Are you looking for education loan for abroad studies? Before you apply for an education loan online or offline, you must know the eligibility criteria and the documents required to be submitted, as well. Given in this article is a brief account of these aspects. As you read further, you’ll also get to know the reasons for the rejection of loan application.
Complete assistance for overseas education loan process is given by the overseas education consultants to avoid any kind of discretion. The first step concerning your overseas education loan is that some documents are assessed by the banks.
- The application form that you’ve filled.
- Passport-size photograph of the applicant and the co-applicant.
- Identity proof such as PAN card, Aadhar card, Voter Id etc.
- Percentage: An applicant must have secured at least 60 % in the previous qualifying examination with fewer backlogs.
- Entrance exam score
- Admission letter
- Bank statement
Banks might reject your loan application under the following cases:
If you’re an Indian student applying for study abroad loan then your sponsor must be an Indian citizen.
Parents must have an annual income of 5 to 6 lakhs for the approval of overseas education loan and visa as well. If the income is not as per the said criteria of the banks, the application is refused.
If your property is under dispute, it is an unconstructed land, or the property is not legal.
You are not likely to get education loan if you have too many backlogs and there is an academic gap of more than two years. Medical emergency cases might be considered for loan upon displaying of genuine medical certificates.
Low CIBIL score. What is it? Credit or CIBIL Score is a three-digit numeric summary of your credit history found in the CIBIL Report. CIBIL score will be in the range of 0 to 900. A score between 300 and 600 is considered a poor credit score.
Defaulting of EMI. After termination of the moratorium period, student should start paying off the EMI for the education loan. If you miss paying EMI for one initial month it is considered as delinquency. No EMI payment for more than 90 days, is a default.
It’s good to be aware and take a precautionary step rather than knowing about the things at the nick of time. You may consult an education loan advisor to know about the best bank for overseas education loan. Overseas education consultants provide free of cost services such as applying for a university or specific course abroad, scholarships, visa etc.
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Read more: Education Loan: One of the Funding Options for Overseas Education
