Criteria to Evaluated the Overseas Education Loan Approval

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Criteria to Evaluated the Overseas Education Loan
Approval
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CIBIL score
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Salary
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Debt Burden
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Documentation
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Valuation of Property
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Backlogs
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• CIBIL score

CIBIL is the oldest bureau in India which
publishes the most widely used credit score, the
CIBIL TRANSUNION Score and credit report. A
credit score is a three-digit number between 300
and 900 that effectively demonstrates the
creditworthiness of an individual.
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• Salary

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If a borrower wants to take up a new loan, the
borrowers/co-borrowers salary is also taken
into account. In case of applying for an Overseas
education loans, the fathers/mothers/legal
guardians salary is considered before the loan
is sanctioned.
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• Debt Burden

If you have a good credit history but at the
moment you have multiple loans to repay, such as
a home loan a car-loan, etc., then there is a
very narrow chance that you will be granted a
study abroad loan.
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• Documentation

If the documentation required as per bank
regulations isnt complete, you wont be eligible
for a loan. Hence it is advised to get your
documents verified by an Education Loan Advisor
before submitting it to the bank officials.
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• Valuation of Property

While getting a secured loan, the property
valuation is one of the most important factors to
be considered.
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• Backlogs

Even the number of backlogs of the student are
considered by the bank before approval of loan.
This is because based on previous academic
history, the loan officer determines if the
student is capable enough to land up with a job
post his studies.
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