There are times when a bright student has to give up their higher studies due to financial constraints. On the other hand, education loan are particular services offered to aspiring students to accomplish their academic goals.
Students who are well informed about their education loan requirements and motivated to obtain a good education are always able to repay domestic student loans. Finance provider can be a rescue for such situations.
However, all the information you need to know about education loans is presented below. So keep reading until the end to gather relevant information.
What is an Education Loan?
Education loans are basically the money or assets shared with any applicant with the promise of reimbursement in the future by a particular deadline.
Students who require a large sum of money to continue their education in India typically take out an education loan from a bank or an education loan or finance provider.
Do you have ambiguities regarding education loans?
Nothing to worry here, here’s everything you need to know about Abroad studying loans.
What are the types of education loans available? Who can avail of these loans?
Study loans are as diverse as the educational programs they support. When used the word diverse, it can be specified as skill-based student loans, study abroad student loans, diploma course student loans, and so on.
Whereas, when grouped together, these can be included in two categories like Domestic student loans and Abroad studying loans. Also, know that these loans can be classified as per the educational level of the candidate.
These are also divided into secured and unsecured loans based on the availability of guarantees from the borrower. Students pursuing a professional course approved by the government bodies after completing their SSC and HSC can avail educational loan.
Furthermore, those who have already been approved with a loan can get up to a 25% lower interest rate with Foreign Admit. However, this is not applicable for SBI and HDFC credit.
What are the Eligibility criteria for getting a student loan?
If you are someone who wants to obtain Abroad studying loans, then here is some information related to the eligibility criteria which you must keep in mind, this applies to both Domestic student loans and Abroad studying loans.
Also, know that the eligibility criteria may vary depending on the type of education loan, scholarship, course, or university you choose.
- One should be a resident of India.
- Full-time students must have a co-applicant, who can be a parent or guardian, or a spouse or parent-in-law (in case of married candidates)
- For undergraduate loans, one must be 18 to 27 years of age. While for postgraduate loans, the applicant should be 21 to 35 years of age.
Doctoral courses require one to be around 27 to 55 years of age, and Post-doctoral courses require the applicant to be 27 to 65 years of age.
- Admission/invitation to a degree/diploma programme at a recognised university/college.
- For an undergraduate course, you must have finished 10+2 (12th grade) and a degree for a postgraduate course.
- Courses such as ICWA, CA, CFA, and others.
- IIMs, IITs, IISc, XLRI, NIFT, and NID offer courses.
- Aeronautical, pilot training, and shipping are examples of regular degree/diploma programs.
In case if the course is taken in India, then the course must be approved by the Director-General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory agency.
What basic documents are generally required to apply for a student loan?
Anyone who wants to apply for a student loan online or offline must keep in mind to provide genuine documents. This is simply because any false information can cause the cancellation of the student loan.
Therefore, the basic documents required include KYC documents, Marksheet of SSC, HSC, graduation and entrance exams, fees structure, admission letter, income proof, and identity details.
In some cases, more documents may be required and can vary depending on the type of course or country you have chosen to continue your higher education.
How much are the interest rates of education loans?
The percentage amount that will be levied from the applicant for the borrowed principal amount is known as interest rates on study loans. The Indian Banking Association and Reserve Bank of India usually set these interest rates.
Most finance providers charge a specified percentage above the mandated MCLR (Marginal Cost of Funds Based Lending Rates) for student loans. Applicants seeking loans to pay for their education should keep an eye on the shifting MCLRs of different education loan providers. However, platforms like Foreign Admit offer the lowest interest rates, which start from 6%.
What features to expect from a student loan finance provider like Foreign Admit?
Education loans come with a wide range of facilities that one can think of. For instance, platforms like Foreign admit offer customization of college loans. This means you get to filter among the high loan amounts, low-interest rates, maximum expense coverage, etc.
Students can also get loans from a foreign finance provider, and scholarship loans are also available. Besides that, you can expect a 99% visa success rate and flexibility to choose a career path with planning. But that’s not it.
You can do GIC with Foreign Admits and win Rs. 5000 off on the flight tickets for being among the first users. On referring your friend for GIC Issuance, you can get 25 CAD$, and so does your friend. You can expect to cover academic expenses from tuition fees, laboratory fees, hostel fees, examination fees, and others.
While non-academic expenses like refundable caution money, student insurance, and student welfare contributions are also taken care of.
Furthermore, by availing a US bank account, one can get a US-based credit card and SIM card. Not to mention, you can expect to receive guidance from the top mentors of best universities. For example, Stanford University, University of Cambridge, Harvard University, Berkeley University of California, etc.
Thus, applying for domestic student loans and getting them approved with exclusive offers are not something new today. If you are on the verge of applying for a student loan to study in your country or abroad, check out some amazing offers here.
ForeignAdmits have a team of experienced counselors. We can provide you with customized guidance depending on your individual needscontact us today to start. We look forward to helping you achieve your educational and career goals!