Simplify Your Study Abroad Journey with the Right Education Loan

For many students, the dream of studying abroad is tempting, but those steep financial costs can deter them from achieving their dream of higher education. There are many options such as education loans which cater to these needs. They provide the required financial backing to manage tuition fees, living costs, and more. With the help of the best overseas education consultants in Noida, you can understand the eligibility criteria for an education loan better. 

Requirements And Factors Affecting Eligibility 

• Nationality:

Most banks and financial institutions require applicants to be Indian citizens. Besides Indian nationals, a few lenders also provide eligible education loans to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs). 

• Admission Confirmation:

You must gain admission into a recognized university or institution abroad to qualify for an education loan. The application must include an acceptance letter or proof of enrollment. You can seek the help of overseas education consultants in Noida to make this process seamless. 

• Eligible Courses:

Usually, loans are offered for full-time, part-time, and vocational courses. The course ought to be job-oriented and improve your employability on completion. Popular fields are engineering, medicine, management, and technology. 

• Academic Background:

Good academic performance increases your chances of getting a loan. Most banks analyze your past performance to determine whether you will complete the selected course successfully. 

• Age Criteria:

This is the generation gap defined by the lender usually ranging from 18 to 35 years. In the case that the primary applicant is a minor, some banks accept a co-applicant (parents or guardians). 

• Co-Applicant Requirement:

Co-applicant is generally a requirement. The second applicant can be a parent, guardian, or spouse. Income and financial stability are factored in when approving loans. The overseas education consultants in Noida can help you in accomplishing it. 

• Repayment Capability:

When both the applicant and the co-applicant apply, banks check the repayment capability for both. They assess elements such as income, credit history, and financial assets to ensure repayment of the loan. 

• Collateral Requirement:

Loans above a threshold (typically ₹7.5 lakh) may need to be secured by collateral. Promised assets include property, fixed deposits, etc. For small amounts, some lenders provide unsecured loans. 

• Credit Score:

A solid credit score is important showing your financial discipline. This increases the chances of being approved.” Your eligibility gets an added boost if your co-applicant is in good credit standing. 

• Approved Lenders:

Choose reactive lenders which are certified by regulatory bodies. Reliable sources are banks, NBFCs (Non-Banking Financial Companies), and government schemes such as the Vidya Lakshmi Portal. 

Banks Offering Good Interest Rates 

ICICI Bank 

• Interest rate: 9.85% onwards 

• Loan amount: Up to INR 2 crore 

• Qualification: Class 12 or Diploma, at least 16 years of age and a maximum of 35 Years. 

• Covered expenses: College fees, exam/lab/library fee, travel costs/passage money for study abroad purposes, books and equipment, costs of using computer required by the course. 

SBI 

• Loan up to INR 1.50 Crores 
• Minimum loan amount: Above ₹7.50 lakhs 
• EMI for 15 years repayment 
• Library/examination/lab fee 
• Study abroad travels costs/passage money 
• Processing fees: INR 10,000 per application 

Bank of Baroda 

• No processing charges up to INR 7.50 lakhs 

• Free debit card 

• Zero documentation charges 

• Individual all securities up to INR 7.50 lakhs 

• Loan up to INR 150 lakhs 

UCO Bank 

• Maximum INR 20 lakhs 

• DP GPA is set at 15% for studying abroad margin 

• No processing charges are deducted. 

• The repayment time frame put is 15 years 

PNB 

• Courses available like CIMA London, CPA in USA etc. technical/job oriented professional courses/post-graduation courses (MCA, MBA, MS, etc.) Degree/Diploma programs. 

• Paid expenses: College fee, exam/lab/library fee, travel costs/passage money when studying abroad, book and equipment costs, computer costs covered if mandatory for the course 

• Repayment: Up to a maximum of 15 years 

Federal Bank 

• Settle to 20 lakhs as a loan amount 

• Covered expenses: Studying fees, Exams/labs/library fees, travel expenses/passage money if studying abroad, textbooks and equipment, computer costs covered if needed by the course 

• The repayment term established is 15 years 

Axis Bank 

• Maximum loan amount for an unsecured loan: Up to INR 75 lakhs 

• Expenses covered: Study fee, hostel fee, book fee, etc. 

• Issues with Pre-admission sanction letter. 

• Requirements: Must be at least 18 years old, must have received 50% or higher in HSC and graduation, and must have obtained admission into career-oriented programs. 

• The fixed repayment term is 15 years 

Canara Bank 

• Eligible courses: STEM courses under master’s degree 

• Expenses covered: Cost of living, tuition fees, and passage money. 

FAQ’s 

Do Overseas Education Consultants In Noida Assist In Education Loans? 

Absolutely. A consultant can walk you through the loan application process, ensuring you meet eligibility requirements and find the best terms. 

Is It Possible To Get An Education Loan Without Collateral? 

Yes, several banks and NBFCs offer unsecured education loans, for amounts up to ₹7.5 lakh or more, depending on lenders’ policies. 

Is A Guarantor Required For An Education Loan? 

For unsecured and high-value loans, do I need to have a guarantor or co-applicant? 

How Can I Find A Study Abroad Consultant Near Me For Loan Guidance? 

Research consultants with good reviews, relevant experience in this field, and ties to financial institutions. 

What Is The Time Taken To Process An Education Loan? 

7-15 days depending on the lender and how complete the documentation is. 

Which Is The Best Study Abroad Consultant Near Me? 

When you search for the best Study Abroad Consultant Near me, Eduler is the first to pop up. They have experienced team that will guide you through the process. From course selection to post arrival support, Eduler is your go to education consultant. 

Conclusion 

To make your dream to study abroad come true any day soon, the first step is to know the eligibility criteria for education loans. The process of getting your loan applications in order becomes significantly easier when taking assistance from overseas education consultants in Noida. So, start today and work on your overseas education. 

Click Here To Check Our Previous Article: Professional Guidance from Best Study Abroad Consultants