Banks will give money to study abroad, how to get education loan? Know which documents will be required

How to get a Stubby loan abroad: The advantage of studying abroad is that students get world-class education. There is also an opportunity to learn different cultures and good networking. This is why studying abroad increases the chances of getting a good career. For those students who have taken admission in top universities with good planning, it becomes very easy for them to get a good job after completing their studies. However, studying abroad is not at all easy, because the biggest challenge is the expensive There is huge expenditure on fees and accommodation. Considering the expenses incurred abroad, many students apply for scholarships. But, those who are not able to get scholarship, they also take education loan for studies. There are many banks in India, which give loans to students to study abroad. The interest rates of these banks range from 8.5% to 16%.

Apart from banks, these days there are many NBFCs which are offering education loans. Through the loan money, the expenses of all the necessary things including tuition fees, living expenses and books are covered. This is the reason why the number of students studying by taking education loan is increasing. However, students are advised to take a loan from a place where no collateral is required. Let us know how a loan can be taken to study abroad.

How to take a loan to study abroad?

Before taking an education loan, students should estimate how much money they need for studies. After this, they should compare different loan schemes and choose the one that suits them best. They should also check whether they are fulfilling the eligibility criteria required for the loan or not. After this they should collect the necessary documents which are required for the loan. The loan is approved after document verification.

What documents are required for education loan?

• id proof
• address proof
• Academic Records (School, College Certificates)
• income proof
• Bank statement
• Photo
• PAN card
• Collateral Documents (if required)
• visa documentation
• IELTS or TOEFL score
• letter of recommendation
• Statement of Purpose (SOP)
• Resume/CV

How to apply for loan?

There are two ways to apply for an education loan to study abroad. The first method is online, where you can apply by visiting the official website of any bank. All the necessary details will have to be filled on the website and then a bank employee will come to your home and verify the documents etc.

The second method is offline, where you will have to visit the nearest bank branch and do the documentation etc. However, students also have to pay processing fees, which every bank charges differently. In some banks the processing fee is Rs 10 thousand and in some banks it is Rs 20 thousand.