Documents you need to apply for education loans to study abroad
If you have plans to study abroad, you need to get a few documents in order to easily get education loans. We spoke to an expert to know the details.
Even as the world was battling Covid-19, as per a 2020 report, around 91% of Indian students who had planned to study abroad still wanted to continue due to the safety measures being put in place. In fact, in 2021, another study found that 94% of Indian students are more eager to study abroad this year than in the last year!
This is mainly due to international universities levelling up their safety precautions in light of the pandemic and coming up with various types of support systems to help Indian students apply, move, and protect themselves from Covid-19.
Studying abroad can be expensive for many and with more than 3 lakh Indian students going abroad every year to study, not everyone can bag a scholarship. So, they do the next best thing apply for education loans.
Many digital platforms have come up now that help students with education loans to study abroad.
“Once you are done with your college application process and have the offer letter in hand, make sure you have the documents with you to apply for the loan immediately. You no longer have to worry about the eligibility criteria set by banks because digital lenders offer loans to everybody,” explains Arnav Kumar, Co-Founder, Leap.
Digital lenders offer a collateral-free loan, and you will not need to explain gap years as well.
Before you go to apply for your education loans, make sure all your documents as listed below are at hand. Moreover, as it is a collateral-free loan, a student will need a co-signer; hence, their documents have to be readied as well.
List of documents needed for education loans
Here are the documents you need for getting an education loan to study abroad, as listed by Arnav Kumar:
For students
- KYC: PAN card, Aadhaar and Passport
- Academics: Class-10 and Class-12 mark sheets, college degree in case of postgraduation, GRE/TOEFL, IELTS score
- Financial: Payslips for three months, bank statement for six months, Form 16 if the candidate is a working professional
For co-applicants
- KYC: PAN, Aadhaar
- Financial-
- Salaried: Payslips for three months, bank statement, income tax return slip or Form 16
- Self-employed: Business proof, bank statement, and ITR full set for two years
What are the benefits of getting a digital lender for your education loan to go abroad?
Through digital lenders, the process of taking an education loan becomes much simpler and there is an added benefit of having to go through almost no paperwork at all.
“Among many benefits of digital lenders, one is that they go beyond traditional evaluation parameters while lending. Furthermore, online loans help you save money as well,” says Kumar.
“Fintech platforms offering loans also allows you to open a bank account in the country of study while sitting in India. It gives you benefits like allowing transactions right after landing in the country,” he says.
“You do not have to worry about carrying cash or a forex card. They will help you save dollars by offering the best exchange rates as well,” Kumar adds.
So, with the approved education loan application in hand, get ready to study abroad!
Read: 94% Indian students say they are more eager to study abroad in 2021 than in 2020: Study
Read: Before you take your education loan, make sure you know all about it
Read: List of education loans at concession by State Bank of India