Study loan is the best investment to study abroad with assured returns. It requires a lot of time and effort from the student’s end. But as time passes, the process is becoming simple. It also depends on the bank from where you are taking money. Every bank follows a different loan process for application and approval. The education consultants in Chennai may guide you about the best bank with less interest rate and hassle-free process.
Education is costly these days. Students prefer study loans and do not trouble their parents to pay their expenses. Hence, it is the best source to pay your fees without shaking your financial balance. This guide will provide detailed data about education loans.
Informative Study Loan Guide to Support Overseas Education
A loan helps you get higher education and support your study abroad. Students require financial aid, as well as complete knowledge about how to take loans at a nominal price. Studying abroad is a dream for many students who have the talent to excel in life, but due to the high cost, they cannot pursue their dreams. Costs related to college, accommodation and other petty expenses are covered in it.
The study abroad agency in Chennai can guide you about the loan process, criteria and all the other vital information. They will also provide information about collateral security like property papers, fixed deposits and accounts in the bank to reduce the risk.
The loan process involves some vital steps that are mentioned below.
Eligibility Criteria
Study loans are provided to students to fund their education and achieve their goals. But there is an eligibility criteria to get these loans. A strong academic background is vital for easy approval of loans. Thus, you must have an approved admission application to support your claim and your age must be between 18-35.
However, if you have any doubts about the eligibility criteria or approval of a loan, talk to the education consultants in Chennai to help you understand the whole process and study more to know how much of the amount will be reasonable to ask from the bank.
Required Documents
Whenever you go to a bank and ask for a study loan, they want some common papers. The documents include an application from the enrolled college, your mark sheet of 10th/12th, proof of residence and income proof along with collateral security. Also, your English proficiency test score. You will receive the loan as per the paper you provide. Ensure to check the papers once before you proceed with the loan application.
If you require advice on the process or the documents you need, you can get in touch with education consultants in Chennai. They suggest the exact documents needed so that the application does not get rejected, which may delay the process.
Banks
Some popular banks offer student loans, and they understand the need for study loans. Every bank has a specific scheme for study loans and set limits. Choose a bank that offers the best amount with a low interest rate. There are private banks and public banks that provide loans to study abroad. Private banks like Axis, ICICI, HDFC, etc., provide loans, and public banks include SBI, Bank of Baroda, and Punjab National Bank at the best interest rate.
The education consultants in Chennai will help you pick a bank as per your needs with a low rate of interest. The agents do all the research and give you the best result.
Loan Application
After doing all the research, you can apply for the application of loan with all the documents needed. Once you fulfil all the criteria, your loan plea will be processed and approved as soon as possible. A study loan is a big help one can get while moving abroad. After approval, check the extra fees that may have been incurred and also the amount of time you have to repay.
The bank will process the amount directly into your account, once you complete documentation and agree with the terms and conditions.
Loans Without Collateral
Loans without collateral are for students who want to study abroad without giving something as security to the bank. It is mainly to help them get an education stress-free. It helps ease the burden of students and parents. The non-collateral loans are valid for the courses listed in their eligibility criteria. Some banks cover all the costs, and some only cover the tuition fees. Before you go ahead, check the services they offer and if they fulfil your needs.
Compare banks based on the prices they offer. Ask for all the vital details before proceeding. Read all the terms and conditions because once you sign the papers, there is no going back. Be sure you understand everything. Also, apply for grants to get some extra help.
Conclusion
Not everybody has an idea about the loan and application process. For expert guidance, you require a study abroad agency in Chennai that will guide you about everything and help you deal with it. They will assist you in deciding a reasonable bank amount. Prepare a loan application on your behalf to avoid unwanted mistakes. Inform you about the documents needed to get a loan.
They will shortlist the banks, offer low interest rates and do not require collateral security. It will not burden you in any way and take care of applying for the grants as per your profile. When we talk about moving abroad, it is one of the most valuable investments you will make.