Apply for student loan to study abroad
In this article, you will learn about how to apply for student loan to study abroad. If you want to study in abroad, do banks give education loan or not? Let's see what is the actual process and how much will come as well as how the interest rates are. If you want to study in colleges like those are in our country, they will give us a loan in the bank. In the same way, when you want to study in abroad, Banks will also give education loan for higher studies in abroad.
Education loan for higher studies abroad:
For example, if you take a loan from HDFC Bank to study in our country, they offer up to 30 lakhs, but if you want to study abroad, HDFC Bank offers up to 45 lakhs. Here you do not need any collateral if you want less than 7.5 lakhs. Do you understand that if you want a loan of more than 7.5 lakhs, you have to take a mortgage. Similarly, State Bank of India Education Loan is offering a loan of up to 15 lakhs for studying in our country. State Bank of India offers 1.5 crores if you want education loan for higher studies in abroad.
cheapest education loan for abroad studies :
If you want more than 7.5 lakhs, you have to take a mortgage. similarly, 15 lakhs for domestic education in Punjab and Sind Bank, i.e. in India. If you want to study in abroad, they will offer up to 20 lakhs. No collateral is required up to 4 lakhs. If you want a loan of more than 4 lakhs, you have to mortgage your house. If you do not have properties but have FD, you can mortgage it. Otherwise if you have government bonds, you can also mortgage government bonds.
Student loan for overseas study loan:
In the same way, if you want to apply for a student loan for overseas study, you must be accompanied by your parents, if you do not have parents then your relatives should apply with you. If there are no relatives, your brother or sister should apply with you. The Banks will look at them and give you a loan.
They should have some more income. For example, if your father is working, you should show your father's form-16, salary slips of the last three months, bank statement of the last 6 months, etc. Sometimes banks also ask for IT returns.
If you are running a business then you have to show them some proofs related to the business and IT returns as well as the bank statement of the last 6 months.
All this has to be shown to them only then after seeing all of this the bank will give education loan and also look at the CIBIL score. If your CIBIL score and the CIBIL score of whoever is applying along with us is more than 750, otherwise you will not get loan.
bank loan for overseas study loan :
If you want bank loan for overseas study, may be is it America, UK, anything, you have to fix the college university first. Talk to them and tell them “I will come to your country to study, but I need a loan if I apply for an education loan in our country you should give me permission”. they can give permissions after checking well. Many people go and get their quotations. In that quotation, there is the total amount of tuition fees in that university, how much for hostel, how much for books, and etc. you have to submit that quotation in the bank.
The bank people looked at everything and a good student loan for higher education in abroad can be given. you have to show all the certificates of Tenth, Inter, Degree, MA, etc. to the bank and they will see it. The loan will be given only if you get more marks.
No bank will give you a loan if you failed in studies like Inter three times, degree twice, etc. you get the loan only when you are well studied and the CIBIL score of whoever is applying with us is good. If you want more money you have to do the mortgage. The loan will be sanctioned only if our property is also good.
All the details of the bank account are there in that quotation which you submit to the university and money is directly deposited into that bank account. That means all the money goes to the foreign university. It also includes the flight ticket charges, if you have to go abroad the flight ticket will definitely cost lakhs.
They will give a bank loan for education in abroad to us in this way. Similarly there is a moratorium period. No need to pay EMI from next month. The moratorium period is said to be three years, four years, five years depends upon banks and quotes.
for example MBA. MBA time period is 2 years, those 2 years you don't need to pay even a single rupee for this EMI and those two years and also another year gap, because one more year is looking for a job, you don't need to pay even a single EMI for three years.
You don't need to pay even a single percentage of EMI, you have to pay later after you get job. Even our parents will not have to pay even a single rupee. The loan comes only as much as the amount is in the quotation. The bank will not give even a single rupee more. These are the available loans from the various banks for the education abroad loan for students in India.
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