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Old May 3rd, 2016, 01:04 PM
Default How To Get Study Loan For Abroad

Hello sir, I am Ajay. I am from Mumbai. I want you to help me by giving me some information about the requirements to get the study loan for abroad. Can you tell me how to get study loan for abroad?
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Old May 3rd, 2016, 02:39 PM
Super Moderator
Join Date: Nov 2011
Default Re: How To Get Study Loan For Abroad

As you have asked about the requirements to get the study loan for abroad, I am giving you information about it, check below or the details

In general, when applying for a study loan, you must keep in mind the following criteria:

A co-applicant is a must ( could be parents, a sibling or a spouse )
For loans between Rs 4 – 7.5 lacs a third party guarantor is required
Collateral needs to be provided for student loans above Rs 7.5 lacs
Loan repayment commences 6 to 12 months after course completion
If a student goes abroad, lender recovers the remainder from co-applicant

Education loan for abroad or for India usually cover (inter-alia)

Tuition fees
Charges for examination, library, laboratory and hostel
Cost of purchasing books, equipment, instruments and uniform
Travel expenses for study abroad
Caution money, refundable deposit, etc.
Study tours, exchange programs and project work

Documents Required
Study Abroad
Mark sheet for last qualifying examination for school and graduate studies in India
Proof of admission to the course
Schedule of expenses for the course
Copy of letter confirming scholarship, if any
Copy of Foreign Exchange permit ( if available)
Two passport size photographs
Statement of borrowers bank account for last six months
Income Tax assessment order not older than two years
Brief statement of Borrowers Assets and Liabilities
If not a customer of the lending bank provide proof of identity and residence
Answered By StudyChaCha Member
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