The past two decades have seen a huge increase in the number of
students taking up higher education opportunities in countries
abroad. The number of students taking overseas education in India is
also increasing. With this rise, the number of students taking up
overseas study loans is also increasing. Getting an
education loan for Indian students is always a
priority, owing to the general low value of Indian currency as
compared to the current of most popular study abroad destination.
Students in India are always looking for options and opportunities to
reduce the financial burden from their family. Therefore, most
students want to know about the requirements for higher
education loan for Indian students. So, if you are also
thinking about how to get education loan in India, here
is simple guide with all the necessary details.
Now-a-days, the market is full of companies and banks offering
overseas study loans at reasonable interest rates. The requirements
of such educational loans differ from company to company and somewhat
also depends on your profile and requirements. Taking a general view
in account, the basic criteria to get an education loan is mentioned
below. While applying for an education loan in India, student must
have a co-applicant. You can enlist either you parent, spouse or even
your sibling. In case you are applying for an amount 4 to 8 lacs, you
must submit a third party guarantor to get the loan sanctioned. For
loan amounts higher than 8 lacs, a collateral is also required by the
lender.
Apart from these, the basic requirements for higher education
loan for Indian student remains same involving the
documentations and interest rate agreements. Most of education loans
available in India shares a common repayment policy to suit the
requirements of the student. Students are required to start the
repayment of the loan after 6 to 12 months of the completion of the
course. Also, students must keep in mind that they have signed a
co-applicant for the loan. In cases where students settle in abroad
after completing their degrees, the lender is allowed to recover the
loan amount from the co-applicant.