• Study Abroad

How To Get Student Loan For Abroad Studies ?

2698 Reads
3 min Read

By:CANAM Group
Updated On:Sep 15,2023 10:47 AM IST

Quality education has become extremely crucial and is a must for a complete and successful life. Study abroad is a dream for many. The quality education and exposure offered by foreign institutes and universities is a goal for many aspiring students.

How To Get Student Loan For Abroad Studies .webp
Quality education has become extremely crucial and is a must for a complete and successful life. Study abroad is a dream for many. The quality education and exposure offered by foreign institutes and universities is a goal for many aspiring students. The cost of education is, however, increasing rapidly. In fact, the fee structure of reputed institutions is already quite high. Hence, self-funding has become quite difficult and thus it is the education loan has become the most viable option for aspiring candidates. The process of Education Loan for Abroad Studies

To apply for an education loan for abroad studies, one must be an Indian citizen, having secured an admission into a college/university recognized by a competent authority in abroad.
A student needs to have a co-applicant in order to execute the loan process. (Parents, Siblings, Spouse)
For the loan amounts ranging between 4-7.5 Lacs, one needs to have a third party guarantor.
For loan amounts above 7.5 Lacs, collateral is mandatory. (Example-Property, Fixed Deposits)
Once the loan application is approved, the banks disburse the required amount directly to the college/university as per the given fee structure.
The loan is repaid by the student. Generally, the repayment starts when the proposed course is completed. There are certain banks that even provide a relaxation period of 6 months after securing a job or a year after the completion of studies for repayment.
The banks use the Marginal Cost of Funds based Lending Rate (MCLR), plus an additional spread to set an interest rate for education loan.

List of Documents

Academics documents
Offer letter/acceptance letter from the foreign institute
Schedule of expenses for the course
Copy of letter confirming scholarship, if any
Two passport-size photographs
Statement of borrowers bank account for the last six months
Income Tax assessment order not older than two years
Statement of Assets and Liabilities
Proof of identity and residence
Income Documents of parents/guardian/co-applicant
Collaterals in the form of FDs / Immovable Property

For more information and assistance, visit the nearest Canam Consultants office.

Get great articles direct to your inbox

The latest news, articles, and resources, sent straight to your inbox every month.

Popular Universities to Study Abroad

World class education waiting for you.

University of Chester - Wheeler Campus

England, UK • 8 Programmes

Tuition Fee : GBP 12950-12950 / year

Durham College - Oshawa Campus

Ontario, Canada • 113 Programmes

Tuition Fee : CAD 13500-18000 / year

Holmes Institute - Gold Coast Campus

Queensland, Australia • 7 Programmes

Tuition Fee : AUD 19500-20000 / year

Suncrest College

Saskatchewan, Canada • 10 Programmes

Tuition Fee : CAD 16000-19000 / year

Conestoga College - Stratford Campus

Ontario, Canada • 1 Programmes

Tuition Fee : CAD 12000-23000 / year

Dalhousie University

Nova Scotia, Canada • 89 Programmes

Tuition Fee : CAD 14000-24000 / year

Devry University - San Diego Campus

California, USA • 31 Programmes

Tuition Fee : USD 15000-16500 / year

Manukau Institute of Technology - TechPark Campus

Auckland, New Zealand • 9 Programmes

Tuition Fee : NZD 20300-24700 / year

View All Universities

Latest at CANAM

Events, webinar, college / university visits and more.

The International Education Fair

Study in Canada, UK, USA, Australia, NewZealand, Dubai, Germany

18th Jan to 25th Jan • 10:30 AM to 5:00 PM

Hybrid Event

University Visit - Southern Cross Education Institute Higher Education (SCHE)

Study in Australia • University Visit

Hyderabad-Kukatpally • 10:30AM

In-Person Event

University Visit - Gisma University of Applied Sciences

Study in Germany • University Visit

Bengaluru-jayanagar • 02:30PM

In-Person Event

Top countries destinations

Popular university and colleges for Studying abroad.

Bond University Queensland
Central Queensland University - Rockhampton, North Campus Queensland
Charles Sturt University - Wagga Wagga Campus New South Wales
Deakin University - Geelong Waurn Ponds Campus Victoria
Engineering Institute of Technology - Perth campus Western Australia
Griffith University - Nathan Campus Queensland
La Trobe University - Bendigo Campus Victoria
LCI Melbourne - Art & Design School Victoria

Ara Institute of Canterbury - City Campus Southland
Aspire 2 International - Auckland Campus Auckland
Auckland University of Technology - City Campus Auckland
Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay
Manukau Institute of Technology -Manukau Campus Auckland
Massey University - Auckland Campus Auckland
Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland
New Zealand Institute of Business & Technology (NZIBT) Auckland
The University of Waikato - Hamilton Campus Hamilton

Kent state university Ohio
San Jose State University California
Wright State University Ohio
Clark University Massachusetts
Rowan University New Jersey
Arkansas State University Arkansas
University of Wisconsin Milwaukee Wisconsin
Southern Illinois University Edwardsville Illinois
University of Findlay Ohio

Popular English Language Proficiency Exams

Blogs and Articles

Curated content to keep you updated on the latest education trends, news and more.

Pharmacy Colleges in Canada- Rankings, Fees, Courses, Eligibility and more

Canada is globally renowned for its high-quality education system and top-notch higher education institutions. As one of the world’s leading educati...

Updated on • Dec 08,2023 10:13 AM IST • Colleges in Canada

A Disaster of Titanic Proportions Reading Answers- IELTS Academic Reading

‘A Disaster of Titanic Proportions - IELTS Reading Answers’ blog has been developed to provide students with the practice for the IELTS reading mo...

Updated on • Nov 30,2023 05:39 PM IST • IELTS

Describe a Chocolate You Didn't Like - IELTS Cue Card

The International English Language Testing System emphasizes effective international communication. The speaking section of an IELTS exam evaluates li...

Updated on • Nov 29,2023 12:22 PM IST • IELTS

Describe a Person Who Wears Unusual Clothes - IELTS Cue Card

If you're planning to take the IELTS Speaking test, it is essential to understand the different sections involved in the test. The second stage of the...

Updated on • Nov 28,2023 01:36 PM IST • IELTS

Describe a Difficult Decision That You Once Made - IELTS Cue Card

The CUE card section is an integral component of the IELTS Speaking Test. It generally measures an individual's ability to speak on a particular topic...

Updated on • Nov 28,2023 01:08 PM IST • IELTS

Nursing Colleges in Canada- Universities, Courses, Eligibility and more

If one wants to serve people, feel fulfilled and make a decent living, head to nursing schools in Canada. A nursing degree in this country sets one up...

Updated on • Nov 22,2023 11:53 AM IST • Study in Canada

MBA in Business Analytics in the USA: Universities, Eligibility, Admissions Process, Documents and Job Opportunities

The United States of America (USA) is at the forefront of higher education. To embrace the prominence of a data-centric world, special educational pro...

Updated on • Nov 20,2023 12:30 PM IST • USA

Describe an Interesting Song - IELTS Speaking Cue Card

Cue Cards play a significant role in assessing a candidate's ability to express their ideas and communicate fluently during the IELTS Speaking Test. T...

Updated on • Nov 16,2023 04:43 PM IST • IELTS

Highest Paying jobs in New Zealand for International students

New Zealand has gained a reputation as one of most beautiful, safe, and least corrupt countries in the world. Apart from the amazing lands...

Updated on • Nov 16,2023 12:27 PM IST • New Zealand

MBA in Finance in UK: Check Universities, Eligibility, Admissions Process & Scholarships

The UK stands out as a top destination for pursuing an MBA in Finance. With its blend of world-class education, strategic location, and diverse cohort...

Updated on • Nov 14,2023 12:43 PM IST • UK

LLM Abroad: Universities, Eligibility, Courses, Countries, Scholarship, Jobs for Indian Students

LLM is a course specially designed to teach students in the field of legal studies and master's in areas such as international law, environmental law,...

Updated on • Nov 14,2023 12:39 PM IST • Study Abroad

Atlantic Provinces of Canada- Educational and Career Prospects

The Eastern Canadian Provinces, known as Atlantic Provinces, border the Atlantic Ocean and are comprised of New Brunswick, Newfoundland, Nova Scotia, ...

Updated on • Nov 14,2023 12:33 PM IST • Study in Canada

Study Smart, Study in Alberta - A Comprehensive Guide to Canadian Education

Alberta, a province in the heart of Western Canada, is a land of sunshine, forests, and a multicultural population. It is the most populous of the thr...

Updated on • Nov 14,2023 12:31 PM IST • Study in Canada

MSc Forensic Science in the UK: Universities, Admission Process, Eligibility Criteria, Scholarships, Jobs

Picture this: A world where each shadow has its secrets, every faint trace has a truth attached to it, and every ordinary piece of information has ext...

Updated on • Nov 07,2023 12:37 PM IST • study in the UK

Describe a Creative Person Whose Work You Admire - IELTS Cue Card

Cue Cards are part of the IELTS speaking test, where the candidate is required to speak on a given topic for about 2 minutes. This write-up emphasizes...

Updated on • Nov 07,2023 11:43 AM IST • IELTS

Cost of Living in Canada/ UK/ USA/ New Zealand/ Australia

It is an essential factor when students plan to relocate or are just curious about other countries' living expenses. But the cost of living in differe...

Updated on • Nov 07,2023 11:23 AM IST • Study Abroad

Post Graduate Diploma Courses in Project Management in Canada: Universities, Eligibility Criteria, Admissions Process, Scholarship & Jobs

Ever wondered how movies hit the screen right on time or how new apps mysteriously appear on our phone, perfectly polished and ready to use? It’s al...

Updated on • Nov 06,2023 05:58 PM IST • Study in Canada

Masters of International Business in Australia: Universities, Admission Process, Scholarships, Jobs

Masters of International Business offers the essential skills for managing international businesses worldwide. Completion of the program paves the way...

Updated on • Nov 06,2023 11:57 AM IST • Australia

A Comprehensive Guide About Dental Hygiene Courses in Canada

This article is a complete guide to dental hygiene courses in Canada which will cover topics such as what are the dental hygiene courses, why to pursu...

Updated on • Nov 06,2023 11:31 AM IST • Study in Canada

Describe a Difficult Thing You Did and Succeeded

The IELTS exam contains 4 sections: writing, speaking, reading and listening. One of the questions which come under speaking is cue cards. Cue cards a...

Updated on • Nov 04,2023 11:37 AM IST • IELTS

How To Get Student Loan For Abroad Studies ?

Events, webinar, college / university visits and more.

Popular university and colleges for Studying abroad.

Bond University Queensland

Central Queensland University - Rockhampton, North Campus Queensland

Charles Sturt University - Wagga Wagga Campus New South Wales

Deakin University - Geelong Waurn Ponds Campus Victoria

Engineering Institute of Technology - Perth campus Western Australia

Griffith University - Nathan Campus Queensland

La Trobe University - Bendigo Campus Victoria

LCI Melbourne - Art & Design School Victoria

University Canada West British Columbia

University of Windsor Ontario

Dalhousie University Nova Scotia

Carleton University Ontario

Cape Breton University Nova Scotia

University of ottawa Ontario

University of saskatchewan Saskatchewan

University of regina Saskatchewan

University of guelph Ontario

Ara Institute of Canterbury - City Campus Southland

Aspire 2 International - Auckland Campus Auckland

Auckland University of Technology - City Campus Auckland

Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay

Manukau Institute of Technology -Manukau Campus Auckland

Massey University - Auckland Campus Auckland

Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland

New Zealand Institute of Business & Technology (NZIBT) Auckland

The University of Waikato - Hamilton Campus Hamilton

University of Warwick England

De Montfort University England

University of West London England

University of Strathclyde Scotland

Aston University England

University of Bath England

University of Liverpool England

Durham University England

Newcastle University England

Kent state university Ohio

San Jose State University California

Wright State University Ohio

Clark University Massachusetts

Rowan University New Jersey

Arkansas State University Arkansas

University of Wisconsin Milwaukee Wisconsin

Southern Illinois University Edwardsville Illinois

University of Findlay Ohio

Popular English Language Proficiency Exams