Education Loan to Study Abroad – Eligibility and Documents Needed - Loan Trivia


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Thursday 19 December 2019

Education Loan to Study Abroad – Eligibility and Documents Needed

If you are a parent to a child that is about to pass out of college and if you wanted to get him admitted to a prestigious college abroad, then this post can be insightful for you. What’s more, if you wanted to apply for an education loan for study abroad, then you can also know all about it right here.

When is the right time to apply for an education loan?

Most of the students and parents deal with the circumstances as to what procedure needs to be cracked first – the education loan or the admissions? Most of the banks need to confirm admissions before sanctioning the approval letter for the loan. And even most universities also prefer students with assured funds.

What’s more, many institutes do not provide enough time between the entrances and fees payment. It leaves less time for parents and students little time for application of loan, processing, approval and even disbursements. In many cases, by the time when you get the loan approval, the admission time is closed.

Hence, what is the solution? You can easily apply for a personal loan for higher education available online with leading non-banking finance companies (NBFCs).

A personal loan for higher education is a unique facility designed for fulfilling the purpose of getting funds for studying abroad. Based on your eligibility, you can get a loan amount of up to Rs.25 lakh.

What is the benefit of applying for a personal loan for higher education?

The biggest benefit of applying for a personal loan is that you can apply for it even before your ticket to entry gets confirmed. This way, you can have the funds disbursed into your bank account, so that you can use it when needed. Unlike a conventional loan, you don’t have to wait for funds to be provided after the confirmation of the admission. This way, you can easily avoid the inconvenience of letting the admission time in a prestigious institute slip because of the lack of funds.

What are the eligibility criteria?

You will need to meet the following personal loan eligibility criteria and submit some documents to be eligible for an education loan for study abroad. Have a look:

1) KYC documents
2) Employee ID Card
3) Salary slips of the last 2 months
4) Previous 3 month’s bank account statement of the Salaried account     
5) You should be an individual aged between 23-55 years of age
6) You need to be a salaried individual employed with an MNC, a private and public limited company
7) You need to be a residing citizen of India

These are easy-to-meet eligibility criteria and by submitting basic documents, you can get the education loan for study abroad instantly. To know how much your loan EMI will be even before the application of the loan, you can check out the loan EMI calculator. It is a free tool that lets you know your exact loan EMI amount free at a leading lender website.

If you are looking to apply for an education loan for study abroad and get instant approval and money disbursed within 24 hours, then you can apply online.

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