The Complete Guide to Education Loans for International Studies

A well-rounded education is a must for a prosperous career. The need for high-quality education, along with the costs of studying abroad, is increasing. Keeping this in mind, many parents and students choose to invest money into mutual funds, fixed deposit schemes, and unit-linked insurance plans (ULIPS) to ensure good returns in the long term. However, despite their best efforts, factoring in inflation, the cost of international education is still high. This is where an education loan for studies abroad can be a great option.

An education loan can fill in the gaps and assist students in getting the required funding to pursue their dreams. Overseas education loans can be broadly divided into unsecured and secured education loans. Many national banks offer meritorious students attractive education loan interest rates with flexible repayment terms and conditions.

Read below for more information about how to apply for an education loan abroad.

Eligibility Criteria for Overseas Education Loans

If you are wondering whether you are eligible for our loan to seek further education abroad, here are the eligibility criteria:

  1. You must be an Indian citizen.

  2. You should be between 21 and 60 years of age.

  3. Your monthly Income must be more than ₹10,000.

Benefits of Education Loans for Studies Abroad

The key benefits of an education loan to study abroad are as follows:

  1. Covers tuition fees, living costs, and other miscellaneous expenses

  2. Competitive interest rates based on lender and market conditions

  3. Flexible loan repayment tenures, typically starting after course completion

  4. A grace period of around 6 months to 12 months is provided in most cases before repayment begins

  5. Easy online application process if the required documents are present

  6. Overseas education loans allow a co-borrower to sign the agreement. Usually, this is signed by a guardian or parent.

How to Apply for an Overseas Education Loan

The following are the steps to apply for our loan:

  1. Sign up using your mobile number.

  2. Enter your basic information & check eligibility.

  3. Verify your profile by uploading KYC documents.

  4. Provide your bank account details.

  5. Choose your loan amount and tenure.

  6. Get the loan disbursed directly into your bank account.

You can use this convenient Education Loan EMI calculator from KreditBee to calculate the amount that needs to be paid every month once the repayment tenure starts.

Required Documents

The documents you may be required to furnish when applying for our loan are as follows.

  1. ID proof: PAN card

  2. Address proof: Aadhaar card or passport

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What Courses Are Eligible for International Student Loans?

You are eligible for a student education loan for studying abroad for most technical, professional, and management courses. Reputed institutions and universities finance most Ph.D. courses and accredited UG/PG programs.

Educational loans are applicable for programs offered by Certified Public Accountants (CPA), The Chartered Institute of Management Accountants (CIMA), and similar bodies.

With 100% financing for a wide range of courses at competitive interest rates, you can get access to the finest quality education abroad.

Wrap Up

You can avail yourself of a low-interest education loan today to study abroad and help your kids get a high-quality international education. One of the best ways to get some part of your funding is to apply for a personal loan for overseas education. KreditBee is a great platform to consider, and the loan disbursal process is quick and efficient. The entire loan application process is online, completely paperless, and hassle-free. You simply need to create an account and get verified.

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FAQs

Most banks and financial institutions cover up to 80% to 85% of the property’s value when providing the loan amount. It also depends on the market value of your property.

According to RBI norms, students are not eligible for education loans abroad if they are paying tax to the Nagar Panchayat or Gram Panchayat on agricultural land.

The parents’ annual income should be more than ₹6 Lakhs, and they should have no additional liabilities when applying for an unsecured overseas student education loan online.

KreditBee As a market leader in the Fintech industry, we strive to bring you the best information to help you manage finances better. These blogs aim to make complicated monetary matters a whole lot simpler.

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