Simplifying education
loan for abroad studies!

Education Loans for Studying Abroad

Studying abroad can be a life-changing experience, but it is not for the faint of heart. Those who d

Why choose UniCreds?

We ensure 100% transparency throughout the education loan process. Our education loan counsellors will stay by your side every step of the way.

Interest paid on education loans from our partners is fully eligible for deduction under Section 80E of the Income Tax Act, 1961. This will help ease the financial burden of studying abroad.

UniCreds harnesses the power of AI and data science to provide students with the optimum education loan that will best suit their needs.

Through UniCreds, expect to get education loans with the least amount of collateral. Our strategic partnerships with some of the most popular lenders enable us to provide students with education loans with flexible collateral.

Expect 24/7 assistance from education loan counsellors at UniCreds. Our counsellors boast years of experience in student finance and will provide free of cost assistance to students.

At UniCreds, we deeply value convenience and reliability. All our education loans are 100% secure and are sourced from the safest banks and NBFCs.

How to choose the best education loan for abroad studies

There are hundreds of lenders offering a variety of education loans to study abroad. Finding the per
  • 1Get in touch with one of our seasoned education loan counsellors, who will guide you in getting a loan with or without collateral.
  • 2Your application will then be processed by our partners like Avanse, HDFC Credila, Incred, Axis Bank, Auxilo, Bank of Baroda, ICICI Bank, Prodigy Finance, Leap Finance, MPOWER Financing, CREDENC, IDFC First Bank, Sallie Mae, Ascent, and Lorien.
  • 3Our strategic partnerships will allow students to get the lowest possible rates, hassle-free process, a higher chance of approval and door-step service.

Expenses covered under education loan

Depending on the plan you choose, your loan might pay all or part of your university fees, along with other costs. Typically, a student loan for international education may often cover all of your educational expenditures. However, make sure you’re well aware of things your loan covers to see if your expectations are being met. There are different loan schemes, each fulfilling set criteria and covering a little or most of your expenses. The following expenses below are what you may expect your loan to cover - Tuition Fees On-campus or off-campus housing Transportation costs Books & library fees Courseware Incidental fees Insurance premium Caution deposits & Refundable deposits

Studying abroad can be a life-changing experience, but it is not for the faint of heart. Those who desire to pursue higher education overseas but are having difficulty raising cash now have the option of financing their education. In this piece, we'll go over everything you need to know about education, including how to apply for a study abroad loan, how to determine your eligibility, and what documentation you'll need. We'll go through every detail for anyone searching for an education loan for abroad studies.

Criteria for obtaining an education loan for abroad studies. The first and most important step is to determine whether you are eligible to apply for an education loan. 

The following are the standard criteria used by Indian banks to determine a loan applicant's eligibility:

  • The claimant should be an Indian citizen.
  • The borrower must be at least 18 years old. Otherwise, he or she will have to borrow money from his or her parents.
  • A high academic record is required of the applicant.
  • The applicant must have been accepted into a reputable university/institution/college overseas.
  • Because banks give preference to job-oriented courses, the applicant's preferred course must be a technical or professional course.

The applicant must be aware of the documents needed to apply for an education loan abroad before applying for an education loan for abroad studies. To apply for a loan for studying abroad, the following documents are required:

  • Filled application form.
  • Photographs: The applicant's and the co-applicant's passport-size photographs.
  • Photo ID: The applicant's and co-applicants photo ID. It can be a PAN card, a driving licence, an Aadhar Card, a Passport, or a Voter ID card.
  • Residence proof: The applicant's and the co-applicant's resident facts

Academic documents:

  • Mark sheet and the applicant's certificates
  • GRE, GMAT, TOEFL, IELTS, etc. mark sheet (Score Report), whatever is applicable
  • Evidence of acceptance: Letter of acceptance exchanged by the university or college.
  • Bank statements: The last six months of a co-applicant's bank statements
  • Income proof: Co-applicant's income proof

In the case of collateral (immovable property), the following documents may be needed for flat, domestic, or non-agricultural land:

  • Property title deed
  • Building approved plan
  • NOC for a mortgage from builder or society

Technical documents:

Aspirants applying for student loans abroad also need to provide specific other technical documentation to take advantage of a student loan, in addition to the above-mentioned documents.

  • Document with revenue
  • BDA Allotment: Letter of NOC and allotment
  • A certificate with No Encumbrance
  • Possession Certificate
  • Latest Receipt of property tax
  • Copy of Previous sale deeds
  • Certificate of conversion
  • Certificate for urban clearance (Case-specific)
  • Title deed (all the pages to be attached)
  • Copy of the approved development plan and case-specific permissions

Legal documents

Aspirants will need to provide a list of legal documents for having an education loan for abroad studies, in addition to the regular and technical documents.

  • Sale/gift/partition deed in favour of the customer for at least 13 years
  • Khata and Extract Certificate in the name of the current owner
  • Certificate of Encumbrance: Minimum 13 years reflecting all sales transactions
  • Latest Receipt of property tax

How to apply for a student loan for studying abroad?

The whole loan process takes time, from loan application to acceptance and disbursement, so it is always best to apply for a loan a bit early. Follow these steps to apply for a student loan:

  • Check the course you are studying is recognized or not recognized by the banks.
  • Figure out how much credit you need and how much you're going to arrange for yourself.
  • Compare various banks' student loans for studying abroad and go for the best suits your needs.
  • Fill out the loan application form, approach the bank after the bank, and finalize the loan amount.
  • The bank will issue a loan document that comprises different loan elements as soon as your loan is approved.
  • The bank will disburse the sum in installments or as required by the university after signing the loan contract.

Role of a Guarantor

A Guarantor/Co-applicant/Co-borrower is a signatory on a credit application who assumes equal responsibility as the applicant. The Guarantor for an education loan is not only a witness who attests the authenticity but also guarantees that the applicant will pay back the loan. A guarantor in effect also backs the applicant financially and guarantees that the loan will be paid back in case the applicant defaults on payment.

Banks and NBFCs allow the co-applicants who are closely related to the applicant such as father, mother, brother, sister, or immediate relatives from maternal/paternal side. In some cases, cousins, uncles and other relatives may also be considered. It is not always necessary to have a guarantor while applying for an education loan. Many financial institutions will determine your case based on variables like previous academic records, target school and country, GRE/GMAT score etc.

Instruments accepted

It is possible to identify liquid assets such as bonds, FD, shares, or any immovable property such as the estate, any commercial property, or only land as collateral. One thing to bear in mind is that it is not recognized as collateral for agricultural land. Often accepted as collateral are shares, bonds, bank deposits, mutual fund units, gold, debentures, bank deposits, life insurance policies, and government securities.

Collateral Rules

Any property which can be provided to a bank as a security for a loan, whether movable or immovable, as collateral. To minimize the risk involved in paying off the loan, most banks require collateral as insurance.

How much can you borrow against collateral?

In any case, if you intend to take your immovable property loan as collateral, the bank's representative can check your property and prepare a report on whether or not it can be mortgaged. Additionally, the bank's representative will assess your property. The loan sum will be accepted based on this report.

Read the agreement carefully

This is one of the most significant things to be taken care of when taking the loan. We always recommend that you carefully go over the loan terms and conditions and then move forward with it. This is one thing we emphasize, as with all the conditions mentioned in the loan agreement, you should always be transparent. Besides the bank representative, if you have any questions about it, you can contact UniCreds.

FAQ

Why UniCreds?
We experienced financial constraints during our studies. This experience fuels our passion for democratising education. We provide a platform for borrowers and lenders to reduce the complexity in the education loan domain and bring transparency in the pricing structure while providing multiple options for borrowers.