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Education Loan for Abroad Studies: Check your Eligibility

  • Highlights

  • Education loan criteria involve age and academic history

  • Course should be job-oriented and a guarantor is required

  • A Mortgage Loan gives you large amounts on simple eligibility terms

  • The Balance Transfer facility makes repayment economical and easy

Whether you or your child is planning to study abroad, apart from the specifics of the course, you also need you need to pay attention to the finances required to make your overseas education plans a reality. A common way to fund overseas programmes is to take a student education loan, which helps you meet not only the tuition fees, but also the living costs and travel expenses. To get started on the right foot, check the education loan eligibility criteria even as you prepare to make applications to colleges. This will help you get the funding you require on time.

If you are wondering how to get an education loan easily, you should know that meeting your financier’s criteria perfectly is the surest way for you to secure a loan without any hassles. Educational loan criteria are based on factors like your age and the course you are opting for. Take a look at these factors one by one to determine whether you will be able to get an educational loan.

Age

To get an educational loan, you must be an Indian national having completed at least 18 years of age. In addition to this you must consult your lender’s education loan information sheets to know about age rules corresponding to course types. For example, you may find that to receive funding for a UG course your child needs to be between 18 to 27 years of age. Similarly, age limits for post-doctoral course may be extended even up to 65 years.

Academic History

Lenders are generally quite particular that your child have a decent academic history. The minimum requirement is normally 50% marks in previous examinations like 10th and 12th standard. However, lenders may also ask you to furnish results of exams such as CAT, CMAT, GMAT, GRE, TOEFL, JEE and NEET. The higher your marks are the better are the chances of you securing an education loan.

Also Read: Top Universities in USA to Study Data Science and Engineering

Institution And Course

If you are wondering about how to finance an education loan from a bank more readily, then choose a course that is job oriented. Having a professional or technical course reassures lenders about repayment of loan EMIs. To ensure this, lenders may require that your graduation be done only at a reputed university and post-graduation be limited to courses like MCA, MS, and MBA.

Co-Applicant And Income Proof

Most lenders will require that you apply for a loan with a co-applicant. This could be a parent, guardian, spouse or even parent-in-law. Having a guarantor or co-applicant with a good credit or CIBIL score will boost your eligibility prospects. Lenders will ask your guarantor to furnish documents such as bank statements, Form 16 and ITR of the last couple of years.

Lender Policies

Taking an education loan in Delhi and an education loan in Chennai is not the same thing. This is because different lenders make different funding offers. Even within one state you will find different loan offers corresponding to your income and educational background. For example, one may offer funding up to Rs.15 lakh and another, up to Rs.20 lakh. Similarly, a certain lender will require a security if you ask for a loan beyond a certain amount and another may not. These details will be made known in your lender’s education loan procedure documents or website.

Loan Against Property - Know the features and benefits | Bajaj Finserv

Schemes And Scholarships

As you search for ways on how to get an educational loan, look out for scholarships and special schemes introduced by the government or banks. For example, if you are searching for an education loan for girls, you can take advantage of the government’s Women Scientists Scheme or log on to the Vidya Lakshmi Education Loan Scheme to see loan offerings from myriad banks and institutes.

Check here: Various Education Loan Schemes by Government of India

If after perusing through the education loan requirements you realise that you are falling short in some areas, you need not put off your overseas education plans altogether. You can look out for an alternate source of funding that comes on simple eligibility terms like the Bajaj Finserv Loan Against Property For Education.

You can conveniently use this secured loan in place of an education loan for abroad studies as it offers you substantial funding, nominal interest rates and easy repayment options. In fact, it may be more useful than regular student education loans in India, as it allows you to get more funding, up to Rs.3.5 crore, which you can use towards tuition fees, living expenses, overseas travel costs, buying course materials and even for recreational activities.

The lengthy tenure of up to 20 years makes repayment easy. The Education loan interest you incur on the amount of money you use and not to your total sanction. Additionally, it allows you to make interest-only EMI payments for the first four years of the tenure. To get this loan all you need to do is pledge a residential or commercial property you own as security. After your property is evaluated and your paperwork examined, you can enjoy a quick 72-hour loan disbursal. This simple step gives you instant approval and access to customized deals so you can plan an overseas education without any financial hassles.

 
 
 

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