Overseas Education Loans for Abroad Studies

Studying abroad is a huge step in one’s life and it is extremely important to consider all the possible factors while taking this step. Expenses play an important role here as studying in a foreign land come with its own cost attached to it. In order to arrange for fund, a large number of students avail student loans for studying abroad.


In this blog, we will let you know about the overseas education loan process of various Indian Banks and the factors that should be considered. 


Eligibility Criteria for Education Loan

The first step is to check the eligibility criteria for education loan. Mentioned below are the general requirements for the applicant that majority of the financial institutions follow:

  • An applicant should be a citizen of India.
  • An applicant must be 18 years of age.
  • An applicant must possess a decent academic background.
  • An applicant must have secured admission to a recognized foreign university.
  • An applicant must have applied for a job-oriented technical or professional program.

Procedure for Education Loan

Applying for an overseas education loan is quite a time-taking process, so it is advisable to the students to apply for the same as soon as they receive an offer letter from the university.
There are nearly 10-15 banks Indian Banks that offer an education loan, do you research and choose the best bank for overseas education loan as per your profile.
Meanwhile, follow the mentioned steps to apply for a student loan:

  • Check the program that you wish to study is recognized by the banks or not
  • Calculate the loan amount you require and how much you can arrange on your own
  • Considering the factors like ROI, Quantum of Finance, Processing time and Processing fee compare the student loan provided by different financial institutions.
  • One you finalize the bank, approach the bank
  • After the approval of your education loan, the bank will issue a loan document that includes various elements of the loan.
  • After signing the loan document, the bank will disburse the amount in instalments or as asked by the university.

Documents required to Apply for Foreign Education Loan 

At the time of applying for an foreign education loan, an applicant is required to submit the following documents:

  • Duly Filled application form
  • Recent Passport size photographs of the applicant and the co-applicant
  • Photo ID of the applicant and the co-applicant.
  • Resident proof of the applicant and the co-applicant

Academic Documents

  • Mark sheet, transcripts, and certificates of the applicant
  • Score sheet of GRE, GMAT, TOEFL, IELTS, etc
  • Admission letter shared by the university
  • Bank statements of the last six months of the co-applicant
  • Income proof of the co-applicant

If a student has applied for secured education loan, it can be a flat, home, or non-agricultural. Mentioned below is the list of documents required to be submitted:

  • Property title deed
  • Building approved plan
  • NOC for a mortgage from builder or society

So, this was a brief information regarding an overseas education loan process. For any kind of assistance for overseas education loan process, do contact us at Elan Loans. Our loan experts will guide you on the same.

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