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Education Loan Guidance

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Education Loan Guidance

Thousands of Indian students go abroad each year to review in one among the highest universities and colleges. As per the ministry of external Affairs – Government of India, until July 2019, around 10.9 Lakh Indian students were studying abroad, and their number is increasing rapidly. However, not all aspiring students are able to study overseas, as this needs a considerable amount of monetary backing. For them, it’s not the end of the road; they can also fulfill their dream of studying abroad by getting a remote education loan. Today, a number of banks and lenders offer loans to students for educational activity abroad.

Mostly, lenders have their criteria for loan’s upper limit, rate of interest, period, and repayment mode, and their decision may additionally be supported by the standard of the institution, relevancy of the course taken, and creditworthiness of the guarantor. Some Banks only issue education loans to review at a foreign education institution that they recognize. Here are some general eligibility requirements/conditions for Indian students to receive an education loan from banks.

ELIGIBILITY

  • The applicant must be Indian
  • Usually, students within the 18-35 age group can apply for an education loan
  • The applicant must have a confirmed admission at a foreign institution
  • The applicant must have a good academic record
  • The applicant should have a co-borrower such as a Parents/Guardians who act as a guarantor for the loan
  • Collateral may also be required to secure an education loan
  •  The applicant should have a co-borrower such as a Parents/Guardians

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