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How to Avail an Overseas Study Loan– Step by Step Guide


With Avanse Study Loans, the road to study abroad is smooth and easy. We have customized education loan products that are Pro-Student, Pro-Parent and Pro-Future! – PowerPoint PPT presentation

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Title: How to Avail an Overseas Study Loan– Step by Step Guide

Overseas Study Loan
How to Avail an Overseas Study Loan Step by Step
Guide Acquiring a foreign qualification was a
distant dream for many, even with decent
financial backing, with virtually no loans being
available, as the amount required was too much of
a burden for most of them. Things have changed
for the good, with banks both in public sector
and private sector, offering educational loans
for Overseas Study Loan, which has resulted in
increasing number of students from middle class
and lower middle class families materializing
their overseas study aspirations, banking on
these loans. However, there are many doubts in
the minds of students and parents, especially
with regard to its loan processing, documents
required repayment etc. Let us look at the
process one by one.
Figure out the total amount you would
require Before applying for an Overseas Study
Loan, it is always better to take in to account
how much money you would require for the entire
study abroad stint. One has to consider tuition
fees, boarding and lodging expenses, books,
insurance, travel cost etc before deciding on the
loan amount required, so that even after getting
an education loan passed, you are not cash
strapped. Approach banks Now that you have
clarity on the amount required, the next step
would be to approach banks, most preferably those
near to your place of residence, as it would make
things smoother as far as the processing is
concerned. Though one can consider public sector
as well as private sector banks, Public sector
banks should be your first priority, considering
the lower interest rates, repayment options etc
are concerned, whereas new generation banks are
known for quick processing of such loans.
Check your eligibility The most important thing
to know is whether you are you eligible for an
education loan. Enquire whether ones parental
income would suffice to meet the eligibility
criteria, whether you have sufficient collateral
security like house, flat, non-agricultural land
or fixed deposit, to support the loan? These are
vital in determining your eligibility for an
education loan. Have full clarity about the
loan Taking education loan is a big commitment,
one which needs proper knowledge about different
aspects of the loan one is taking. One should
not only compare the rate of interest. Any
decision to select a loan should be taken in to
account consider many factors. Know the terms of
your loan? What the interest rate will be? When
the repayment period will begin? One should also
consider other factors like flexibility to pay
from abroad, online customer services etc. The
golden rule is, do not leave anything to
Arrange documents according to the check
list Getting a check list and preparing necessary
documents as per the check list can save your
precious time and to expedite the processing. The
documents generally required are as follows, but
may vary from bank to bank Identity and proof
of residence if you are not an existing bank
customer Proof of admission to the course
Schedule of expenses for the course Copies of
letter confirming scholarship, etc Copies of
foreign exchange permit, if applicable. Passport
size photographs Bank account statement for
the last six months Income tax assessment order
not more than 2 years old Brief statement of
assets and liabilities of borrower Get a
confirmation on the loan processing period
It normally takes 10 to 30 days for education
loan processing, though it can stretch beyond
that depending on particular cases. It is always
better to apply for Overseas Study Loan well in
advance, anticipating any such possible delays so
that you do not have a problem in securing
admission owing to paucity of funds. Following up
with the bank manager once in a week would help
you gauge the movement of your file and take
necessary measures accordingly. Sourcehttp//bl
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