Student loan application is an essential process while applying for study abroad at an international institution, while some students may already have the ability to fund their tuition fees, most students, as well as their parents, would prefer to have financial assistance that would both help students live independently and reduce the burden on their parents.
The financial aspect of studying abroad is an inevitable issue that all international students must tackle in the application process early on. Almost 50% of applications get rejected because of insufficient proof of funds or incomplete documentation.
The key to getting over all the sufferings of VISA rejection is to do the procedure right from the very beginning so that the student would get the VISA without any hassle.
Student loan can be given by a bank, financial institution or by the government. The main requirements by the banks are that the loan applicant must apply for the loan from their own country.
Numerous banks have a system of branches globally nowadays, this doesn’t imply that you can apply for a loan at any branch; this must be done in your own nation of origin.
There are additionally local loan suppliers accessible in certain nations. One such is Credila, an education loan advance supplier in India. Credila requires students applying for a loan to have a cosigner or co-applicant, someone who accepts the joint responsibility of the loan.
The job of the co-applicant is very significant. This individual signs on to deal with the student on reimbursements together. In light of that, the cosigner needs to show that they have a sufficient amount to pay the meets to the bank’s prerequisites. This gives the bank greater security when they give a loan to the student.
A co-applicant is normally a parent or more distant family member. The Government commonly gives flexible installments and lower interest rates. Moreover, the documentation process is kept quick and minimal so that the student will get the loan without any complexities.
Eligibility criteria for Student Loan
Student Loans are offered to the excellent students only who are unable to meet their expenses of higher education; the basic education loan eligibility is the academic excellence and achievements of the students. In other words, the eligibility of the applicants is assessed on the basis of their academic performance as cited in the mark sheets of previous exams.
The basic criteria that the candidates have to fulfill to get approval for the loan are listed out here:
- The applicant must be the inhabitant of India.
- The applicant must have confirmed admission in a recognized university in India or abroad.
- The age limit of the applicant must fall within the parameter of 18 to 35 years during loan application.
- The applicant must be undergoing a graduate/postgraduate degree or a PG diploma.
- The applicant should have obtained admission to a college or university-affiliated by UGC/AICTE/Govt. etc.
The application process may differ from bank to bank and from country to country. The applicant has to fill in an application form and the requirements are listed below:
- Two identification size photos
- Graduation, optional school endorsement or High school declaration or imprint sheets
- KYC reports (Voter ID, and PAN card) that incorporate ID, address, and age verification
- Signature confirmation
- Parents or cosigners pay verification
- For insurance – Documentation for Immovable property, FDs.
When the candidate is finished with the application structure, there is a series of individual conversations with the bank worker wherein he/she might be posed different inquiry identifying with the academic performance, about the course/subject one has chosen, likely the foundation and so forth.
Candidate need to give supporting Documents
Before the bank thinks about the advance application, the candidate needs to store the obligatory reports identified with confirmations. The bank needs the records to confirm the documents of the student of the concerned university. On the off chance that your advance sum is above Rs. 4 lac then the candidate may likewise require insurance security, for example, papers identifying with the property to be sold.
Approval or Denial of Loan
The bank before authorizing the loan will run an intensive check of the co-applicant and his/her credit record. After completion of the process, the bank can approve or deny the applicant’s loan. Once the formalities are completed by the applicant, and the loan is being approved by the bank. The bank pays out the fee directly to the concerned institution.
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