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As per data published by the Ministry of External Affairs, over 13 Lakh Indian students studied abroad in 2022. The countries on the list range from Australia and the United Arab Emirates to Vietnam and the Netherlands.<\/p>\n\n\n\n
Given the exposure studying abroad gives us, not only educationally but culturally and socially as well, pursuing international courses has come to become popular among Indian students. What\u2019s more, leading financial institutions offer convenient education loans to help students finance their dreams.<\/p>\n\n\n\n
However, education loan application processes and loan approvals can be overwhelming. If you\u2019re someone who is wondering how to get a loan for study abroad or how to apply for an education loan abroad, you\u2019re in the right place. Here, we give you all the information you need for a hassle-free loan application process.<\/p>\n\n\n\n
Before we discuss the application process for education loans, let\u2019s look at some of its crucial aspects.<\/p>\n\n\n\n
Education Loans can be secured or unsecured. If you have an asset that you can list as collateral, a secured education loan can be a good choice. Alternatively, you can apply for a no-collateral education loan as well.<\/p>\n\n\n\n
Be sure to compare lenders based on their loan interest rates, tenures, eligibility criteria, list of documents required, processing fee, additional charges, overall application process and time, etc. This will help you find a lender that meets your unique financial needs.<\/p>\n\n\n\n
While the eligibility criteria will vary with the lender, here are some general criteria you might have to meet for a successful loan application process:<\/p>\n\n\n\n
Additionally, you might have to furnish the following documents:<\/p>\n\n\n\n
The process of how to get a student loan for abroad studies varies depending on the type of education loan and lender. Here is the general application process for both education loan types.<\/p>\n\n\n\n
Step 1:<\/strong> Navigate to your chosen lender’s website and complete the online application form. Alternatively, you can visit their nearest branch to submit the form with the documents.<\/p>\n\n\n\n Step 2:<\/strong> Enlist the services of a lawyer or a valuator to gain a valuation report on the asset you plan on listing as collateral.<\/p>\n\n\n\n Step 3:<\/strong> The lender will send the documents to their education loan processing division. A loan processing officer will analyse your loan application and verify it.<\/p>\n\n\n\n Step 4:<\/strong> The loan processing officer will sanction the loan, once your application is approved. You will be required to sign some documents.<\/p>\n\n\n\n Step 5:<\/strong> You must visit your lender to complete the property mortgage process once your visa is approved.<\/p>\n\n\n\n Step 6:<\/strong> Lastly, a disbursement agreement is signed, and the funds are disbursed.<\/p>\n\n\n\nHow to Apply for Unsecured Education Loan for Studying Abroad<\/strong><\/h3>\n\n\n\n