Get an Overseas Education Loan During the Global Pandemic

Study abroad aspirants can now envisage their dream of studying abroad as studies overseas destinations like USA, Canada, UK, and Ireland are welcoming international students with relaxed travel norms. This can be ideal time for the aspirants to be ahead and resume their application process for higher education abroad. Studying abroad comes with a huge cost attached to it, many students avail an foreign education loan while others manage to self-fund. If you are planning to apply for an education loan for your foreign degree amidst the global pandemic, here’s a step-by-step guide for the same. Apply for Abroad Education Loan Amidst the Pandemic  Surprisingly, the global pandemic has not impacted the Foreign Education Loan sector as per the report published in the Times of India. So, availing an education loan is still easy. Follow the steps below to apply for an overseas education loan: 

• Evaluate the Education Loan Amount

 The first and the foremost step to avail loan for higher education abroad is to find out how much loan amount you are going to sponsor on your own and how much more you need. At the time of evaluating the loan amount, include tuition fees, living expenses, college fee, examination fee, library fee, cost of books and equipments and other miscellaneous charges. Once you are done evaluating the overall money you will require to pursue a higher education abroad, determine the loan amount that you need to apply for. 

• Compare Various Financial Institutions 

 There are more than 10 public and private sector banks in India offering an overseas education loan to study abroad. It is suggested to compare these institutions on various factors like Quantum of Finance, Rate of Interest, Processing fees, Processing time, Moratorium Period, Repayment Tenure etc. We know that visiting the banks in person can be quite tiring, that is why we are here to assist you. Visit our website and compare these factors from the comfort of your home. 

• Finalize the Bank

 Once you have considered the factors, finalize the bank at which you whish to apply at for your overseas education loan. Applying for an education loan is quite a lengthy procedure, hence we advise students to prepare with their education loan application as soon as one receives the offer letter from the university. 

• Submit the application for education loan

 Now that you know about the suitable financial institution for your overseas education loan, submit your education loan application. Here is the list of documents that should be submitted along with application. 

• The university offer letter as a proof of admission
• Duly filled loan application form
• The estimated cost of study according to I-20 form
• Original academic certificates and marksheets
• Scoresheets of qualifying exams like GRE and TOEFL
• Residential proof of applicant and the co-applicant
• IT returns of co-applicant
• PAN card & other identity proofs of the applicant and co-applicant
• Proof of income of co-applicant
• Copy of the passport
• Details of assets and liabilities of the co-applicant

 So, applying for an education loan during global pandemic is not that difficult. If you are looking to get free assistance for the same, send your online loan application for abroad studies to us. We will be more than apply to assist you.