You need to consider more than simply your tuition costs when you choose to study abroad. You must establish your financial capacity to cover the cost of your study abroad before you can even be admitted. There is now a way for people who desire to pursue higher education abroad but are having trouble finding the money to do so to do so. We will go through every aspect of student loans for international studies in this article. whether it be the eligibility requirements, the loan application process, or the paperwork needed.
Process to apply for a loan
- Step 1: Check your loan eligibility
- Step 2: Seek professional loan counselling to weigh your options.
- Step 3: Choose a lender and at the same time, submit an online application.
- Step 5: Submit the necessary documentation for your student loans
- Step 6: Get the property as well as other legal evaluations completed (in secured loans).
- Step 7: After the lender approves your application for an education loan, obtain the loan sanction letter.
Students may qualify for student loans totaling up to INR 1.5 crore in secured education loans. Students may apply for study loans up to INR 45 lakhs in overseas education loans without collateral. Depending on the profile, nation, course, and other factors of the applicant and co-applicant, this loan amount limit may rise or fall.
Important Documents to consider for loan application:
If the Applicant is Student following documents are necessary:
- Pan card & Passport & Aadhar card copy.
- Latest Electricity bill (Not required if student is residing with parents)
- Educational mark sheets from SSC up till date.( Semester vise Or Transcripts)
- University Offer Letter or Admission letter.
- Entrance exam score card.( GRE, TOEFL, IELTS, PTE Etc.)
- Work Experience proof ( if Applicable)
For Students, the Co-Applicants may include Father, Mother. Following documents are required of the co-applicant
- Pan card & Aadhar card copy. (Passport If Available)
- Latest Electricity bill for Address proof. If the current address is rented, then Rent agreement for current address proof and electricity bill or sale agreement for ownership proof.
- Contact number & Email id.
Talking about the various Income Documents if the Co-applicant is Salaried you must consider the following things:
- Employee ID card – If Available
- Latest 3-month Salary slip
- Latest 6-month Salary account statement with Bank Details
- Latest 1-Year Complete Form 16
- Office Address
- Other income Doc – If Applicable
When the Co-applicant is Self-Employed following Income Documents are necessary
- Business Proof
- Latest 2-Year CA attested Complete ITR (Statement of Income, Profit and Loss, Balance sheet, Capital account, Form 26A, Audit report – If applicable )
- Latest 6 month Saving and Current statement with bank Details
- Make sure you Share Any two references with their contact number & address to fill the application form.
When it comes to applying for Secured loan you must consider the following Property Documents
- Registered Complete Sale Agreement Copy
- Chain of Agreement if Applicable
- Share Certificate
- Occupancy Certificate / Completion Certificate / Approved Building Plan
- Society Registration Certificate
- Municipal Tax Receipt, Electricity Bill or Fixed Deposits Receipt
Many people view loans as terrible debt. This phrase implies that you are taking out a loan for something whose value will eventually decline. Since it is an investment in the student, an education loan differs from other types of loans. You will eventually receive more returns which would not only be restricted with the monetary gains but far apart from that! Don’t worry team WeConnect is available to assist you in streamlining the loan application process. Get in touch with us right away to begin your study abroad trip.