Documents you need to apply for education loans to study abroad

Even as the world battled Covid-19, around 91% of Indian students who had planned to study abroad wanted to move on because of the security measures in place, according to a 2020 report. In fact, another study in 2021 found that 94% of Indian students are more eager to study abroad this year than last year!

This is mainly due to the fact that international universities are improving their safety precautions in the face of the pandemic and developing different types of support systems to help Indian students apply, move and protect themselves from Covid-19.

Studying abroad can be expensive for many and with more than 3 lakh Indian students going abroad to study each year, not everyone can land a scholarship. So, they are doing the next best thing to apply for education loans.

In the meantime, many digital platforms have emerged that help students with educational loans to study abroad.

“When you are done with your college application process and have the offer letter in hand, make sure you have the documents with you to apply for the loan immediately. You no longer have to worry about the eligibility criteria set by banks as digital lenders offer loans to everyone, ”said Arnav Kumar, Co-Founder of Leap.

Digital lenders offer a collateral free loan, and you don’t have to declare gap years either.

Before applying for your education loan, make sure that you have all of your documents listed below on hand. Also, since this is a collateral free loan, a student will need a co-signer; therefore their documents must also be prepared.

List of documents required for education loans

Here are the documents listed by Arnav Kumar that you need to obtain an Education Loan for Study Abroad:

For students

• KYC: PAN card, Aadhaar and passport
• Academics: Grade sheets for grades 10 and 12, university degree in the case of a university degree, GRE / TOEFL, IELTS score
• Financial: Pay slips for three months, bank statement for six months, Form 16 if the candidate is a professional

For competitors

• KYC: PAN, Aadhaar
• financial
  • Employed: pay slips for three months, bank statement, income tax return or Form 16 form
  • Self-employed: proof of business, bank statement and complete ITR set for two years

What Are The Benefits Of Using A Digital Lender For Your Education Loan To Go Abroad?

Digital lenders make the process of getting an education loan a lot easier and there is the added benefit of almost no paperwork to deal with.

“One of the many advantages of digital lenders is that they go beyond traditional valuation parameters when it comes to lending. In addition, online loans help you save money, ”says Kumar.

“Fintech platforms that offer credit also allow you to open a bank account in the study country while you are sitting in India. It gives you benefits such as allowing transactions to be accepted as soon as you land in the country, ”he says.

“You don’t have to worry about carrying cash or a forex card. They will help you save money by offering the best exchange rates too, ”adds Kumar.

So, with the approved student loan application in hand, get ready to study abroad!

Read: 94% Indian students say they are more interested in studying abroad in 2021 than in 2020: studying

Read: Before Getting Your Education Loan Make Sure You Know All About It

Read: List of State Bank of India Licensed Education Loans

source https://collegeeducationnewsllc.com/documents-you-need-to-apply-for-education-loans-to-study-abroad/