Planning to study abroad? Here is all that you need to know about the education loan eligibility criteria
By: Education Loans India
Tags: Loans, Study Abroad, Education, Avanse

Planning to study abroad? Here is all that you need to know about the education loan eligibility criteria Education Loans India Dec 24, 2021·3 min read

A lot of planning goes in when one chooses to pursue their higher education abroad; it is one big and very crucial step. The first and biggest aspect is to look for a good education loan as it is the most reliable and convenient way to fund all the expenses. But before that, it is very important for students to understand the eligibility criteria of education loans for studying abroad so that they can be able to apply to their preferred financial institution without any hassle.

In this article, you will get to read about the common eligibility criteria that are taken into serious consideration by almost all financial institutions.

Read on:

1. The applicant needs to be of legal age

When you decide on getting an education loan, it is most likely to happen after you have finished your schooling and matriculation. Education loans are given by financial institutions for Bachelor’s degrees or Master’s degrees. This is why age is the main eligibility criteria of education loans for studying abroad. The applicant needs to be above 18 to avail student loan.

2. The Institution/College needs to be accredited

When you plan on pursuing your higher studies, you will definitely do thorough research to understand what courses the institution has to offer. But there are instances where the applicant fails to look at the crucial aspect that whether the institute is accredited or not and does it have the necessary certifications from higher authorities.

EDUCATION LOANS FOR STUDYING ABROAD

This is very important to avail of an education loan, the institution should be accredited because if you are opting for a course at an institute that doesn’t have much value, then not only will you be wasting the precious years of your life, but also, the loan money will be wasted.

3. The documents that you will present need to be valid

Any loan that you decide to take up there is a certain set of documents that are required to be presented to the financial institutions. Even in the case of education loans for studying abroad, there are certain documents that will be required by the financial institutions. It will be the educational documents, KYC documents of the applicant and the co-borrower and collateral documents among others.

It is very important to check all your documents thoroughly before you present it to financial institutions. Any negligence in terms of the documents could lead in getting the application rejected, so it is necessary to check all the documents beforehand.

4. A co-borrower is a must

Having a co-borrower is a must when it comes to applying for an education loan. The reason behind it has to be that when you plan on going abroad to pursue your higher studies, then either one of your parents or any legal guardian or relative would be the immediate point of contact for the bank. They will also play the role of the primary borrower.

We hope this article has proven to be an informative read and you have understood the eligibility criteria when it comes to taking education loans for studying abroad.

Thank you!