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 finding it difficult to arrange for funds, now have the option to make arrangements for funding their education. We will cover each and every detail related to education 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 the Indian banks giving student loans or the role of a guarantor. We will cover each and every aspect for all those who are looking for an education loan for 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. Below provided is the usual criteria which Indian banks follow for checking the eligibility of the loan applicant is:
- 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.
What all documents required for applying for Education Loan for Study Abroad?
Before applying for an education loan, the applicant must be completely aware of the documents required to apply for a study loan for abroad. Following documents are required to apply for an education loan for abroad studies:
- Filled application form
- Photographs: Passport size photographs of the applicant and the co-applicant.
- Photo ID: Photo ID of the applicant and the co-applicant. It can be a PAN card, driving license, Voter ID card, Aadhar Card, or Passport.
- Residence proof: Resident proof of the applicant and the co-applicant
- Academic documents:
o Mark sheet and certificates of the applicant
o Mark sheet (Score Report) of IELTS, GRE, GMAT, TOEFL, etc. whichever is applicable
- Admission proof: Admission letter shared by the university or college.
- Bank statements: Last six months bank statements of the co-applicant
- Income proof: Income proof of the co-applicant
- In case of collateral (immovable property), it can be flat, home, or non-agriculture land the following documents are required:
o Property title deed
o Building approved plan
o NOC for a mortgage from builder or society
| Document type | Applicant | |
|---|---|---|
| Date of Birth | Birth Certificate, Passport, Voter card with DOB, College Passing Certificate, PAN Card, Driving license, Aadhaar Card | |
| Residence Proof (if owned) | Electricity Bill, Municipal Tax Receipt, Share Certificate or Title Deed (with Flat No) | |
| Residence Proof (for a rented property) | Registered Rent agreement (with utility bill), Landline phone bill, Post Paid Mobile Bill, Bank statement., Passport, Driving License, Voter ID, and Aadhaar card | |
| Aadhaar | Aadhaar card | |
| PAN Card | Copy of PAN / Form 60 if PAN not available | |
| Signature | Signature verification from the bank, Passport, Driving License, and PAN Card (all IDs should match with your current signature) | |
| Relationship proof | Passport, Pan, Aadhaar card, Marriage certificate, Birth certificate, Legal heir certificate, Ration card or any other acceptable documents |
| Document type | Applicant | Co-applicant |
|---|---|---|
| Academic documents | 10th,12th, UG or PG mark sheets, degree or provisional degree certificate and applicable entrance test scores | Registration certificates for Professionals (CA, Doctor) |
| Income proof – Salaried | Documents to establish 3 years work experience where ever applicable and available | Latest 3 salary slips, Bank Statement of last 3 months, Form 16,Self-employed:2 years ITR with the statement of income, Income certificate from Tehsil/collector’s office |
| Office Address | NA | Form 16/ Salary slip/ Letter from HR/ Snapshot of site/Identity card |
| Admission proof | Invite/admission letter from University/college and Fee structure | NA |