Studying in USA made Easy with Overseas Education Loan

 

Education Loan for studying in USA 
To get a foreign education is indeed a great investment but surely nor a very economical one. A range of funding options is searched and surfed by the maximum students to cover a total cost of attendance.
A common funding source for studying abroad is overseas education loan after savings. It is advisable to start the process of foreign education loan as early as possible. 

To get accepted in a university by May, it is required to prove your funding to the university by mid-April often, you’ll need to prove your funding to your university by mid-April to get accepted before May.
It might take a little time based on your loan providers.

Considering the Indian students there are 4 options from where foreign education loans can be taken:
•    Domestic banks
•    Non-banking financial companies (NBFCs)
•    US banks
•    Online lenders, like Prodigy Finance
•    Education loans from domestic banks

To pursue higher education in United States, the domestic banks are the first place you’ll check education loan for studying in USA. These include State Bank of India (SBI), HDFC Bank, Credila and many more among others.

Things to consider before applying for While opting for domestic banks, you need to consider the following factors:
•    Requirements around guarantor for your loan
•    15% margin money upfront payment ability
•    If university demands then a loan sanction letter in USD
•    When property is offered as security, the domestic banks can take up to a few months to process international student loans.
•    To prove funding in time to start college in August you’ll want to submit your loan application by mid-January

You would require to give details about the following as well:
1.    Referee
2.    Co-applicant
3.    Employment details: in case you have work experience
•    Pay Slip
•    Past and Current Employers
•    Job Description
•    Roles and Responsibilities
•    Salary

Read on to understand the list of documents to be submitted:
1.    Hardcopy or softcopy of all the documents mentioned below is mandatory to be submitted along with the loan application form. 
2.    An Offer Letter or Acceptance Letter copy from the University you have got admission in to
3.    All the relevant education completion certificates and marksheets
4.    Passbook’s first page copy
5.    Two passport size photographs as per the dimension given
6.    Residential proof such as Passport or Aadhaar card or Driving license, etc.
7.    Income proof of the applicant if employed such as the pay slips, offer letter from previous and current employer, service certificate, if any. 

This was all about the overseas education loan requirements. 

Maximum banks are ready to provide overseas education loan to all the deserving candidates if thorough transparency is maintained with the bank. Any wrong information given to the bank can be held against you as fraud case. So, it is necessary to maintain truth and genuine documents.

You can now apply study loan for abroad studies by visiting the bank or through online as well.
Good luck! 

Read more: A Brief about Statement of Expense for Study Abroad Loan

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  1. Anuj Sharma8 October 2020 at 05:23

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