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Financial Assistance

You can easily achieve your dream of studying abroad even if you have limited funds. Education loans for studying abroad can be a crucial part of your overall funding strategy. At grad studies, we provide you the opportunity to avail of an education loan for overseas studies that covers all aspects of higher education including college fees, cost of books and accommodation. We partner with Nationalized & Co-Operative Banks that offer student loans for studying abroad at reasonable interest rates and we also have association with well-known financial institutions. We help you with the complete procedure for an overseas education loan, starting from selecting banks, producing the required documentation, meeting the eligibility criteria, interest rates and repayment period, etc. The whole process for securing a student education loan for study abroad is simplified and made easy with the help of grad studies expertise, backed by over three decades of industry experience.

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/Equipments 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 a resident of India
• He should have secured admission to a professional/technical courses abroad
• Age of the student should be between 18-35 years.

Quantum Of Loan

• Loans can be availed for amounts ranging from Rs 4 Lakh upto maximum amount of Rs 1.5 Crore

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 And Co- Applicant

• Documents should be executed both by the student & parents/guardian as joint borrower.
• The applicant is the student pursuing studies abroad.
• A co-applicant could be the parent/guardian.

Tenure

• Repayment period will be 5-10 years.
• Interest plus principal amount is to be paid every month after the first disbursement made by few financial institutions even if student has not yet traveled.
• Repayment of the principal amount to commence from 6-12 months after the completion of the course or immediately upon getting a job placement whichever is earlier.
• Interest repayment is frozen in the moratorium period by few banks.

Margin

• 15% of the loan amount is borne by the student on loans above Rs.4 Lakhs.
• 85% of the loan amount is sanctioned by the bank.
• 100% sanction is given by some financial institutions.

Who can be a co-applicant?

• Any earning member in 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 under Section 80E.