Student (Education) Loans to Studying Abroad

The student (education) loan is one of the major factors to studying higher education abroad, whereas in the countries like India, students cannot afford for overseas education. As the cost of education is increases steadily it becomes a quandary for the students and their parents to take a loan on board. While the parents aspire to give best education for their children, their financial necessities dissuade them from embarking on this expedition.

Though, the study programs like engineering, technology, computer science, medicine and management costs much expensive and if you visualize these course abroad the count goes tripled or quadrupled. In such situation, it would be wise and of course ought to prefer for education loans.

However, many banks today are facilitating student education loans and the demand for the loans is on a rise as the cost of education is escalating over the years. Student loans are classified according to the priority sector lending for public sector banks, which are even offered at the low interest rates. The following are some of the necessities that students have to be attentive while applying for the education loan.

Usually, students will be asked to repay the loan amount after the 6 months of the course completion. So that students could find enough time to search a job and get in to that and have flexibility in repaying the loan without involving much hassles in them. The tenure of the student loan ranges between 5-10 years, which may be varied based on the bank and the loan amount.

To apply for student educational loan you need to fulfill certain eligibility criteria. To qualify for the loan student should have attain the age of 18 years and should have a bank account and have to prove of seeking for studying abroad.

Necessary Documentations For Education Loan

• Mark sheets of previous academics
• Proof of admission
• Schedule of expenses
• Borrower's bank account statement
• Income tax assessment order of last 2 years
• Proof of income
• Brief statement of assets/liabilities

The student education loans are offered for both the graduate and postgraduate courses. Usually, the loan amount is higher for the professional and postgraduate courses than for the other courses. This kind of loans covers the entire student expenditures including the tuition fee, library, accommodation, books, conveyance and all the other relating outlays.

Impel is the Global Education Consultancy that provides all the information about Study Abroad.

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