A Comprehensive Guide To Education Loans With Ixora Global
Embarking on a journey of overseas education holds the promise of a prosperous future. However, the financial burden associated with studying abroad can often pose a significant challenge for students. While scholarships and bursaries offer relief, they can be fiercely competitive and elusive.
In such scenarios, education loans emerge as a lifeline for students striving to finance their international education aspirations. This article serves as a roadmap, offering invaluable insights into the loan application process, requisite documentation, eligibility criteria, and more.
Loan Eligibility Criteria:
Before delving into the loan application process, it’s imperative to leverage your eligibility. Typically, Indian loan providers assess candidates based on the following criteria:
- Citizenship: Applicants must be Indian citizens.
- Admission Confirmation: Students should possess confirmed admission to recognised international educational institutions.
- Age Requirement: Candidates aged between 18 and 35 years are eligible.
- Course Level: Loans are typically extended for graduate, post-graduate, or PG Diploma courses.
- Co-Applicant: Full-time courses necessitate a co-applicant, who can be a parent, guardian, spouse, or in-law for married candidates.
Loan Documentation:
Streamlining the application process, banks and loan disbursing bodies minimise documentation requirements, ensuring hassle-free loan approvals.
Essential documents include:
– Duly filled and attested application form
– 2 passport-size photographs
– Academic mark sheets (10th/12th or most recent education certificate)
– Statement of study costs
– Aadhaar Card and PAN Card of the co-applicant
– Identity proof, proof of age, and proof of residence (Rental agreement, Ration card, Utility bills)
– 6-month bank statement of the student or co-borrower/guarantor
– Proof of income (Form 16, Salary slips, ITR, or IT assessment order)
– Documents reflecting assets of the applicant or co-applicants
Enhancing Loan Eligibility:
To bolster your chances of securing an education loan, consider the following strategies:
- Maintain an impressive academic record.
- Excel in qualifying exams such as TOEFL, IELTS, GMAT, GRE.
- Secure admission offers from renowned universities.
- Showcase robust financial backing from parents or guardians.
- Highlight promising future employment and income prospects.
By adhering to these guidelines and presenting a compelling case, aspiring students can enhance their eligibility for education loans, paving the way for fulfilling their dreams of international education.