How To Avail An Overseas Education Loan

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How To Avail An Overseas Education Loan Step By
Step Guide Acquiring a foreign qualification was
a distant dream for many, even with decent
financial backing, with virtually no loans being
available, as the amount required was too much of
a burden for most of them. Things have changed
for the good, with banks both in public sector
and private sector, offering educational loans
for Overseas Education Loan,
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which has resulted in increasing number of
students from middle class and lower middle class
families materializing their overseas study
aspirations, banking on these loans. However,
there are many doubts in the minds of students
and parents, especially with regard to its loan
processing, documents required repayment etc. Let
us look at the process one by one.
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Figure out the total amount you would
require Before applying for an overseas
education loan, it is always better to take in to
account how much money you would require for the
entire study abroad stint. One has to consider
tuition fees, boarding and lodging expenses,
books, insurance, travel cost etc before deciding
on the loan amount required, so that even after
getting an education loan passed, you are not
cash strapped.
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Approach banks Now that you have clarity on the
amount required, the next step would be to
approach banks, most preferably those near to
your place of residence, as it would make things
smoother as far as the processing is concerned.
Though one can consider public sector as well as
private sector banks, Public sector banks should
be your first priority, considering the lower
interest rates, repayment options etc are
concerned, whereas new generation banks are known
for quick processing of such loans.
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Check your eligibility The most important thing
to know is whether you are you eligible for an
education loan. Enquire whether ones parental
income would suffice to meet the eligibility
criteria, whether you have sufficient collateral
security like house, flat, non-agricultural land
or fixed deposit, to support the loan? These are
vital in determining your eligibility for an
education loan.
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Have full clarity about the loan Taking
education loan is a big commitment, one which
needs proper knowledge about different aspects of
the loan one is taking. One should not only
compare the rate of interest. Any decision to
select a loan should be taken in to account
consider many factors. Know the terms of your
loan? What the interest rate will be? When the
repayment period will begin? One should also
consider other factors like flexibility to pay
from abroad, online customer services etc. The
golden rule is, do not leave anything to
speculation.
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Arrange documents according to the check
list Getting a check list and preparing
necessary documents as per the check list can
save your precious time and to expedite the
processing. The documents generally required are
as follows, but may vary from bank to bank
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Identity and proof of residence if you are not
an existing bank customer Proof of admission to
the course Schedule of expenses for the course
Copies of letter confirming scholarship, etc
Copies of foreign exchange permit, if
applicable. Passport size photographs Bank
account statement for the last six months
Income tax assessment order not more than 2 years
old Brief statement of assets and liabilities of
borrower Get a confirmation on the loan
processing period
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It normally takes 10 to 30 days for education
loan processing, though it can stretch beyond
that depending on particular cases. It is always
better to apply for Overseas Education Loan well
in advance, anticipating any such possible
delays so that you do not have a problem in
securing admission owing to paucity of funds.
Following up with the bank manager once in a week
would help you gauge the movement of your file
and take necessary measures accordingly. Sourceh
ttp//blog.santamonicaedu.in/category/bank-loan-fo
r-education/
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