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Education Loan

Education Loans

Over the past two decades, the number of students who prefer higher education abroad has increased exponentially. In addition, there is a sharp increase in the number of students who choose an educational loan abroad because of higher costs for quality education abroad. Today, there are many lenders offering student loans.

A loan for India is also available for students who want to study at Indian colleges. However, there is a difference in the requirements for foreign student loans and research in India. In general, when applying for a student loan, you should keep in mind the following criteria:

  • A co-applicant is a must ( could be parents, a sibling or a spouse )
  • For loans between Rs 4 – 7.5 lacs a third party guarantor is required
  • Collateral needs to be provided for student loans above Rs 7.5 lacs
  • Loan repayment commences 6 to 12 months after course completion
  • If a student goes abroad, lender recovers the remainder from co-applicant

Lenders have their own developed criteria for the upper limit of the loan, the interest rate for payment and the period and method of repayment.

Lenders usually have pre-approved courses and institutions and usually pay student loans based on the quality of the institution, the relevance of the course for career options, the creditworthiness of the guarantor or the applicant.

For those applying for an educational loan in India, lenders will seek approval from AICTE or UGC

Education loan for abroad or for India usually cover (inter-alia)

  • Tuition fees
  • Charges for examination, library, laboratory and hostel
  • Cost of purchasing books, equipment, instruments and uniform
  • Travel expenses for study abroad
  • Caution money, refundable deposit, etc.
  • Study tours, exchange programs and project work

Documents Required Study Abroad

  • Mark sheet for last qualifying examination for school and graduate studies in India
  • Proof of admission to the course
  • Schedule of expenses for the course
  • Copy of letter confirming scholarship, if any
  • Copy of Foreign Exchange permit ( if available)
  • Two passport size photographs
  • Statement of borrowers bank account for last six months
  • Income Tax assessment order not older than two years
  • Brief statement of Borrowers Assets and Liabilities
  • If not a customer of the lending bank provide proof of identity and residence

Study in India

  • SSC,HSC or Graduation mark sheets whatever is applicable
  • KYC
  • Age Proof
  • Signature Proof
  • Identity Proof
  • Residence Proof
  • Application Form and Photographs
  • Income Documents of parents/guardian
  • Collaterals in the form of FDs / Immovable Property

Overseas Education Loan: How Grooming Careers Can Help ?

If you are a student from India, seeking to study abroad or in a good Indian university, you can facilitate this process by choosing to seek help from Grooming Careers. For decades, we have been providing high quality consulting services for Indian students. Grooming Careers is helping thousands of students annually to connect with the correct opportunities for study abroad.

Grooming Career offers qualified and dedicated staff, offering valuable advice to clients and helping them find suitable universities and training opportunities in countries such as Canada, the United States, Australia, the United Kingdom, New Zealand and others. Contact us today for more information on the educational loan for India and the foreign education loan!