EDUCATION LOAN
Student Education Loan
Student who wish to study abroad often needs help with admission fees. It is a big decision for them to study overseas and make the best use of their caliber. But, with the idea of Student Educational Loans, the aspirant can study efficiently abroad with a perfect monetary arrangement. If you wish to get a student educational loan quickly, here are some essential factors you must understand.
Eligibility Criteria
The most important thing to applying for a Student Educational Loan is to check your eligibility criteria. Following are some standard terms and conditions that are mandatory for most of the banks that offer student loans. However, they may change from bank to bank and with the changing guidelines.
· The applicant should be an Indian.
· If the student is under 18 years of age, then the parent of the applicant is liable for the loan.
· The student should justify their academics for the loan. They should be academically strong.
· The applicant must have an offer letter from a reputable overseas university, institution, or college.
· As most of the banks are in favor of job-oriented courses for security purposes, the course that the student has decided on should be technical or professional in nature.
· Underwriting norms are another essential factor, as the loan providers will surely want a guarantee for a safe and secure loan process.
Basic documents required for Education Loan
There can be various legal and technical documents that may vary from bank to bank. However, this is the list of documents that are required to apply for an education loan for overseas education:
· Completely and neatly filled the application form
· Passport-size photographs of the candidate and the co-applicant.
· Photo ID of the candidate and the co-applicant, such as PAN card, driving license, Voter ID card, Aadhar Card, or Passport.
· Resident proof of the candidate and the co-applicant
· Mark sheet and certificates of the loan aspirant
· Score Report of GRE, GMAT, TOEFL, IELTS, or any other exams required to study in the particular nation.
· Offer letter from the university or college.
· Last six months’ bank statements of the supporting party
· Income proof of the co-applicant
· If you are taking a loan against collateral (immovable property), such as a flat, home, or non-agriculture land, then the applicant will have to submit the following:
· Property title deed
· Building approved plan
· NOC for a mortgage from a builder or society