What is the procedure to apply for education loan to study abroad?

Dear Anisha, You can approach banks like SBI, UTI, HDFC, ICICI etc. The process of education loan is no longer stringent. It's quite easy. What they need is proof of income, asset details and background details. They will ask you to submit some documents. If you approach banks like ICICI or HDFC they can tell everything on the spot. I would rather advise you to visit either HDFC or ICICI. The repayment starts either after the completion of studies or one year after the completion. At the same time why are you trying for a loan. I would advise you to apply for scholarship. You can try for EU scholarship. I don't know about you basic qualification. If you could tell me more about your educational background, I would be in a better position to answer.You can contact me at manoj.nanda@titsbhiwani.ac.in

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Hi, Once you receive your admission/offer letter form the university, you can approach the bank for education loan. Now a days almost all the banks offer education loan to students, to pursue their education in India or Abroad. The banks offer maximum loan of Rs 10 Lac for education in India and Rs 20 Lac for education abroad. The repayment period vary from 5-7 years. The bank do not ask for any collateral security up to the amount of Rs4 lac, but if the amount exceeds Rs 4 lac then the bank will ask for collateral security. The repayment of the loan amount starts after 6 months of completion of course or after 6 months of getting job, which ever is earlier. I hope this answers your query. If you like this answers, than please mark it as a Thumbs Up or rate it as a Best Answer. Thanks, All the Best.

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Dear Anisha Shaikh To apply for education loan you should be ready with these documents. Your offer letter from the college Your bank statement for past 3 yrs Your father's bank statement for last 3 yrs List of property & other assets owned by you and your parents Declaration of the ownership of the house you are living in Details about your parents business / job Your 10th, 12th, and graduation certficates (in case you are going for past graduation program), Residence proof. Identity Proof. And before applying please make sure that the college you are applying in should be registered with the embassy as well. Best of Luck Sushil Gupta

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The procedures vary from bank to bank. I suggest that you approach & speak at least 3 banks so that you will be able to judge which one would be easier and more suitable to you and also the method by which you can approach the university for paying the fee.

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You need admission letter from University to go and ask the for the loan. Any loan abve 5 Lacs you need to give security

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Dear Anisha, You need to approach to Banks like ICICI, HDFC or SBI. They have format of all documents you need to present to get admission for Further Studies in Abroad. They can grant max of 20Lacs Loan for studies in Abroad. Even the payment duration is also quite long. All the best.

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Hi Anisha, As per the RBI rule all nationalized banks offers education loan as per the RBI guidelines , may be in some rural branches there budget doesn't allow to offer education loan. As compared to the cost of studying in India only, going abroad can seem to be steeply expensive. However one must keep the possible returns in mind which are in the form of quality of education, international exposure and boost to ones career when evaluating the costs of studying abroad. A student can rely on sources like family funds, bank loans, scholarships, bursaries, sponsorships etc to provide for funds required by him. Mostly students take a Bank Loan some nationalized banks offer students loans at competitive rates for considerable time periods which may enable a large section of students to go and study abroad. They will ask for a collateral security to be pledged. You can even consider the possibility of an international bank loan. Hope this helps!

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