What are Education Loan Facilities Available for Students to Study abroad?

1. Private banks

Private banks allow students to study abroad by taking education loans at a decided interest rate. The interest may vary from bank to bank. It can go from 9% per annum to 13% per annum and even more. Many banks give education loans to students without collateral whereas others require you to submit some collateral in the form of immovable property. Every country has different criteria when it comes to giving education loans. Also, all private banks have their own set of rules that are followed.

2. Public banks

Public banks of a country typically charge lower interest rates than private banks. The only drawback of taking a loan from a public bank can be the mandatory collateral requirement above a certain limit of the loan. Taking an education loan from a private bank is a great option if you have collateral since it is more secure and the interest rate is also usually lower than private banks. The interest rate for public banks can be somewhere between 8% to 10% per annum.

3. Money lending institutions

Other than public and private banks, money lending institutions can also offer you education loan services. Many private trusts offer scholarships in the form of education loans to students that are offered at minimum interest rates. Some of these charitable institutions include the Mariwala Trust, R.D. Sethna Scholarship Fund and Sahu Jain Trust.

For better guidance related to financial aid for students, we recommend you take a personal session with one of our education consultants. We can offer complete assistance regarding financial aid for students who want to study abroad.

Documents required to apply for an education loan to study abroad

Let's look at the necessary documents that you need to be able to study abroad.

1. Residence proof

You will need to submit your residence proof and the residence proof of your co-applicant as well.

2. Academic documents

Submitting your academic documents, university acceptance letters, and standard test mark sheets is also very important. If you have scored well in your tests then the chances of getting an education loan are always higher. Getting admission to a top-ranked university also increases the chances of getting your education loan sanctioned smoothly.

3. Bank statement

You will be required to submit the bank statement of the last six months of your co-applicant.

4. Collateral documents

In case you're getting an education loan that requires you to submit collateral, you will need to arrange for the following documents.

• Property title deed
• Building approved plan
• NOC for a mortgage from a builder or society

5. ID Proof

You will need to submit your passport and passport-size photographs along with the bank loan application form.

An education loan can help you in ensuring a seamless study abroad journey without any financial stress. A student has to pay their education loan back after completing their education and joining a job. For better information about education loans, and financial assistance, contact us today. Being one of the best study abroad consultants in Dubai, our knowledge and expertise can benefit you in numerous ways