What’s the Eligibility Criteria to Apply for Education Loan to Study Abroad?

Education Loan to Study Abroad

Studying abroad can be a life-altering the decision, but it doesn't come easy, those who want to pursue higher studies overseas may find it difficult to arrange funds. That's why they will choose a study loan abroad. In this post, we will cover the eligibility criteria to apply for an overseas education loan. 

Eligibility criteria to apply for education loan to study abroad

The first thing is to check whether you are eligible to apply a study loan for abroad or not. Here are the usual criteria which Indian banks follow for checking the eligibility of the applicant for an overseas education loan is:

• Should be a citizen of India
• Must be 18 years else his/her parents will have to take the study loan for abroad
• Must have an excellent academic background
• Must have secured admission to a recognized foreign university/college/institute
• The desired course chosen by the applicant must be a technical or professional one because banks give preference to job-oriented ones

What are the documents needed to apply for an education loan to study abroad?

Before applying for a study loan for abroad, the applicant must be completely aware of the documents needed for the loan application. The following documents are required to get an overseas education loan:

• Filled application form
• Applicant and the co-applicants photo ID, it can be a driving license, PAN card, Aadhar Card, Voter ID card, or Passport.
• Applicant and the co-applicants passport size photographs
• Academic documents:

·         Mark sheet and certificates of the applicant

·         Mark sheet of GRE, GMAT, TOEFL, IELTS, etc. whichever is applicable

• Applicant and the co-applicant’s resident proof
• Proof of Admission Letter shared by the university or college.
• Bank statements of the last six months of the co-applicant
• Income proof of the co-applicant