.png)
Obtaining an overseas education loan in India
- ashilK Kushwaha
- Jun 1, 2023
- 2 min read
Updated: Jun 2, 2023
Obtaining an overseas education loan in India can be a helpful financial solution for students planning to study abroad. Several banks and financial institutions in India offer education loans specifically designed for funding international education. Here is some general information about overseas education loans in India: https://www.helloglobal4u.com/services-4
Eligibility: Eligibility criteria vary across lenders, but typically, Indian citizens between the ages of 16 and 35 pursuing undergraduate, postgraduate, or doctoral programs abroad are eligible. The course and university should be recognized by relevant authorities.
Loan Amount: Banks in India may offer loans ranging from a few lakhs to several crores, depending on the course, university, and repayment capacity of the borrower. The loan amount can cover tuition fees, living expenses, travel expenses, and other related costs.
Interest Rates: Interest rates for education loans in India are generally competitive. They can be fixed or floating, and they may vary based on factors such as the loan amount, repayment period, and collateral provided.
Collateral and Co-applicant: Depending on the loan amount, banks may require collateral security. Collateral can be in the form of property, fixed deposits, or third-party guarantees. Additionally, most banks ask for a co-applicant, usually a parent or guardian, who will be jointly liable for the loan.
Repayment: Repayment typically starts after the course completion, including a moratorium period. Banks offer various repayment options, including equal monthly installments (EMIs) or customized repayment schedules.
Loan Process: To apply for an education loan, you usually need to submit documents such as admission letters, fee structure, academic records, income proof, and identity/address proofs. It's advisable to approach the chosen bank well in advance and follow their loan application process.
Remember, it's important to research and compare different loan options, interest rates, and terms offered by various banks before making a decision. Each bank may have its own set of requirements and benefits. Consulting with educational loan experts or seeking advice from educational consultants can also provide valuable guidance during the loan application process.
Comments