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 # Jayesh 2018-03-14
Hii, I am from Jhansi, please tell me the duration of B.Ed course
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0 # Mukesh 2018-03-15
Hello, Good to see that you are from Jhansi, the duration of B.Ed course is 2 years
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0 # Jayesh 2018-03-07
Hii, What are the career opportunities of Bachelor of Education course after my degree, also suggest some b.ed colleges in Salem?
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0 # Jagan 2018-03-08
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-Sri Sarada College of Education
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0 # Jayesh 2018-02-14
Hii, I am from Dibrugarh, I would like to do B.Ed from distance, Is there any university that offers B. Ed through distance mode
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0 # Pallavi 2018-02-15
Yes, many universities from across the country including Dibrugarh offer this course through distance mode and the prestigious of them is IGNOU, Annamalai University to name a few.
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0 # Himmat 2018-01-24
Hello, I am from Ambedkar Nagar I have secured 8,000 rank in NEET, plz let me know whic college I can get
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0 # Mukesh 2018-01-25
Hii, for finding MBBS college you can go through mock counselling , please visit here- mock counselling, you can also get good MBBS college in Ambedkar Nagar.
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0 # Aayush Older than three months
Hello, I want to make career in engineering but so confused about its branch, Please suggest me the best branch which would have good scope in future, also suggest good colleges in Nawanshahr.
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0 # Jagan Older than three months
You should take branch according to your interest, if you have interest in software or programming choose computer science, if you have interest in machines, choose mechanical, etc, some good engineering colleges are K.C. College Of Engg. & Inform. Tech ; Doaba Faculty of Engineering and Technology ; Doaba Khalsa Trust Group of Institutions ; Rayat Inst Of Engg & Informtion Tech
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0 # Lakshay Older than three months
Hello, I have done B.Sc Honors in Mathematice, am I eligible for MBA, if yes plz suggest MBA colleges in Papum Pare
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0 # Pallavi Older than three months
Yes, you are eligible for MBA, any graduate can do MBA if one have maths in 12th, find the list of MBA colleges in Papum Pare here- MBA in Papum Pare
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0 # Tushar Older than three months
I am from Purba Champaran, I have scored 82 percentile in CAT this year. Please let me know the colleges where i can get admission
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0 # Mukesh 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 Purba Champaran.
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0 # Nishith Older than three months
I have secured 55% marks in 12th ,I think its too low to get admission in any good engineering college in Mandsaur,If you know about it please suggest me
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0 # Shruti Older than three months
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 Mandsaur, they will admit you.
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0 # Vaibhav Older than three months
Hii, I am from North 24 Paragnas, please tell me the duration of B.Ed course
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0 # Mukesh Older than three months
Hello, Good to see that you are from North 24 Paragnas, the duration of B.Ed course is 2 years
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0 # Aarush Older than three months
Hii, I am from Satna, plz tell me Is there any provision that one can pursue any other management degree or diploma in IIMs without appearing for any entrance test ?
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0 # Shruti Older than three months
No, for getting admission in IIMs for management course, you should have to clear entrance exam, but there are many other MBA colleges in Satna where without entrance you can take admission
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