Queries related to Foreign Education Loan

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Queries related to Foreign Education Loan
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With an increasing number of students going for
overseas education, the demand for education
loans to finance studies abroad is on the rise.
More often than not, the fees and living expenses
in a foreign country are way more than that in
India and overseas education loans become a
necessity.
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Is a foreign education loans granted to everyone?
No. There are cases in which the foreign
education loan is rejected.
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Is it important to have collateral for getting a
foreign education loan?
No, not necessarily. There are two main Funding
Options for Overseas Education Loan, the secured
and unsecured overseas education loan.
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What are the reasons for rejection of foreign
education loans?
The grant or refusal of a foreign education loan
depends on the candidates profile. If the
student/guarantor is found deficient in one or
more of the critical factors, the application is
liable to be rejected.
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Do all banks disburse the amount before visa?
It must be ensured that the bank to which the
student is applying for loan disburses the fee
and living expense amount before visa. An
Education Loan Adviser takes care of all such
country-specific requirements such as pre-visa
disbursal process.
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What is the importance of CIBIL Score?
Based on your repayment history of previous
loans, you can have a score near to 900 if you
have a better credit rating. A score above 700 is
considered good. This CIBIL score is taken into
account by financial institutions before granting
the loan.
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