Nitty-gritty of Indian Education Loans for Studying Abroad
Education loans have made, are making and would make the dreams of many aspiring Indian students of studying abroad come true.
Student loans are offered under certain terms and conditions and definitely under a set scheme of interest. Indian banks offer student loans for studying abroad on a confirmed admission to a foreign university for full-time courses (that is, loans are not offered for correspondence courses.). Banks consider a student’s past academic record and offer the loan only if they find it satisfactory. All these conditions for financing education apply generally, but in the end, each bank follows its own scheme.
Generally if a student gets an admission offer from a top university, the loan may be sanctioned without the requirement of a co-signer based in the country where the University is established. In other situations, the financial institutions and banks require a home country based co-signer or a co-signer residing in the country where you intend to go.
IBA’s (Indian Banks’ Association) new guidelines
Note: Sanctioning of loans to the students is at the discretion of banks. Banks can accept or refuse any case of education loan without giving reasons.