What types of courses are eligible for availing abroad education loans?
Banks and NBFCs offer abroad education loans for undergraduate and postgraduate education. Professional courses and job-oriented courses are given preference by the banks.
Who is eligible for a study abroad education loan?
Abroad education loans are available to Indian students with a good academic record and verified documents. You can avail education loan for any UG course and PG course if your age limit is between 18 years to 35 years. To apply for an education loan you must have your admission letter from the university of your choice.
What is the maximum amount you can borrow for studying abroad?
Banks do not limit the loan amount they offer to international study aspirants. However, a majority of the banks provide education loans up to INR 20-30 lakhs. The interest rate also increases if the loan amount exceeds 20 lakh rupees.
What kinds of collateral are accepted?
For a collateral loan, you can pledge any of the following properties, namely a house, flat, non-agricultural land, FD, Term Life Insurance Policies, Government securities, Gold, etc. However, farmlands are not accepted as collateral.
Which documents are necessary for an education loan?
Loan applications typically require four different types of documentation – documents related to your identity, academic records, technical documents, and other legal documentation.