Higher education in abroad countries is a dream for many students. Many students wish to study their bachelors or masters in abroad countries but drop the idea due to lack of funds.
But not to worry because, we at Broadmind assist students in educational loans for their study abroad needs. We understand that an Educational Loan would be of utmost help to most students in funding their education. We currently have a complete list of banks offering Educational Loans for various programs to students at reasonable rates. We also have tie-ups with well known banks to ensure you get the loans you require.
At Broadmind, we make sure that the process is hassle free and convenient for our students. We also make sure the student’s doubts are clarified regarding study abroad programs and educational loans.
To obtain an educational loan, the student should have got admission from the approved universities and have the offer letter as a proof.
The student must be able to provide collateral properties as a guarantee or have an earning member as a guarantor who can provide the pay slip / IT returns as proof of their income and should be eligible to pay the applied loan amount.
To apply for an educational loan, the following steps must be done,
Step 1: Fill in the loan application form
The applicant has to fill in an application form which may ask for details such as contact details, details relating to academics etc. it is important to fill in accurate information.
Step 2: Personal Discussion
Once the applicant, ie the student fills in the form, there is a round of personal discussion wherein he/she may be asked various question relating to the academic performance, the course one has selected, probably the institute etc. At this stage, it is very important to be lucid and clear about one’s selection of course and its future potential of generating income. While some banks are known to hold the academic record important, some may give it a slightly lesser attention. This does not go to say that one needs an excellent academic record. But, make sure that there are answers to those mishaps that could have occurred during the academic life.
Step 3: Provide validated supporting documents
Unlike other loans where the talk of documents relating to say property, might come in at a later stage and may cause delay-documents are a must. In case of education loans, documents relating to admissions are mandatory even before the bank considers the loan application. The bank will verify the enrollment of the student from the concerned institute. One may also require collateral security such as papers relating to property to be mortgaged if the loan amount is above Rs. 4 lakh.
Step 4: Stage of loan approval or denial
When one takes some other kind of loan, there is a co-guarantor, especially in case of personal and home loans. For an education loan, a guarantor is mandatory. The guarantor could be an applicant’s parents or guardians. The bank will run a thorough check of the guarantor and his/her credit history before sanctioning the loan. After completion of the process, the loan may be sanctioned or denied.
Step 5: Borrower’s signature on a Promissory Note
While the parents/guardians are guarantors, the student is the actual borrower of the loan. Once the loan is sanctioned, the student has to sign a promissory note to the bank.
Step 6: Disbursal of the loan
Once the formalities are completed (additional documents and signed post-dated cheques may be required), the bank will disburse the loan. The bank may disburse the college/institute fee directly to the concerned institute.
In the current times, availing an education loan has been made even easier. Now, one can apply for an education loan online. The loan will be sanctioned only in principal and the applicant will have to contact the bank for actual approval and disbursement of the education loan.
We can refer the Bank and students have to co-ordinate with bank staffs and submit the documents required by the banks. The students should co-ordinate further with the banks for completing loan procedure.
BroadMind offers end to end career solution for Overseas Education. We are official representatives of Foreign Universities
The student can apply for an educational loan. The co-borrower can be parent, spouse or sibling.
The tuition fee, application fee, costs related to accommodation, study materials, exam fees and other expenses are covered.
The students can approach any bank or financial institution for an educational loan. Banks such as Avanse, Punjab National Bank, HDFC Bank provides good assistance for all your educational loan needs.
Bachelors, masters program , full time and part time programs in abroad are covered.
The loan amount limit varies from bank to bank and also depending on the academic record of the student and earning potential of the parents.
The range will be 12.25% to 14.5%, but the interest rates also depends on the following factors
International students who wish to study for more than six months in Québec region should be authorized to study by the ministère de l’Immigration, de la Diversité et de l’Inclusion (MIDI) and must obtain Québec Certificate of Acceptance (CAQ).
The banks in general ask for the repayment of loan within one year after the course gets over but it differs from bank to bank. The maximum repayment tenure may range between 10 to 15 years.