Eligibility Criteria For Abroad Education Loans
Studying abroad and chasing your dream career is something no one can ignore. The new language, culture, and societal norms scream adventure during your academic journey.
While enjoying the rollercoaster ride of making new friends and settling in an entirely new country altogether, the concern of financial survival lurks in the corner. Enter education loans and jobs abroad. These come as a lifesaver and help make survival easy abroad.
Get academic funding from banks and fly to your dream university abroad. Many banks and online loan providers offer special education loans with competitive interest rates for studying abroad from India effortlessly and conveniently.
So, if you dream similarly but do not know where to go for funding, you are at the right spot. Here, we will discuss the eligibility criteria for abroad studies and loans.
Abroad Education Loan Eligibility Criteria
When thinking about securing an education loan, keep in mind that different banks in India have different policies and interest rates. Also, all financial institutions offer two types of loans: collateral and non-collateral loans. Choosing the best option out of the available abroad study loans is a task in itself.
So, does it mean you will put a hold on your bright and prosperous academic journey in that foreign university?
NO.
Multiple organizations in India offer assistance with loan seeking. You will write only one loan request form here, and the agency will send it to different banks and firms to get you the best deal.
Similarly, Zolve is an organization that arranges effortless loan processing for students who aspire to climb up their careers. The smooth loan processing takes less time and allows you to breathe without worrying about the financial burden.
Eligibility Criteria for Education Loans
All financial agencies follow some set eligibility criteria for providing loans to study abroad. They are as follows:
- You must be an Indian citizen. Those looking to apply from other countries must have proof of citizenship for that specific country.
- Either you must be at least 18 years old or your parents must take the loan in their name for you.
- You must have a strong academic record, which will bolster the bank’s faith in your ability to repay the loan after graduation.
- You must be accepted into a reputable foreign university, institute, or college before applying for an education loan.
- The course you want to pursue must have some future in terms of jobs. Banks generally prefer technical or professional courses due to their future prospects.
- Banks set standard underwriting norms to ensure safe and secure loans are made available. These norms help determine whether to provide a loan to a person, along with the amount and the interest rate.
So, these are the few basic things you must maintain while applying for any academic loan to study in a different country. The anticipation of studying in a different university, under a different culture, while arranging the loan can be challenging for you. But you can reach out to the organizations where that will help you with money transfers to pursue your studies.
Documents Required to Apply
When applying for an education loan, some documents are required irrespective of the lender and the type of loan. The following are those documents:
- Academic transcripts
- An admission letter
- Co-applicant income proof
- Bank statements for a set period
Eligibility Criteria for Secured and Unsecured Loans
The following table shows the varying eligibility criteria for secured and unsecured loans:
Secured Loans | Unsecured Loans |
The collateral amount should be more than or equal to the required loan amount. | The academic profile of the students applying for the loan. |
The collateral documents should be updated and original. | The applicant’s future earning potential. |
The applicant must have various documents, such as property tax receipts, occupancy proof, etc. | The co-applicant’s income, along with the applicant and co-applicant’s credit history. |
If you put the property as collateral, the lender will demand Builder NOC, Letter of Allotment, NA Order, etc. | Ranking of the chosen course and college. |
Collateral Rules for Seeking Abroad Education Loans
A key factor to consider for international student loans is the collateral. You offer any movable or non-movable property to the banks or money lenders as security against the loan. Most Indian banks require collateral to grant the loan.
However, it is of great help for students to take out education loans, such as an education loan worth four lacs without any collateral. If the amount reaches up to 7.5 lacs, parents or guardians are added as joint loan seekers with a third-party guarantee. But, if the loan amount is more than that, you need to submit any asset as collateral. For a detailed collateral submission, you can contact any online money lending organization and compare it with other education loan providers.
How Can Zolve Help?
Zolve is a finance mediator who can help you with filling up the loan form and sending it to public banks, private banks, NBFCs, and international lenders as well. The following are the various banks that Zolve has a tie-up with:
Public Banks: Bank of Baroda, Union Bank of India, Bank of Maharashtra.
Private Banks: ICICI Bank, IDFC First Bank, Axis Bank, Yes Bank.
NBFCs: HDFC Credila, Incred, Auxilo, Avanse.
This tie-up provides a smooth and hassle-free application process. This helps you focus on preparing your application in the best manner without worrying about the number of times you would have to redo it. What’s more? Zolve even provides the option to live-track your application process.
Conclusion
While being on the right path to career success is highly important, what’s equally important is having some funds to support your financial expenses for the course’s duration.
Zolve acts as a silent guardian, helping to ease the lengthy loan application process while providing unbelievable offers. Whether you're starting your life in the USA or stepping into foreign academic programs, Zolve’s financial tools and support are always with you.
FAQs
- What is the loan application process at Zolve?
A. With Zolve, you don't have to send multiple applications. You submit one form, which is sent to different NBFCS, International lenders, and Public and Private banks of your choice. You can choose your preferred loan granter, and your loan application is complete.
- How does Zolve process the abroad studying loans?
A. The loan process starts with you filling out the basic details, including academic records, desired university for the course, etc. Zolve will curate a loan plan for you. After that, you will put down the names of your preferred lenders, and the banks will contact you for the loans. There, you can compare their offers and finalize the bank for the study loan.
- Does the loan eligibility differ for part-time and full-time students?
No. However, while there is no clear precedenct to prove that the eligibility varies, full-time students have a higher chance of loan approval from financial institutions.
- Will You get the loan without collateral?
A. You may get study loans without collateral according to your needs and the preferred bank.
- What will be the implications of me changing my course of study after loan disbursement?
A. Any significant changes, such as changing your field of study, must be communicated promptly to your lender. This might alter the terms of your loan and even require a reevaluation of your loan agreement.
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