How to successfully get your Education Loan to Study Abroad

Studying abroad can be a rewarding experience as top universities around the world offer great exclusive programmes, world-class facilities, innovative teaching, an international community and faculty made up of world-class professionals. 

However, studying as an international student is as exciting as it is daunting, especially financially. To begin with, tuition fees for overseas students are much higher than those for domestic students. International students also have to take housing, other living expenses, and travelling cost into consideration. It can be a difficult task to fund for your studies overseas.  

But, don’t you worry. We at Intake believe everyone deserves a chance to pursue their dreams and would be glad to help you should you have any concerns about funding as you plan to study abroad.  

Our advisors, apart from information on various universities and programmes, can also provide reliable financial guidance as well as details about student loans for those who wish to pursue education abroad. In this blog post, we’ve gathered frequently asked questions about student loan for abroad studies in India. 

If your questions concerning student loans for studying abroad are not included here, please don’t hesitate to contact us and let us help you create a concrete financial plan to achieve your dream.

Are Student Loans for Studying Abroad Available for Indian Students? 

The answer is a simple yes. In India, students over the age of 18 can get an education loan that can cover their tuition fees, travel expenses, living expenses, and other monetary needs they may encounter while studying abroad.

How to Get an Education Loan for Abroad Studies?  

To apply for a student loan to study abroad, follow the steps below: 

1. Check your eligibility for study abroad student loans 
2. Prepare required documents for education loans for abroad studies 

Check Your Eligibility for Study Abroad Student Loans 

To apply for an education loan for abroad studies as an Indian student, you need to:

1. Be an Indian citizen.     
2. Have an acceptance letter from a university.  
3. Be 18 or above.   
4. List a co-applicant, which can be your parent, sibling, spouse or extended family member, in your student loan application and provide. 
5. Make sure your co-applicant is also an Indian citizen. 
6. Be able to provide proof of your co-applicant’s relationship to you. 

Prepare Required Documents for Education Loans for Abroad Studies 

In most cases, when you apply for a student loan to study abroad, you are required to submit:     

1. A completed application form     
2. Passport size photos of you 
3. Residence proof (Passport, Aadhaar Card, Driving License, or Voter’s ID Card)     
4. Academic documents
5. Scholarship documents, if you have any     
6. Proof of admission from one or more universities     
7. 8 months of bank statement of co-applicant      
8. Income proof of co-applicant      
9. Collateral (all relevant documents)    

*Academic documents:

• mark sheet of 12th exam
• mark sheet of subsequent years of education e.g., BA, BCOM, BSC, etc.
• mark sheet of any entrance exam taken e.g., CAT, CET, etc.
• mark sheet of English eligibility tests like GMAT, TOFEL, IELTS, etc.