India houses the highest population of citizens under 35 years of age, creating a unique opportunity for growth in the eastern hemisphere. The youth population of India is likely to propel the country towards a substantial and sustained growth in the upcoming years; experts predict that a massive boost in production, quality, and income is possible if the talent is harvested in the most proficient method.
This has led to several Government backed and privately led schemes to assist meritorious and willing students in garnering the skills required to contribute to the progression of the country. Similarly, several financing options have also been introduced to help those who want to pursue higher studies. Education loan for abroad studies is one of the most commonly availed long-term credit options in the Indian financial market. A significant number of people avail of this type of credit to finance studies.
There are approximately 7,52,725 Indian students who study at various colleges and universities abroad. The need for specialised studies yet to be offered by institutions in India, and a broader option for course selections draws hundreds of students to foreign soil every year.
However, despite their popularity, residing and studying in a university overseas can put a significant financial strain on an individual. That’s why most people prefer availing an education loan for abroad to mitigate their financial requirement and free-up their budget.
Loans For Overseas Education
Lending options for overseas studies often characterise as long-term, secured, and flexible credits. One of the most preferred types of education loan in India is a loan against property. It is a secured loan, disbursed against a mortgaged property which makes it extremely convenient and affordable. Numerous leading lenders, including lenders like Bajaj Finserv offer this type of loan to eligible applicants, and their simple application process makes it easier for everyone to apply and avail such an advance.
- Application For A Loan Against Property For Studies
Thanks to the integration of the online application process and doorstep services, the process of availing a study loan has become significantly quick and hassle-free. The entire process of application as per education loan details to disbursal takes only a few days for top lenders like Bajaj Finserv. Such a quick and easy application process makes them one of the most preferred loans against property lender in India.
Let’s take a look at how one can avail an education loan for abroad with only some simple steps.
- A prospective applicant should go through all the details (including the eligibility criteria and documentation requirements) to ensure he or she is eligible to apply for a credit for overseas studies. Once meeting all the requirements, they should collect the documents mentioned by the financial institution and fill the online application form.
- The financial institution will get in touch with the applicant within 24 hours of receiving the duly filled online application form. He will run a basic enquiry, past which the application will be sent for the approval process. Companies like Bajaj Finserv usually complete the application process within 48 hours.
- A representative from the financial institution will visit the customer to collect the necessary paperwork for verification. After all the details are verified without any discrepancy, the credit will be approved and disbursed to the customer.
They also provide several borrower-centric terms that allow an applicant to benefit from the best possible features. They bring pre-approved offers that ease the application process to avail financial assistance. Such offers are available on several financial products including secured advances like home loans, unsecured credits like business loans, personal loans, etc. You can
Following these simple steps allows an eligible applicant to apply successfully and avail the necessary credit to finance their higher education. Only the simple knowledge doesn't help you must have the knowledge of how to apply for education loan and the eligibility criteria for it. It has become the preferred means for financing overseas education thanks to an affordable loan against property fees and charges, flexibility, and convenience it has to offer.