Eligibility criteria and documents required for applying to educational loan for foreign studies

Many students are trying get a degree from foreign universities which can boost their career. The first step is secure admission in foreign university or college and next step is arranging money for expenses. Many students choose to get loan from bank to complete their studies in foreign universities. So here is eligibility criteria for applying for educations loan for studying in foreign countries and list of documents required for applying educational loan for studying abroad.

Many graduate students are preparing for exams like GRE, TOFEL etc, to get admission for higher studies in foreign countries. Foreign universities had gained lot of popularity due to their excellence, other amenities and benefits provided by them. After securing admission in any foreign university or college, the next step is to arrange money for various expenses during your stay. So here is information about educational loan for foreign studies.

Educational Loans for foreign studies in India

Indian government is providing many opportunities for Indian students who wish study in foreign institutes. Regarding the same matter Indian government along with Reserve Bank of India and Indian bankers association framed educational loan system. You can apply for educational loan in public or private sector bank. Some rules may differ upon depending upon the bank and their policy but major rules are same for applying students loan for education in foreign countries.

Eligibility criteria for applying for student's loan for education in foreign countries:

1. The student should possess Indian citizenship.
2. Student should secure admission in foreign university or college.
3. The age of student must be between 16-35 years.

Documents required for applying for educational loan in foreign universities:

1. Marks card for last educational qualification in India.
2. Student should produce his/her last six months bank account statement.
3. SSC, HSC and Graduation mark sheets.
4. Proof stating that applicant have secured admission for particular course.
5. Foreign exchange permit license, if required.
6. Two passport size photographs.
7. Age, Signature, identity and residence proof in prescribed format.
8. Scheduling of expenses and quotation of expenses for your studies.
9. If you are not existing customer of bank then you have to open an account in the same bank.
10. If you are selected for scholarship in foreign universities then you have to submit required documents regarding the same.

As decided by Government of India, Reserve Bank of India and Indian bankers association you can get up to RS 25 Lakhs of loan for studying in foreign institutions. Again another important point to note is that every bank have their own security requirements. The normal interest rate is 11.75% for loans above 4 lakhs and this rate is subject to change.

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Eligibility criteria and documents required for applying to educational loan for foreign studies

Educational Loans for foreign studies in India

Eligibility criteria for applying for student's loan for education in foreign countries:

Documents required for applying for educational loan in foreign universities:

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