Studying abroad is an exciting journey, and an Education Loan can help make it financially possible. But before you begin the process, it is important to know what lenders look for in a candidate. From academic performance to the choice of institution, the eligibility criteria can sometimes include more than meets the eye. In this blog, we will walk you through the essential requirements to help you prepare and improve your chances of loan approval. Read on!
Eligibility Criteria for Education Loan
Before applying for an Education Loan, you must meet the following:
1. Age: To apply for an Education Loan, your age must be between 16 to 50 years.
2. Loan Amount Without Collateral: For international studies you can get a loan of up to ₹1 crore without the need to pledge any asset.
3. Loan Amount with Collateral: For domestic studies you can get up to ₹50 Lakh and for international Studies you can get up to ₹3 Crore.
4. Co-applicant: Parents, Parents-in-law, Siblings, Spouse, First Cousins, Parents' Siblings.
5. Citizenship: Indian, OCI (Overseas Citizen of India).
6. Locations Covered: USA, United Kingdom, Ireland, Australia, Sweden, Spain, France, Germany, New Zealand, Singapore, UAE, Philippines, Canada, other European countries.
*Note: The above-mentioned eligibility criteria are general guidelines. Actual requirements may vary depending on the lender’s policies, the course selected, and the country of study. It’s always best to check with the specific financial institution for the most updated and detailed criteria.
Documents Required to Prove Your Eligibility
To ensure a smooth application process submit the following documents:
1. Proof of admission into a recognized overseas institution.
2. Academic records which reflect your educational background.
3. Identity, address, and income proof for both the applicant and co-applicant.
4. Lastly, any additional documents requested by your lender.
Why Opt for Education Loans for Studying Abroad
Taking an Education Loan doesn’t just ease financial pressure but also brings multiple benefits. They are as follows:
1. Preserve Family Savings: Instead of liquidating long-term savings or investments, taking an Education Loan can help you keep your finances stable.
2. Competitive Interest Rate: Many NBFCs and financial institutions offer rates that are created for students, specifically for those who are admitted to top-ranking universities abroad.
3. Flexible Repayment Tenure: Most lenders offer a moratorium period when you apply for an Education Loan. However, this also majorly depends on the loan amount and the terms and conditions provided to you.
4. Boosts Chances of Visa Approval: A sanctioned Education Loan from reputed lender shows your financial preparedness. This may positively influence your student visa application.
If you’re looking for a quick and hassle-free loan, Poonawalla Fincorp offers Education Loan with 100% paperless application process and attractive interest rates.
Apply for Poonawalla Fincorp’s Education Loan
Follow the 3 simple steps below:
Step 1: Click on “Apply Now”
Tap on the ‘Apply Now’ button to initiate your application.
Step 2: Enter Your Details
Enter your DOB, PAN card number, monthly income, and residential details.
Step 3: Upload Your Documents
Upload the necessary or required documents for quicker approval.
Once your verification is successful, the loan amount will be disbursed into your bank account instantly.
To Conclude
Studying abroad is a transformative experience, and the right financial support can make all the difference. By meeting the eligibility criteria, providing the necessary documents, and opting for a loan with competitive interest rates and flexible repayment options, you can embark on your educational journey with confidence.
Poonawalla Fincorp offers Education Loan of up to ₹1 crore without any collateral and at competitive interest rate starting at 11.25%* p.a.
Frequently Asked Questions
1. What expenses are covered by an education loan?
Education loans cover tuition fees, travel expenses, accommodation, living costs, and study materials.
2. Which countries are covered under the education loan for studying abroad?
Countries covered include the USA, United Kingdom, Ireland, Australia, Sweden, Spain, France, Germany, New Zealand, Singapore, UAE, Philippines, Canada, and other European countries.
3. How can I apply for an education loan with Poonawalla Fincorp?
You can apply by clicking on the “Apply Now” button, entering your details, and uploading the necessary documents for quicker approval.
About the Author
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply