Tuesday 21 February 2017

All about Student Loans for Overseas Education

You can easily achieve your dream of STUDYING ABROAD even if you have limited funds. Educational Loans can be an important part of your overall funding strategy. We at Edwise provide you the opportunity to avail of an Education Loan that covers all aspects of higher education including college fees, cost of books and accommodation.

We have a list of Nationalized & Co-Operative Banks offering loans at reasonable interest rates and we also have association with well-known nationalized Public Banks, Private Banks and Financial Institutions.
We help you with the complete procedure, starting from selecting banks, to the required documentation, eligibility criteria, interest rates and repayment period etc.

Student Loans for Overseas Education
Listed below are several points that one should know about Study Loans.

Eligible Courses:
  • All recognized Courses having employment prospects
  • Graduation / Post Graduation / Diploma Courses / Professional Courses
Expenses Which Constitute The Student Loan:
  • Air fare / Travel expenses
  • Admission / Tuition Fees
  • Boarding and Lodging expenses
  • Books and Stationery expenses
  • Instruments / Equipment’s etc. required to complete the course
  • Examination / Library / Laboratory fee or any other expense required to complete the course like study tours, project work, thesis etc.
Eligibility :
  • The applicant should be an Indian National
  • He should have secured admission to a professional / technical courses in Abroad
  • Age of the student should be between 18-35 years
Quantum of Loan:
  • For studies abroad the maximum limit for a loan sanction is Rs 15-20 lakhs by banks
  • Above 20 lakhs loan can be sanctioned by some financial institutions and Private Banks
Security / Collateral:
  • Upto Rs.4 lakhs – No Security (nationalized banks)
  • Above Rs.4 lakhs & upto Rs. 7.5 lakhs–Collateral in the form of satisfactory third party guarantee (Blood Relative)
  • For loans above Rs.5 lakhs, one can deposit (Fixed Deposit / LIC) 50 % of the required loan sanction amount as collateral.
  • Above Rs.7.5 lakhs – Co-obligation of parents/guardian together with tangible collateral security of suitable value along with assignment of future income of the student for payment of instalments.
  • Partial collateral is accepted by some financial institutions and banks.
Acceptable Collateral:
  • Residential / Commercial property
  • Fixed Deposit of the total loan value with bank
  • NSC / LIC policies.(Surrender Value taken into consideration)
Applicant & Co- applicant
  • Documents should be executed both by the student and parents / guardian as joint borrower.
  • The applicant is the student pursuing studies abroad.
  • A co-applicant is parent / guardian.
  • Repayment period will be 5-10 years.
  • Interest plus principal is to be serviced every month after the first disbursement made by few financial institutions even if student has not yet travelled.
  • Repayment of principal to commence 6 months or 12 months after the completion of the course or immediately on getting a job whichever is earlier.
  • Interest repayment is freezed in the moratorium period by few banks.
  • 15% of the loan amount is borne by the student on loans above Rs.4 Lakhs.
  • 85% is sanctioned by the bank.
  • 100% sanction is given by some institutions.
  • Who can be a co-applicant?
  • Any Earning member of the family such as Father/Mother/Brother/Sister/Spouse

  • OR
  • Father in law/ Mother in law/Sister in law/Brother in law/Paternal/Maternal Uncle/Aunt
Tax Deduction
  • Students and or parents who borrow directly are eligible for tax deductions as per the Income Tax Act.

What Edwise Students Studying Abroad Says…

“Edwise was very helpful in processing my loan before the desired date of visa. Personalized attention was given by the education loan department. Edwise has helped me out extensively through a reasonable and useful solution of paying for my education in the UK.”

Name: Chetan Raipurkar
University: Cardiff University, UK
Course: MSc-Networking & Security
Loan Amount: Rs.7,50,000/-
Bank: Central Bank of India

“It was always my dream to study abroad however I was not financially equipped. After visiting Edwise. I was suggested to apply for education loan. Edwise not only directed me to right bank but they assisted me at every level of this procedure and I would not be where I am today if it wasn't for them.”

Name: Kalpesh Kumar Patel
University: George Brown College, Canada
Course: PG-Diploma
Loan Amount: Rs.7,00,000/-
Bank: Bank of Baroda

“Studying abroad is not easy without financial support. Edwise introduced me to the right financial institution that helped me through the entire loan process. Avanse was very co-operative throughout the loan procedure and sanctioned my loan before my visa date.”

Name: Rajesh Manish Singh Kumar
University: ERC Institute, Singapore
Course: Master of Business Administration
Loan Amount: Rs.15,00,000/-
Bank: Avanse Financial Services

“The loan processing was done within 15 days without any problem. To my surprise, my loan was processed before time. I am really grateful to the people who have helped me in getting this loan. Special thanks to Edwise as they were very co-operative and guided me to the right place.”

Name: Jasmeet Kaur
University: Deakin University, Australia
Course: MSc-Software Engineering
Loan Amount: Rs.4,00,000/-
Bank: Bank of Baroda

“Edwise was very helpful throughout the loan process. I hope many other students like me are able to get their loans and achieve their dream careers.”

Name: Sai Dheeraj
Country: Hult Business School, USA
Course: Master of Business Administration
Loan Amount: Rs.20,00,000/-
Bank: Avanse Financial Services

“Availing loan from the bank was a biggest task for me but with the advice of Edwise I was able to avail loan from the bank they introduced to me. The bank has played a major role to fulfill my dream of studying abroad. Thanks to Edwise for their guidance.”

Name: Ankush Sarkar,
Country: University of Auckland, New Zealand
Course: MSc- Engineering
Loan Amount: Rs.9,00,000/-
Bank: Central Bank of India

Overseas Education Consultant

We at Edwise streamline and personalize the process for each student irrespective of the destination, institution, course or any level of study. Our team of experienced professionals will provide you individual attention and exceptional guidance throughout your process of application. We provide assistance related to course selections, admission, visa, bank-loan and scholarships. We also host University delegates for direct student interaction and all these services are provided free of cost. We have established since 1991 and have been maintaining strong networks with over 575 universities in 16 countries, hence giving us a unique insight into the finest educational establishments worldwide.

Start your education overseas with valuable information on everything you need to know about studying abroad from study permits, temporary resident visas and how much it costs, to finding a program.

Do visit your nearest Edwise branch & choose your university carefully under our expert guidance and ensure that you have all your paperwork in order. Once you apply, and the wait is over, you can really begin to look forward to not only studying in a beautiful and vibrant country, but also to a life experience quite like no other.

For complete information on Studying Overseas, or contact Edwise on 1-800-200-3678 (Toll Free) / 08600911333.

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