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How to Apply for Education Loans in India to
Study Abroad
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Today, many Indian students are looking to pursue
higher education abroad as it offers quality
education to students. But studying abroad is
expensive and most Indian students cannot afford
foreign studies. Many banks in India provide
educational loans to students in need so that
they can fulfill their dream of studying abroad.
Before making a final decision, our experts
advise you to know how to choose the best
education loan in India. So here we are giving
you all the details on how to get an education
loan from an Indian bank easily.
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Eligibility Criteria for Obtaining Education
Loans in India to Study Abroad In order to avail
of an education loan from an Indian bank to study
abroad, you must meet the following
requirements.   Students must be Indian
citizens to be eligible for bank loans.
Students who wish to take out a loan must pass an
entrance test, i.e. Entrance tests are conducted
by foreign institutions, colleges, or
universities. Students must be selected by a
university or college to study abroad to be
eligible for student loans.
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Documents Required to Obtain Education Loans in
India to Study Abroad The following documents
must be submitted by students wishing to take out
a study loan.   Proof of foreign training
acknowledgment is required. Banks require
student evaluations. Course fee structure is
required. To take out a loan, you need a grant
confirmation. You must bring a recent passport
photo. Banks usually require two to three
photos. Borrowers, e.g. the student's parents
or the student himself, if eligible, must present
his/her income tax assessments for the last two
years. The Borrower must also submit a
Statement of Assets and Liabilities. In this way,
the bank will understand the solvency of the
borrower. Proof of address is required even if
you do not have a bank account at the bank you
are borrowing from. Basically, you need the
above documents to take out a loan from a bank to
study abroad. However, it is advisable to consult
a bank employee about the documents required to
take out a loan.
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Education loan margin to study abroad The
following is the education loan margin set by the
Government of India.   No margin for four lakh
rupees and less. There is a 15 margin for loan
amounts over four lakhs.  Interest rates and bank
processing fees for student loans  Today almost
all banks offer education loans of up to four
lakh rupees at an interest rate of 10.75 per
annum. And for loans of more than four lakh
rupees, the bank charges an interest rate of
11.75 per annum. However, this interest rate
fluctuates greatly depending on the policy of the
RBI. For this reason, we recommend that you check
the current bank rates first. Find out in a
timely manner about various bank processing fees.
So you can get a quick idea of ??getting a loan
from a bank that offers more money for less in
terms of processing fees and other fees.
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