll need to loan and how much can you bear by yourself. The next step is to compare the foreign educational loan plans offered by various banks and shortlist the ones that suit your requirements. Once you figure out which bank you’d like to choose, fill out the loan application form and submit it. If the application gets approved, the bank will issue a loan document. Read it carefully and sign it. The bank will soon disburse the amount in installments or as agreed upon.
We hope this helps you get a better understanding of how to apply for an education loan for abroad universities. To know more, reach out to us today!
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