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Education loan for studies abroad

With Avanse Study Loans, the road to study abroad is smooth and easy. We have customized education loan products that are Pro-Student, Pro-Parent and Pro-Future! <br>

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Education loan for studies abroad

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  1. Overseas Study Loan

  2. Education loan for studies abroad

  3. You get into a foreign university of your choice and in spite of getting a scholarship, there are still many expenses which you are unable to fund by yourself. But, with the assistance of education loans offered by banks, your expenses can be met and you can get the desired education. • Every bank has its procedure for loan application, approval, and disbursement. Here are some things you should know about it:

  4. Eligibility criteria • You should be an Indian national. • Your guardian, parent or spouse should be a co-applicant for the loan. • Most banks have an age limit of 16-35 years to apply for an education loan. • Some banks may insist on a collateral. • Banks check the ratings of the university. They also check the immigration laws of the country in which the university is located and whether the university is accredited in that country.

  5. Documents to be submitted • Academic documents: Admission letter to the university and any forms applicable to the country such as the I-20 form for USA (issued by the US government confirming nonimmigrant student status) or Confirmation of Acceptance for Studies (CAS) letter from UK. For Overseas Study Loan Graduation mark sheets and also the mark sheet of the applicable entrance exams like GRE, GMAT, TOEFL, IELTS; might also be needed.

  6. Know Your Customer: Proof of age, identity and residence is to be submitted. • Income Documents: Salary slips, bank statements, IT returns, audited balance sheet and proof of turnover (in case of self-employed professionals or entrepreneurs).

  7. Loan amount • Most banks lend a maximum of Rs.20 lakh, though some banks do give up to Rs.40 lakh. The overseas study loanamount covers your tuition fees; accommodation; travel expenses (tickets and visa); library, examination and laboratory fees; etc. Compare banks to find out which bank covers more types of costs. Check the disbursement procedure with the bank. Also understand how foreign exchange rate fluctuations can affect your loan. Interest rate • The interest rate depends on your academic record, the institution and course you have chosen, your loan amount, the co-applicant’s credit score, etc. Most loans are at a floating rate, though some banks offer fixed rate loans. Banks lend at a lower rate if the institution you are going to has a tie-up with the bank.

  8. Collateral and margin • Your bank may ask for collateral in the form of government securities, property, gold, life insurance policy, etc. depending on its policy. About 15% margin has to be borne by you. Ask the bank regarding this, before putting in the loan application. Repayment of loan • You get a moratorium period, which is usually duration of your course plus one year after it (or six months if you get a job), before the repayment period begins. The bank charges simple interest during the moratorium period, which is added to your principal amount when the repayment begins. Source: http://bit.ly/2hPWzK5

  9. Thank You

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