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Eligibility Criteria for Study Abroad Education Loan

Quality education is a must for a fulfilling and flourishing life. For many, it is equal to graduating from an abroad university or institution. The cost of education is, however, escalating speedily. In fact, the cost of studying at reputed foreign institutions is already towering.

Keeping this in mind, parents, invest their money in Mutual Funds (MFS), Fixed Deposits (FDS), Unit-Linked Insurance Plans (ULIPS), etc., for the long term, who wants to provide their children with the best possible education. But despite all this, one may still run into scarcity of funds. Loan for higher education abroad, therefore, plays a vital role in such a scenario by helping to bridge the gap between the shortfall and the required amount.

Most of the Indian banks offer Overseas Education Loans to the deserving candidates at a lower interest rate with flexible terms and conditions. It is not difficult to avail the loan, but it is greatly essential to satisfy the eligibility criteria while applying for the same. Check out the basic eligibility guidelines to be met while applying for an overseas education loan.

  • The student is required to be a citizen of India
  • The loan applicant must have attained the age of 18 else his/her parents will have to avail the loan
  • The candidate must possess a good academic background
  • The aspirant must have secured admission to a recognized foreign University, Institution or College

With this you have a broad overview of the requirements. Now we will take you through the overseas education loan requirements in this article, so that you have complete knowledge about the documents needed.

For Student-applicants:

  • Proof of Identity (anyone): PAN, Aadhar Card
  • Proof of Residence or Address (anyone): Recent copy of Telephone Bill or Electricity Bill
  • Passport
  • Academic Records: 10th Result and 12th Result
  • Graduation Result: Semester-wise (if applicable)
  • Entrance Exam Result through which admission has been secured (GMAT, GRE, TOEFL or IELTS)
  • Offer Letter or Admission Letter from the applied University or Institution
  • In many cases Conditional Admission letter may be considered
  • Schedule of Expenses or Statement of Study Cost
  • 2 Passport-size Photographs
  • Last 1-year Account Statement if any previous loan from other Banks or Lenders

For Co-applicants

  • Proof of Identity (anyone): PAN or Passport or Driver’s License or Voter ID card
  • Proof of Residence or Address (anyone): Recent copy of Telephone Bill or Electricity Bill or Aadhaar Card
  • 2 Passport-size Photographs
  • Last 1-year Account Statement if any previous loan from other Banks or Lenders

For Income Proof for Salaried Co-applicant or Guarantor:

  • 3 Months’ Salary Slip or Salary Certificate
  • Copy of Form 16 for last 2 years and a copy of IT Returns for the last 2 financial years, acknowledged by IT Department
  • Last 6 months’ Bank Account Statement (Salary Account)
  • Pension Passbook of last 12 months along with the Pension Order (in case of Pensioner Parents)

For Income Proof for Self-employed Co-applicant or Guarantor:

  • Business registration proof
  • 2 years IT returns
  • Last 2 years calculation of Income, Balance Sheet and Profit and Loss A/c
  • Bank Account Statement for last 6 months

The extra documents required for a Secured Loan apart from the above is as follows:

  • Property Title Deed
  • Registered Sale Agreement
  • Original registration receipt for the above agreement
  • Municipal Corporation / Authorised Govt. sanctioned Allotment Letter
  • MHADA, CIDCO, etc. Please add HUDA, DDA, JDA, GIDC etc
  • Previous chain of Sale Deed Establishing Title
  • Recent Property Tax or Electricity Bill bearing the same address
  • Approved Building Plan
  • Mutation Document
  • Tax Receipt
  • Electricity Bill

The above enlisted documents cover majority as required but the list may not be limited to it. There may be changes or add-ons as per the financial institution you approach.

Well, we know it’s a long list but don’t worry just approach us and get complete assistance right from the process initiation to the loan sanction.

Even the slightest possibility of the education loan denial can be avoided by getting in touch with our Education Loan Experts who will guide you through the entire process and make sure that you make the perfect fit for availing the education loan.

So why the delay, just avail E’LAN Overseas Education Loan Services and be rest assured for your loan to be sanctioned.

We provide Education Loan Services for Study Abroad Aspirants throughout India and those who can’t approach us in person can connect to us virtually. The entire process can be done online as well.

Let’s Connect to Get Your Loan Sanctioned

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