Updates on Availing an Overseas Education Loan from Indian Lenders during COVID

 

What future holds for them is the question that is always ringing in the minds of study abroad aspirants and international students in this time of distress.

As per a survey done by the union of study abroad advisors, nearly 72% of the candidates still want to achieve their dream of studying abroad. Although many students have made up their mind for overseas education, they are facing financial constraints and are looking to arrange finances wanting to opt for student loans for studying abroad. However, they are not able to move ahead with their plans due to the current lockdown.

Read on to know all the updates regarding the banks during COVID-19.

How the present situation has impacted availing education loans?

Financial institutions are continuing with their work even as the lockdown continues. Banks and Non-Banking Financial Companies (NBFCs) are waiting for some clarity from universities abroad for current loan disbursements, and students are waiting for visa approvals. However, fiscal institutions are encouraging students to apply for study abroad loans online. In the Meantime, the banks are also advising the candidates to accumulate whatever documents they can.

Let us know the factors a bank takes into consideration prior to approving an overseas education loan?

Multiple factors are considered by banks while sanctioning a loan. Namely.

  • Educational Environment
  •  Desired Study Abroad Destination
  • Desired Course to Study Abroad
  • The Quality of Education
  • Employability Factor

Updates on Availing an Overseas Education Loan from Indian Lenders during COVID

With the fact that the aftermath of the pandemic is here to stay India is slowly beginning to come to terms. Thus, the majority of the government banks have started functioning at full capacity. From June 1st itself the government bank education loan lenders have already begun processing secured education loans which are located in areas which are declared to be Green and Orange zones. In fact, except those located in the severely contaminated areas of states of Maharashtra, Gujarat and Delhi banks all over the country have slowly started their operations. So, you would not face any issues in contacting them. In case you do, you can contact the overseas education loan advisors like ELAN who will solve your issues readily as they would be having connects with various banks.

The NBFCs and private banks have also opened up and have started processing unsecured loans, you would be eligible to avail them as well. However, if you are residing within states which come under the Red Zone and require an education loan without collateral in these times you can always connect with the loan advisors as their the financial team will have it all cleared for your requirements with respect to an education loan without collateral.

The worst face of the pandemic has passed, and the recovery stage is on, so you can definitely take a decision of studying abroad with complete precautions. Irrespective of what you choose your financial aids, you can fill in an online loan application for abroad studies to begin your study abroad loan processing even during COVID.

So, go ahead and make up your mind without letting the pandemic hamper your study abroad dreams.

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