When someone thinks of going abroad for studies, it is no doubt a life changing decision. Students who are planning to study abroad face a challenge which is related to funds. It needs a lot of funding to clear out the fees, accommodation etc. when living abroad. But now, students do not have to worry too much about it because of the loan facilities by the Indian banks. There are certain things identified by top overseas college admission education consultant in Mumbai which have to be kept in mind when going for a student loan.

Eligibility criteria to apply for the education loan- 

• Should be a citizen of India.

• Should be 18 years of age

• Must have a good academic background

• Must have secured admission at a recognized foreign university

• Desired course which applicant is going to pursue should be a technical or professional one as preference is given to a job oriented course.

Following are the documents identified by best Indian college admission consultant in Mumbai which are required by the students.

• Application form

• Photograph

• Photo id 

• Residence proof

• Academic documents

• Mark sheet and certificates

• Score card report of GMAT, GRE, TOEFL, IELTS etc. 

• Admission proof, that is letter provided by college or university

• Bank statements: last six months bank statements of the co-applicant

• Income proof: of the co-applicant

Here are some of the schemes which are offered by Indian banks to students planning to go abroad.

• SBI Student loan scheme- This scheme is open for all the students who have successfully secured admission in any university or college abroad. There is a limit to the loan which is near to 20 lacs at a nominal interest rate and it has to repaid within 15 years. If the loan amount is more than seven and a half lacs, then borrower need to furnish collateral as security.

• Oriental Bank of Commerce Education Loan for Study abroad- This scheme is open for the students who have secured admission abroad. If the student pursues his or her course in the US then, the amount of the loan will depend on fee structure of the institute admitted to. This scheme does not charge any prepayment penalty from the borrowers.

• HDFC Bank education loan- This is also similar to the other schemes offered by various banks. The maximum limit which is put by this bank is also 20 lacs at a nominal rate of interest. It also offers tax benefits to the borrower and it can be sanctioned before admission as well (HR Training in Mumbai).

So these were the things one should definitely know about in order to save your time from roaming for funds. For more details, contact overseas education consultants in Mumbai. For Visa assistance and better college hunt, feel free to contact best placement consultancy in Mumbai. Wish you all the very best for your career!! Choose well.