Study abroad: Important documents required to get bank loan

 

Studying abroad is the dream of many Indian students. But there are many hindrances that prevent a large portion of Indian students from fulfilling this dream. Among those factors, the most prominent one is lack of financial support! Yes, studying abroad, in many cases is expensive. Be it MBBS, Engineering or any other professional course, for studying abroad, one must be willing to spend a good amount of money. But this problem can be solved to an extent by hunting down places abroad that offers low cost and free education. Also, availing loans from Indian banks can also help! Here, I will describe to you which important documents one has to provide to avail a bank loan for studying abroad. Further, I’ll also mention some banks that offers student loan on relatively less interest rate.

Loan application form

Apply for a loan!

As I said before, one can avail benefits like scholarships, free tuition courses (provided by many universities abroad) etc. But still, one must have money to pay for day to day expenses. Also, Indian Rupee, in comparison to many foreign currencies, is relatively weaker. All these factors to an extent make it necessary for many Indian students to take help of loans to complete higher studies abroad. The same is the case with students of Gujarat!

 

Important documents to obtain loan for studying abroad-

Here is a list of important documents that you need to provide to the bank officials in order to avail loan benefits-

 

#1 Loan application form (completely filled) of the respective bank.

#2 Your passport size photo.

#3 Identification Card of the applicant.

#4 Proof of address of the applicant.

#5 Academic certificates of the student.

#6 Proof that applicant got admission in a Foreign University/College.

#7 If the applicant is availing the benefit of any scholarship, then he/she has to provide details regarding it.

#8 Foreign exchange permit.

#9 Documents regarding the past bank account status/activities of the applicant.

#10 Salary and income details of applicant/guardians of the applicant.

#11 Details and documents regarding properties associated with the applicant, like- home, flat, land etc.

 

List of good banks to approach for student loan to study abroad-

The following are some good banks from which a student can obtain loan for studying abroad. The list goes like this- Canara Bank, Bank of Baroda, Andhra Bank, Axis Bank, Central Bank of India, Bank of India, Bank of Maharashtra, HDFC Bank, IDBI Bank, Karnataka Bank, Punjab National Bank, State Bank of India, Vijaya Bank, Syndicate Bank.

Note that there are other banks also providing special loan programs for Indian students planning to study abroad. Also, the interest rates applicable on these loans also vary from time to time. Plus there are also seasonal added bonuses too, when it comes to such educational loans.

 

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