Studying overseas is a decision that will see your benefits in the future. One cannot deny that studying overseas is expensive and some students find it difficult to fund this endeavour. Scholarships and bursaries are available to ease the burden of finances but can be extremely competitive and in some cases rare.

Loans come as a respite to students who find it difficult to arrange for funds to aid their study abroad. Through this article we will guide you through the process of a loan application, documents required, eligibility and more.

Check out more details on Student Visa for Australia.

Loan Eligibility

Checking if you are eligible to apply for an education loan should be the first step in the process. Loans are extended to meritorious students to meet their expense of higher education.

We have listed common points on the basis of which Indian loan providers assess a candidate’s eligibility for a loan.

Loan Documents

To help shorten the process of application, documentation is kept to a minimum, ensuring students are granted loans without going through lengthy application processes.

This aspect of the application process can be conducted online and students do not have to make multiple bank visits for the same.

The application process differs in criteria across banks or loan disbursing bodies.

List of mandatory documents a student is required to provide the banks with in order to progress with their student loan

Identity Proof and proof of age

Proof of residence

As a proof of residence, you need to submit either –

Proof of income

Must Read: International Education Counselling.

How can you improve your eligibility for a loan?

To ensure monetary assistance reaches deserving candidates, banks stringently assess candidates. If you plan on making your dream of overseas education further, here are some points to consider improving your eligibility of being granted an education loan –

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