Studying abroad in top ranked universities is a very expensive thing especially when you are eligible for the scholarship. Then bank loan is the last option which can be used to make your dreams come true. A complete educational loan scheme has been established by the Government of India in association with Reserve Bank of India and Indian Bankers Association.
This loan can help in pursuing the course of your choice in the best international university. Bank loan is the most easiest, hustle-free and secured way to finance your education abroad. Loan from any private or registered nationalized banks can bear the expenses of education.
In addition to all this, another advantageous point of this is that, the interest rate in lower than the commercial loan. Furthermore, the loan repayment starts 6 months after the course completion.
Last but not the least is that, in many cases, education loans do not require collateral, which means you don’t have to put your personal assets at risk to get the loan. So, overall this all concludes that there is no demerit in taking education loan from bank. Furthermore, it is an excellent way to invest in your future to achieve your career goals.
Almost every bank has different checklist which has to be followed in a serial order but:
There are different terms and conditions of every bank for the repayment and for issuing the loan. Once the procedure of the loan repayment is started then one has to pay it in 5-7 years (Maximum). If due to any uncertainty, the student is unable to repay the loan in this period then, the loan repayment period can be extended to 2 years with certain terms and conditions.
The loan can be easily repaid as per your requirement or demand in various stages. Almost every bank loan checklist includes fees invoice, equipment invoice, etc.
To obtain a bank loan from India a student should be an Indian & should have an admission letter from a recognized college, University institution abroad for a professional / Technical course and should be aged between 16 to 35 years.
Each bank has its own set of requirements but in General bank require following documents.
| Company | From Father | From Mother | From Third Party |
|---|---|---|---|
| 2 photographs. | 2 photographs. | 2 photographs. | 2 photographs. |
| Copy of passport. | Income Tax Returns for last 3 years. | Income Tax Returns for last 3 years. | Income Tax Returns for last 3 years. |
| Copy of IELTS. | Copy of pan card. | Copy of pan card. | Copy of pan card. |
| Copy of all academics certificates. | Copy of residential proof. | Copy of residential proof. | Copy of residential proof. |
| Offer letter/ proof of admission. | Bank statement of all accounts (for last 6 months) with balance only. | Bank statement of all accounts (for last 6 months) with balance only. | Bank statement of all accounts (for last 6 months) with balance only. |
| Fee schedule. | GPF balance (if government employee) | GPF balance (if government employee). | Proof of residence. |
| Letter of scholarships, if any. | Proof of residence. | Proof of residence. | Copy of Aadhar card. |
| Copy of Aadhar card. | Copy of Aadhar card. |
Bank can contact college or university authorities to send the program report at regular intervals in respect of student who has availed loan.
Contact our Visa Valley Advisors for full guidance & assistance regarding any query or mail your query, we will reply you ASAP.
