Elan Overseas Education Loan

  When it comes to pursuing higher studies abroad, one of the major concerns is how to finance the foreign degree. Majority of the aspirants then turn to availing an education loan. In India, there are many public banks, private banks like State Bank of India, Bank of Baroda, Axis Bank, ICICI Bank and NBFCs like HDFC Credila and Incred that offer a loan to the Indian students. In this blog, we are going to take a closer look at various aspects of overseas education loan offered by State Bank of India. So, let’s get straight into it!  State Bank of India, one of the prominent financial lenders in India is the first choice of study overseas aspirants when it comes to availing an overseas education loan for foreign studies. Alike all other financial institutions, SBI also offers two types of education loans i.e., Secured Education Loan and Unsecured Education Loan. SBI being a government bank, there are various advantages of offering a foreign education loan from the aforesaid b...

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 profes...

  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 approv...

    The students who aspire to study abroad more or less face difficulty in financial help. Education loan to pursue higher education is one of the main means, whereas dome receive funds from their parents and relatives too. By applying some interest on the principal amount various banks and NBFC’s sanction foreign education loans.  Although taking a loan is atleast a liability for 15 to 20 years, there definitely is a great news for all students and education loan-seekers because the interest paid falls under ‘Deductions’ on the Income Tax returns. You don’t need to pay tax on the interest payment made towards education loans under the Chapter VI-A of Section 80E. Education Loans and Section 80E A lot of tax can be saved through your payment of higher education. If one is a legal tax payer then the person’s spouse, children or parents can claim the Income Tax deduction on educational loans taken for higher studies for paying the interest on your education loan.   In...

Is overseas education on your mind? If it’s a yes then even before you apply for an education loan online or offline, it is important for you to know the eligibility criteria and the documents required to be submitted. The first step concerning your overseas education loan is that s ome documents are assessed by the banks. 1.       The application form that you’ve filled 2.       Passport-size photograph of the applicant and the co-applicant 3.       Identity proof such as PAN card, Aadhar card, Voter Id etc 4.       Percentage: An applicant must have secured at least 60 % in the previous qualifying examination with fewer backlogs 5.       Entrance Exam Score 6.       Admission Letter 7.       Bank Statement 8.       Collaterals As you all know there are 2 kinds of ov...