Steps to avail an Overseas Education Loan and its Repayment

 Pursuing a degree from an international university is a shortest route for many students to secure their future while few others wish to study overseas to get the international exposure. But the cost of pursuing a degree from an overseas institution is huge and to fund it majority of the students avail an education loan in India for study abroad.

There are various financial institutions in India that offers an overseas education loan to study abroad. These institutions provided proper end-to-end guidance resolving all the complexities of financing. Hence, to apply study loan for abroad studies is a lucrative option. 

3-Step Guide to apply for an education loan

1.      Do your research and evaluate the loan amount:

The first step to avail an overseas education loan is to find out how much loan amount you need. While evaluating the loan amount, do not forget to include the living expenses, college fee, examination fee, library fee, cost of books, equipments university insurance, laptop along with the tuition fees. Once you are done evaluating the overall money you will be needing to complete your degree overseas, determine the loan amount that you need to apply. 

2.      Compare financial institutions before finalizing on one:

All the public and private sector financial institutions offer an overseas education loan for studying abroad. Hence, it is recommended to compare the various financial institutions on factors like quantum of finance, Rate of Interest, Processing fees, Processing time, Moratorium Period, Loan Tenure, etc. We understand that it is quite tiring to visit these banks for the details. So, the best way to compare the lender institutions is via ELAN Loans. Check our website to access this option.

3.      Submit the application for education loan:

Now that you know about the suitable financial institution for your overseas education loan, submit your education loan application to the bank along with the mentioned list of documents-

  • The university offer letter as a proof of admission
  •  Duly filled loan application form
  • The estimated cost of study according to I-20 form
  • Original academic certificates and marksheets
  • Scoresheets of qualifying exams like GRE and TOEFL/IELTS
  •  Residential proof of applicant and the co-applicant
  • IT returns of co-applicant
  •  PAN card & other identity proofs of the applicant and co-applicant
  •  Copy of the passport
  •  Details of assets and liabilities of the co-applicant.

Repayment of an education loan

Education Loan repayment can seem to be a daunting task if the student fails to plan it from the beginning itself. A well repayment of an education loan requires proper discipline, strategy and planning. Smart foreign education loan repayment allows students to save a good amount on the interest that is payable to the financial institution. For the successfully repayment strategy, keep the below mentioned three considerations in mind:

  •  Education loan repayment calculations: How much amount is required to be paid.
  •  Education loan repayment modes: By what means are you planning to repay your education loan.
  • Student loan management: Tips to pay education loan on time.

If you have any queries relating an overseas education loan, feel free to contact ELAN Loans.

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