How to Get Education Loan for Studying Abroad from Banks

How to Get Education Loan for Studying Abroad from Banks

education loan for studying abroad

There is a extensive demand for education loan for studying abroad. It increased exponentially in the past two decades. No of students opting for overseas education drastically increase in the present era. Demand for foreign education loan also increases in the same manner. Today there are various major lenders offering education loan or we can say that international student loan. A student can apply from the following major banks like National Bank, State Bank of India, South Indian Bank, Andhra Bank, ICICI Bank, Bank of India, ING Vysya Bank, Syndicate Bank, Corporation Bank, and AVANSE, etc.

For the purpose of education loan for abroad studies student must opt for Master in Management courses, Technology courses, Medical and Engineering Courses. Bank does not provide loans for students with Bachelors in Arts and Masters in Arts. Basically, courses where employment opportunity is less, banks will not provide loans for that particular course.

List of NGOs Providing Scholarships (A-Z)

Documents Required for Education Loan:

Documents required for the purpose of education loan for studying abroad with student loan application are as follows-

  • Mark sheets of last qualifying examination.
  • Proof of admission scholarship.
  • Schedule of expenses for the specified course.
  • Bank A/C statement for the last six months.
  • Income tax statement for the previous 3 years his/her and co-borrowers also.
  • Brief statement of assets and liabilities of the co-borrower.
  • Copy of foreign exchange permit.
  • Passport size photographs.
  • Proof of Identity and Residence.

Banks will provide some schemes for student loan forgiveness. If there is any scheme related to the same will be applicable at the time of loan.

Expenses Covered in Education Loan:

Education loan for studying abroad will consider following expenses.

  • Tuition fees
  • Charges are taken for examination
  • Charges for library
  • Charges for laboratory
  • Hostel charges or Stay Charges.
  • Cost of purchasing books.
  • Cost of equipments used in the study.
  • Instrument cost.
  • College uniform cost.
  • Travel expenses for study abroad.
  • Caution money if applicable.
  • Refundable deposits.
  • Cost of study tours.
  • Exchange programme cost.
  • Project work cost.
  • Industrial tour cost.

Types of Education Loan:

Student can select one of the following types of loan for the purpose of study abroad.

 Pre-Visa Disbursement Loan-

 If you already have a confirmed admission or your I-20(USA), this loan will help you secure your visa. The actual loan amount is disbursed into your bank account, so you can demonstrate as a 'proof of funds' to study abroad at the time of your visa interview.

Bridge Loan-

This education loan for studying abroad covers all education expenses related to Exam Prep Classes, for SAT/GRE/GMAT entrance exam fees, cost of applications for admission to universities abroad, actual course fees, living abroad expenses, and costs of books, computer and other educated-related expenses.

Score-Based Loan-

This loan is beneficial for meritorious students. Score-Based Loans provide special benefits for deserving students. For instance, for students pursuing a science course stream in the USA and who have scored so well in GRE 300 and above marks, offers special privileges in terms of an unsecured loan and Preferential Interest Rates.

Education Loan from Oriental Bank of Commerce

 Pre-Admission Loan-

This is an education loan sanction that helps in securing confirmation of Admission to the Institute/University abroad. This loan is a 'proof of funds' to cover your course fees and living expenses abroad.

Fast-Track Loan-

As the name suggests, this is an express loan. This helps you speed up your admission process for any higher studies abroad course, at the time of application, if that is your requirement. But Fast-Track Loan will be costlier than any other loan.

Certificate of Availability of Funds-

This is not a type of loan but this certificate will be provided by the bank as a confirmation. This certificate demonstrates that you have adequate funds to pursue a course abroad and pay for the course fees and living expenses. It will require showing adequate funds in books of accounts instead of taking the loan.

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Comments

0 # Harikiran 2019-10-30
Hii, I am from Kanchipuram, I have completed 12th in science stream, looking career in engineering,Tell me about the fee details of best engineering colleges
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0 # Mukesh 2019-10-31
hii, good to see that you are from Kanchipuram, There are very good career opportunities in engineering, you have taken very good decision, but if we talk about fee of best colleges its depend on college to college but the range is Rs. 50,000 to 1,50,000 per year
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0 # Priyansh 2019-10-09
Hii, What are the career opportunities of Bachelor of Education course after my degree, also suggest some b.ed colleges in Nawanshahr?
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0 # Shruti 2019-10-10
The B. Ed course is an excellent choice for making career in teaching profession, it is very respective profession for candidates, find some good colleges for it-Sai College of Education-Nawanshahr ; Kirpal Sagar BEd College ; Rayat Institute of Education ; Rayat College of Physical Education
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0 # Aarush 2019-10-04
Hii, I am from Thiruvallur, I want to do M.Ed, but I have not B.Ed, is it possible?
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0 # Shruti 2019-10-05
No NCTE approved M.Ed colleges/universities in Thiruvallur or any other place admit the students only after B.Ed
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0 # Himmat 2019-09-25
I have secured 55% marks in 12th ,I think its too low to get admission in any good engineering college in West Garo Hills,If you know about it please suggest me
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0 # Mukesh 2019-09-26
yes, your percentage is very low, I will not suggest that you should choose engineering as a career, but still you want to do engineering you can try for private college in West Garo Hills, they will admit you.
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0 # Harikiran Older than three months
Hello sir, I have just completed my B.Arch.from Godda Can i take admission in MBA, Please tell me the procedure
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0 # Jagan Older than three months
Hii, yes you can take admission in MBA, but for getting good MBA college in Godda, you have to clear entrance exam i.e. CAT, MAT
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0 # Himmat Older than three months
Is there any age restriction applicable to apply to the B. Ed course, plz suggest good b.ed colleges in Khammam as well
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0 # Mukesh Older than three months
Most NCTE recognized institutions from across the country require that applicants must have completed at least 18 years of age in the year of admission, some b.ed colleges in Khammam are Browns College of Education ; Shams-Ul-Uoom College of Education ; St Anns College of Education-Khammam ; Tribal Welfare College of Education
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0 # Harikiran Older than three months
I belong to Nagpur, plz tell me As per 2016 ranking, which is the best MBBS college in India
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0 # Mukesh Older than three months
The first position is held by Delhi AIIMS, followed by Vellore’s Christian Medical College, AFMC, Pune, Maulana Azad Medical College, Delhi and the fifth position is held by the GGMC & SIR J.J. Hospital in Mumbai, you can also find some good colleges in Nagpur- Indira Gandhi Medical College - Nagpur ; Governent Medical College - Nagpur ; Indira Gandhi Medical College & Hospital ; Indian Institute Of Yoga And Naturopathy, Medical College Square
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0 # Vaibhav Older than three months
Hello, I am from Firozabad, want to get admission in BITS pilani, My rank in JEE is 40,000, please suggest me that i am eligible to get admission in BITS or not.
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0 # Pallavi Older than three months
Hii, for finding it you can go through mock counselling , please visit here- mock counselling, you can also get good college in Firozabad.
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0 # Himmat Older than three months
Hii, I am looking for private engineering college in Washim where I can get direct admission without any entrance test score, Please let me know about it.
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0 # Pallavi Older than three months
There are many private engineering colleges in Washim where you can get admission without entrance exam, find here the list Engineering in Washim
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0 # Aayush Older than three months
Is there any entrance test for B. Ed course, can you plz suggest good colleges in Tonk
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0 # Shruti Older than three months
Different states in India conduct different entrance exam for admission in this course, These entrance tests generally test the language & proficiency, subject knowledge, reasoning and general awareness and teaching proficiency of applicants, find the list of B.Ed college in Tonk-B.Ed in Tonk
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