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.