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The number of Indian students relish for Study MBBS in abroad has increased exponentially in the past many Years. Also, there is a drastic increase in the number of students opting for overseas MBBS education loan due to increase in the expenses of quality education abroad. Today there are numerous lenders offering loans to students.
Our students have got loans from almost all major Banks like State Bank of India,Federal Bank, South Indian Bank, Dhanalakshmi Bank, Indian Overseas Bank, Indian Bank, Punjab National Bank, Corporation Bank, Karur Vysya Bank, ING Vysya Bank, HDFC Bank, Syndicate Bank, Andhra Bank, Union Bank of India, ICICI Bank, Bank of India etc. Banks offer up to 85% of the course fee for Overseas education against security.
For What Professional Courses do Banks generally provide education loans ?
Management students are among the top choices for most of the banks. Technology students from the country’s premier institutions can also get student loans from Banks and Medical and engineering college students. Banks don’t provide loans for students with a Bachelor’s / Master’s in Arts . Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents’ income.
In general, when applying for a study loan, you must keep in mind the following criteria:
>> A co-applicant is a must (could be parents, a sibling or a spouse)
>> For loans between Rs.4 – 7.5 lacs a third party guarantor is required
>> Collateral needs to be provided for student loans above Rs.7.5 lacs
>> Loan repayment commences 6 to 12 months after course completion
>> If a student goes abroad, lender recovers the remainder from co-applicant
Banks have their own criteria developed for the upper limit of the loan, the interest rate to be charged and the period and mode of repayment. Banks usually have some pre-approved courses and institutions and usually sanction education loans on the basis of the quality of the institution, relevance of the course to career options, credit worthiness of the guarantor or co-applicant.
Repayment - Course period + 1 year or 6 months after getting job, whichever is earlier.
What are the Documents required for applying for Student Loan ?
All the students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.
Some banks require all or any of the following documents as pre sanction documents:
To furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the loan is jointly taken.
The Eligibility Criteria for getting a loan:
Which Indian Banks are Providing Education Loans ?
Most of the Banks in Private Sector, Foreign Banks & Public Sector Banks in India are providing Student Loans. Below given are some of the main banks which have flexible Education loan schemes.
The Student from India who are aspiring to study Medical in abroad can make there process easier by choosing Overseas Medical Study. We Overseas Medical Study have been providing high quality Admission consultancy services to Indian students for more than 10 years. We have been helping thousands of students each year to Study MBBS in Top Colleges of Abroad.
We have a Qualified, Dedicated and Experienced Staff team who offers valuable advice to students and help them find the right university & study opportunities in ex-soviet countries like China, Georgia, Russia, Kyrgyzstan, Bangladesh, Nepal, Kazakystan, Ukraine, Nepal and many more. Contact us today for more information on Education loan for MBBS abroad.