Today we're going to show you how to apply for education loans in India from the very beginning.
This is probably the number one reason we see why students think they can’t study abroad. It can be overwhelming, confusing and scary at first. Especially if you DO NOT have the funds to pay for studying abroad.
In this no-nonsense guide, I'll cut out all the noise, tell you what documents you'll need to provide, what the best banks for education loans in India are and all the ways you can apply for them.
If you're worried about financing your degree in the UK, check out this blog post first
In this post, I’m going to talk specifically about how most students from India afford to study in the UK.
Like studying abroad, applying online is the easiest and the most convenient way of submitting your application
Education Loans In India
What are Education Loans Exactly?
Education loans in India are offered by leading banks to help students achieve their academic dreams. Education loan Interest rates can vary but start around 7.5%, with loan tenures of up to 15 years.
The courses that are eligible for an education loan in India for studying abroad is decided by the lender. For higher studies, you can get a loan for full-time as well as part-time courses, and loans for working professionals.
Below is a list of the best banks for education loans in India.
The amounts are subject to change, so it’s best to contact a loan provider directly for more up to date figures:
List of Documents Required for Education Loans To Study Abroad
When you begin your application for an education loan to study abroad, the bank will require a variety of different documents to process your application fully. Much like applying to study abroad, you're responsible for gathering all the necessary documents and making sure they are at an acceptable level of quality. This is the first step in your application.
This indicative list shows most of the documents lenders often ask for:
Marksheets (previous education – school/college)
Recent bank account statements
ITR with the income computation
Audited balance sheet
Recent bank statements
Proof of turnover (service tax return/sales receipt)
Completed application form with signature
Latest passport size photographs
Appropriate Visa for studies abroad
Education loans can actually provide some great benefits as well as allowing you to further your education abroad
How to Apply For Education Loans in India
There are several ways of applying for a student loan:
This is the easiest and the most convenient way of applying. There are two ways of applying online.
Through a straightforward application form that you will fill out online, attach the necessary documents, and submit directly.
Apply by providing all the requested details. The lender will then get in touch with you to discuss the terms of the loan before proceeding with the application.
Visit a Branch: You can apply for a loan by visiting your nearest branch with the necessary documents, discuss the terms of the loan with a representative, fill the form, and apply in person.
Call the Lender: You can either call the lender or request a call back by expressing your interest. You can then discuss the loan terms and proceed to apply.
Banks and other financial institutions are now adopting digital methods to better serve their customers. One such method is using a Virtual Assistant to clear your doubts and request assistance with the application procedure.
Features & Benefits of A Study Loan
It's not all doom and gloom when getting an education loan, they can actually provide some great benefits as well as allowing you to further your education abroad.
Loan financing up to Rs.1 crore available.
Loan repayment tenure up to 15 years.
Get Education loans for studies in India and abroad.
Some lenders offer loan disbursal before applying for a Visa.