Most of the students aiming to study abroad are not able to fulfil their dreams just because they do not have enough expenses to cover their various expenses during their stay abroad. The cost of living in the foreign countries greatly depends on the university, course, and duration of the course and cost of living in the country you are applying for. If you think, you do not have enough finances to cover your educational fees, and then you can apply for education loan. Students can get loans from all major nationalizes banks. These banks offer almost 85% of the course fee for overseas education against security.
If the cost of the loan is more than 5 Lacks, then the applicant needs to have a Cosigner who will sign the loan along with the applicant. The liability of the Cosigner is equal to that of the candidate. A Cosigner can be any such as – Father, mother, brother, sister or spouse. The income of the Cosigner would be considered in determining the eligibility of the loan.
What Does Education Loan Cover?
An education loan would cover all the major aspects of expenses, such as:-
- Travel Expenses
- Tuition Fees
- Accommodation Charges
- Library Fees, etc
Requirements to Apply for Education Loan
Candidates are required to fulfil several requirements when applying for education loan. They are also supposed to submit several documents, which are mentioned down below:-
- Application Form
- Photos (According to the specifications of the bank)
- Photo ID like Aadhar Card, Passport, Driving License, PAN Card, etc.
- Proof of residence like Passport, Driving License
- Academic Documents
- Bank Statements
- Proof of Admission, etc
Banks Providing Education Loan
- Andhra Bank
- Allahabad Bank
- AXIS Bank Ltd
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Bank of Punjab Ltd
- Canara Bank
- Central Bank of India
- Centurion Bank of Punjab Ltd
- Citibank
- Corporation Bank
- Dena Bank
- Federal Bank Ltd
- HDFC Bank Ltd
- IDBI Bank Ltd
- Indian Overseas Bank
- Indian Bank
- Ing Vysya Bank Ltd
- Indusind Bank Ltd
- ICICI Bank
- Jammu & Kashmir Bank Ltd
- Karnataka Bank Ltd
- Kotak Mahindra Bank
- NOVA Scotia Bank
- Oriental Bank of Commerce
- Punjab National Bank
- Punjab and Sind Bank
- South Indian Bank Ltd
- Standard Chartered Bank
- State Bank of India
- State Bank of Patiala
- Syndicate Bank
- UCO Bank
- Union Bank of India
- Vijaya Bank
Get Advice from West Highlander
West Highlander is one of the best immigration consultants in Chandigarh. Since immigration is susceptible to frauds and scams, therefore, it is necessary for you to find the best immigration consultant with whom you can have peace of mind that you are applying through a licensed and experienced consultant. We provide services which go through strict supervision of our director Ms. Parwinder Kaur. To know more about our services, kindly feel free to contact us.