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.
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