Introduction to Education Loan for abroad studies
The inclination of Indian students to pursue their education abroad is ever-increasing. While the UK, the US, and Canada remain top choices, EU countries and Australia are not behind in terms of educational opportunities. An education loan for abroad is one of the most preferred options which provides optimum financial support during the course.
Process to apply for education loan for abroad studies
With Bajaj Finserv, be assured of getting a Study Loan for abroad through a simple application process. Here’s the complete process below:
1. Find out about loan terms
Begin by learning all you can about our education loan scheme such as the maximum loan amount, interest rates, processing fees, and the features and benefits. Bajaj Finserv offers 100% transparency with no hidden charges, so read them all to make an informed decision.
Proceed to apply only after you get a complete idea of this Education Loan for abroad.
2. Check if you qualify
Go through the eligibility criteria to ensure you qualify for the education loan. Failing to meet these parameters can lead to a rejection of your application, which can hamper your credit profile.
Use the Bajaj Finserv education loan EMI calculator, which computes the loan amount you are eligible for instantly.
3. Fill up the online application form
Apply for the education loan for abroad studies by filling up the online application form. On submission, our representative will contact you within 24 hours*. Submit the documents needed and enjoy fast disbursal within 3 days* of approval.
Our big-ticket mortgage loan for education allows you to fulfil your child’s dream to study overseas without any delay or compromise.
Also Read: Loan against property vs education loan: Which one is better for you?
Frequently asked questions
Yes, you can get 100% education loan for your education abroad. Just follow the process mentioned below:
- Select a lender whose loan offerings are aligned to your needs
- Check the eligibility parameters
- Make the application online and get approved with ease
- Fill our application form
Eligibility criteria for education loans for studying abroad in India generally include securing admission to a recognized foreign institution, being an Indian citizen, having a co-borrower or guarantor, maintaining good academic records, accreditation of the course and institution, providing collateral or security, demonstrating financial stability and repayment capacity, determining the loan amount based on the total cost of education, contributing margin money, observing a moratorium period, and aligning the loan tenure with the course duration. However, specific criteria may vary among banks, and applicants should check with individual lenders for updated information.
You need to have a collateral for availing a loan of Rs. 25 lakh. However, there are certain government-backed schemes and initiatives, such as the Central Sector Interest Subsidy Scheme (CSIS) and the Credit Guarantee Fund Scheme for Education Loans (CGFSEL), which aim to provide financial assistance to deserving students without the requirement of collateral. These schemes often have specific eligibility criteria and limitations on the loan amount.
The amount you can get for your education loan abroad varies based on factors like your chosen country, course, institution, and financial profile. Lenders typically cover tuition fees, living expenses, and other costs, but specific amounts and requirements differ. Research lenders to find your maximum eligible amount and ensure you can manage repayments.
