Studying abroad may be one of the most beneficial experiences for a college student. By studying abroad, students have the opportunity to not only study in a foreign nation but also take in the allure and culture of a new land.
For this reason, students are now opting for an abroad education more than ever. Not only do you get quality education, holistic growth, value for money, safety, and security, you can also have a chance to work in the country you go to study, meaning better opportunities after completing your education.
However, pursuing higher education abroad is no cheap endeavour. Especially for common countries for an abroad education like US, UK, Singapore, etc. the only viable option to fund higher education is an education loan. Hence, here is a brief guide for education loan for study abroad:
Eligibility
Before you dedicate your time and effort of applying for a study loan, it is important to understand the eligibility. The reason for this is that if you do not qualify the eligibility criteria of a particular lender, you should start looking at other options. While eligibility criteria for education loan for study abroad can vary across for different lenders, all lenders have some common criteria:
- The student should have successfully secured admission for his/her course in a recognized Institution/University.
- The student should be an Indian Citizen.
- The applicant should be above 18 years of age to be able to apply for an Education Loan.
- The applicant should always check that the university/college is recognized by the concerned authorities.
Documentation
Even though you fulfil the eligibility criteria, you need to provide proof to the lender. The documentation serves the purpose of tangible proof of your eligibility for the lender. Moreover, lenders need a number of documents from you to process your application ahead and manage disbursal. The documentation for an education loan for study abroad primarily includes:
- Academic documents of the student
- Proof of institute admission
- Proof of residence of the student and guarantor
- Statement of bank accounts
- Security or collateral against the loan amount if required
What does education loan cover?
Once you have decided to study abroad and taking an education loan for it, you should know what educational expenses may arise. The reason for this is that there are a lot of factors that deserve attention other than he basic course fees. Additionally, you should know what expenses is the lender offering to cover. Comparing the two will help you select a better education loan for study abroad. Here is the list of expenses that education loans will cover:
- Tuition Fees
- Food and Accommodation
- Books and Stationery
- Medical Insurance
- Transport
- Telecommunications
- Visa Application
- Utilities
- Personal Expenses
You should know that selecting the right lender while taking an education loan is extremely important. The reason for this is simply that a better lender will provide you with a better loan along with better service. In that spirit, you should look thoroughly into online lenders. As their entire process is online, you will have the benefit of faster processing and direct interaction.
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