Outlook Money
For one to pursue education outside India can demand financial expenditure. It is, however, also important for students to check the eligibility and other criteria for education loans as lenders have different criteria.
The eligibility for the overseas education loan differs as per the lender. A majority of the lenders prefer students who have been admitted into good universities and are adults. The course one selects is linked to both education loan terms as well as post-study visa opportunities.
The documents required to apply for overseas loans include an admission letter from a foreign university, fee structure provided, academic documents, identification proof, income proof, collateral documents and visa approval.
There are several factors that one needs to consider before choosing a loan and these include, the total cost of a loan, collateral requirements, exchange rate fluctuations and course and university ranking.
Both banks and NBFCs offer foreign education loans, but both differ with respect to terms of lending, flexibility, and costs. Therefore, one must check all this before taking a loan.