Competitive Interest Rates: Education loans often come with competitive interest rates, making them a financially viable option compared to other forms of borrowing.
Flexible Repayment Terms: Most education loans offer flexible repayment terms, allowing students to focus on their studies before facing the responsibility of repayment.
Builds Credit History: Successfully managing an education loan can contribute positively to your credit history, opening doors to future financial opportunities.
Access to Higher Loan Amounts: Education loans typically provide higher loan amounts, covering not only tuition fees but also accommodation, travel, and other related expenses.
1. Research and Choose a Lender:
👉Start by researching banks, financial institutions, and government-backed schemes that offer education loans for studying abroad.
👉Compare interest rates, repayment terms, and other features of different loan options.
👉Consider seeking recommendations from educational consultants or professionals in the field.
2. Understand Eligibility Criteria:
👉Different lenders have varying eligibility criteria. Typically, you need to be an Indian citizen, have secured admission to a recognized foreign university, and meet certain academic qualifications.
👉Ensure you understand the age limits, co-borrower requirements, and other eligibility criteria set by the lender.
3. Gather Required Documents:
Prepare a checklist of documents required for the loan application, common documents include:
👉Admission letter from a foreign university
👉Academic records and certificates
👉Identity proof and address proof
👉Income proof of co-borrower (usually parents or guardians)
👉Collateral documents (if applicable)
👉Decide on the loan amount you need and choose a repayment term that aligns with your financial capacity.
5. Approach the Chosen Lender:
👉Visit the nearest branch of the chosen bank or financial institution or check their official website for online application options.
👉Schedule a meeting with the loan officer to discuss your application and clarify any doubts.
6. Fill Out the Loan Application Form:
👉Obtain the education loan application form from the lender.
👉Complete the form accurately, providing all necessary details about yourself, the course, and your financial background.
7. Provide Collateral (if required):
👉Some lenders may require collateral, such as property or fixed deposits. Ensure you have the necessary documents for the collateral, if applicable.
8. Co- borrower’s Involvement:
👉Most education loans for abroad studies require a co-borrower, usually a parent or guardian, who takes on the responsibility of repaying the loan if the student is unable to do so.
9. Loan Processing and Approval:
👉The lender will evaluate your application, considering factors such as your academic background, financial stability, and the reputation of the chosen university.
👉Once approved, the lender will provide a sanction letter specifying the terms and conditions of the loan.
10. Accept the Loan Offer:
👉Carefully review the terms and conditions outlined in the sanction letter.
👉If satisfied, sign and accept the loan offer.
11. Disbursement of Funds:
👉After accepting the loan offer, the funds will be disbursed directly to the university or in agreed-upon installments.
12. Repayment Begins:
👉Repayment typically starts after the completion of the course or after securing a job, as specified in the loan agreement.
The specific documents required for an education loan for abroad studies may vary slightly based on the lender and the nature of the loan. However, here is a general list of documents commonly requested by most financial institutions:
1. Duly Filled Application Form:
🚀Complete the education loan application form provided by the lender.
2. Letter of Admission:
🚀An official letter of admission from the foreign university or institution where you have secured admission.
3. Academic Documents:
🚀Mark sheets and certificates of your academic qualifications, including 10th and 12th-grade certificates and transcripts.
4. Identity Proof:
🚀Voter ID card
5. Address Proof:
🚀Utility bills (electricity, water, gas)
🚀Voter ID card
6. Passport-sized Photographs:
🚀Recent passport-sized photographs of the applicant.
7. Statement of Cost of Study:
🚀An estimate of the total cost of the program, including tuition fees, accommodation, living expenses, and other related costs.
8.Loan Amount and Repayment Details:
🚀A detailed document specifying the amount of the loan you are seeking and the proposed repayment schedule.
9. Co-borrower’s Documents:
🚀If there is a co-borrower (usually a parent or guardian), their income proof, identity proof, and address proof will be required.
🚀Employment proof of the co-borrower (salary slips, income tax returns, etc.).
10. Collateral Documents (if applicable):
🚀If the loan requires collateral, you will need to provide documents related to the collateral. This could include property documents, Fixed Deposit receipts, or other assets.
11.Income Proof of the Borrower/Co-borrower:
🚀Salary slips for the last 6 months
🚀Income Tax Returns (ITR) for the last 2-3 years
12. Scorecards of Entrance Exams (if applicable):
🚀Results of any standardized tests required for admission to the foreign institution (e.g., GRE, GMAT, TOEFL, IELTS).
13. Loan Application Processing Fee (if applicable):
🚀Some lenders may charge a processing fee for the loan application.
14. Guarantor’s Form (if required):
🚀A form attesting to the financial capability of the guarantor, if applicable.
15. Any Other Documents as Required by the Lender:
🚀Some lenders may have specific requirements, so it’s advisable to check with them for any additional documents.
🚀Ensure that all documents are up-to-date and accurate. It’s recommended to check with the chosen lender or financial institution for their specific requirements and to confirm the latest documentation guidelines. Additionally, keeping all documents well-organized can streamline the loan application process.
✅Expert Guidance on Loan Options: LearningGuru’s team of experienced consultants can provide detailed information on various education loan options available, helping you make an informed decision.
✅Documentation Support: The documentation process for education loans can be intricate. LearningGuru assists in preparing and organizing the necessary documents, ensuring a smooth application process.
✅Safety and Security
✅GIC Amount CA$ 20635
✅GIC is refundable
✅Fast visa processing
✅Multiple bank options
✅Competitive Interest Rate
✅Flexible Repayment Terms
✅Access to Higher Loan Amounts
✅Multiple Banks for education Loan
✅Bank Transfers or Wire Transfer
✅Payments from platforms such as Flywire, Western Union, CIBC, World Remit and more.
✅International Bank Account
✅Choose the right OSHC provider for you
✅ Authorised Bupa Agent
According to your university tuition fees ,living expense and other expense.
We will assists you, how to ready your documents.
After completion of your srudies.
In such cases you may be able to postpond your repayments.
Missing an EMI payment can lead to late fees, negatively impacting your credit score. Continuous defaults could result in legal action or asset repossession.
Yes, it is possible to combine your first and second education loans into one loan by refinancing them. Refinancing can potentially lower your interest rate and simplify your repayment process.