• Study Abroad
How Canam Consultants Helps in Availing Student Loan to Study Abroad
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- Student loans are here to help you bridge financial gaps, apply to your dream institution and experience the world.
- With student loans, you can focus on your education without worrying about tuition, living expenses, study material, among other factors.
- Study loans for abroad help you in investing for tomorrow’s success.
- Get rewarded for your educational investment with tax benefits.
Studying abroad provides students with a fresh academic environment to ignite their passion for learning. From academic growth to personal development, studying abroad has a profound impact on students. However, while studying abroad offers many networking and travel opportunities to immerse in a new culture, it can prove to be expensive for international students. Student loans for studying abroad can enable students from all backgrounds to pursue their study abroad aspirations at premier institutions across the globe.
Importance of Student Loans for Studying Abroad
Accessibility | Financial support provided by student loans makes prestigious degrees and diverse learning environments accessible to students across the globe. Students can choose from specialized programs, world-renowned universities and colleges, and many academic opportunities that would have otherwise been out of their reach. |
Building Credit History | A student loan is often a student’s first opportunity to establish a credit history. Having a proper repayment plan will help them build positive credit and demonstrate financial responsibility. |
Comprehensive Coverage | Education loans to study abroad encompass a broader range of expenses apart from tuition fees. They assist international students with their living and travel expenses and educational materials. Students can immerse themselves in the learning experience without worrying about expenses such as accommodation costs, airfare, textbooks, etc. |
Financial Planning | A student loan for studying abroad, taken with appropriate financial planning, can help students create a realistic budget for their study abroad experience. Focusing on their studies can help them address unforeseen circumstances and invest in their future earning potential. |
Tax Advantages | Under Section 80E of the Income Tax of India, 1961, study loan applicants are eligible for a deduction during repayment of interest on the education loan. Both the applicant and the co-signer are eligible to claim tax benefits. |
How to Apply for a Student Loan for Studying Abroad?
Research and Compare Loan Options | Students must explore government and private lenders. They should know the differences between private banks, public banks, and NBFCs in terms of interest rates and repayment terms. Additionally, they should compare these financial institutions with respect to their processing fees, and other unique features offered. Students should carefully review eligibility criteria, including academic records, educational institutions accreditation, etc. |
Gather Required Documents | When applying for a study loan for abroad, it is imperative to complete the application form accurately. Students must verify all information before finally submitting their application. To support their student loan application, they must attach academic documents such as transcripts, mark sheets, standardized test scores; such as GRE, GMAT, IELTS, and TOEFL . Their loan application must also include a copy of the acceptance letter from their university. Additionally, the student must also provide proof of income of the co-borrower, copies of passport, address proof, and other relevant documents. |
Prepare a Strong Application | The application to avail education loan to study abroad must be carefully prepared. The student must highlight their academic performance and present a clear financial plan through a realistic budget of living expenses and projected earnings after completing their higher education. Students must consider all factors that can impact their foreign education loan approval . |
Submit Study Loan Application | After gathering all required documents and preparing a complete application, students must submit it to their chosen financial lender. They must ensure that all information provided is accurate and complete. This will help in lessening any delays in the processing time. Once all documents along with the education loan form is submitted, the financial lender will proceed with reviewing the application. |
Evaluation of Loan Application | The evaluation of a study loan application to study abroad involves assessing aspects such as credit history, academic background, along with financial stability of the co-signer. The financial institution will also review feasibility of an applicant’s repayment plan based on their current financial situation and earning potential. This evaluation can take anywhere between 2-4 weeks, depending on the internal processes of a financial institution. |
With over three decades of experience in international education, Canam Consultants guides students to secure study loans for studying abroad. A team of experts helps students strengthen their applications and secure desired scores in English language proficiency tests. Their dedicated and personalized coaching helps the students increase their chances of qualifying for education loans. study abroad Consultants at Canam connect students with financial institutions to find the best education loan option based on their individual needs and profile. Students are encouraged to get in touch with Canam to avail an education loan for studying abroad and set out on a successful global education journey.
FAQ
- Academic transcripts and mark sheets
- Standardized test scores
- University acceptance letter
- Proof of income (for the student and co-signer)
- Identity and residence proof documents
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