Who can apply for the loan?
To secure an abroad education loan, applicants typically need to provide proof of admission to a recognized institution, financial documents, co-applicant details, a credit history, and collateral, if required. Lenders also assess the course's potential return on investment.
What is the eligibility for an education loan?
Eligibility for an education loan typically includes securing admission to a recognized institution, being at least 18 years old, having Indian citizenship, and enrolling in an approved course. A co-applicant may be required if the borrower is younger.
Is it risky to take loan and study abroad?
Taking a loan to study abroad can be risky due to potential financial strain and debt burden. Graduates may face challenges securing high-paying jobs to repay loans, especially if the chosen field has limited opportunities or economic fluctuations impact employment rates.
What does an education loan cover?
An education loan generally covers tuition fees, accommodation, and course materials like textbooks. Additionally, it may include costs for travel, living expenses, and health insurance, depending on the lender's policies and the specific program's requirements.
Who can apply for the loan?
Students who have secured admission to recognized educational institutions can apply for an education loan. Typically, applicants must be at least 18 years old, Indian citizens, and may need a co-applicant, such as a parent or guardian, to support the application.