Education Loan for Abroad Studies

What is an education loan EMI Calculator? Do we have to buy it? No, don’t worry, it is not a physical item. You don’t have to purchase it. These are digital instruments that are available online. You might know what EMI is. It is a bane for us humans that lets us pay a huge amount of money in installments. And you will find that Finnable’s Education Loan EMI calculator is the best friend of people who is applying for a loan for foreign studies. 

How does our Education Loan EMI calculator work

First, you put the loan amount in the calculator, then choose the rate of interest accordingly. And lastly, you select the desired tenure period, by increasing or decreasing the number of months. After adding all the information, the calculator will show you the amount of loan EMI that needs to be paid per month.  It will also give you a schedule that shows the break up of the EMI, informing you about the amount of interest you have paid each month as well as the principal amount that is remaining to be paid. 

Why should you use it?

Besides its ease of use, one of the important reasons for anyone to use Finnable’s EMI calculator is that it gives the precise amount of EMI that needs to be paid. It makes our tasks easier. And its instant availability makes our planning more feasible as well. The student and their family can plan their finances accordingly.

Overseas Education Loan Interest Rate

The average interest rate for education loans differ. They range from 16% to 28%. And the education loan criteria for abroad studies depend on your income, how much you can afford to invest or are ready to invest, and your occupation. 

When the person qualifies for all the eligibility criteria for studying in their desired universities, Finnable can help get education loans for people planning to do an undergraduate course. As well as those who want to pursue their undergraduate subjects further into postgraduate studies. 

And you have our trustworthy EMI calculator that you can use by adding the interest rate there.

How to Apply for Education Loan For Foreign Studies

The education loan process for abroad studies sounds heavy and hard, but if you follow the steps properly, you will have no trouble getting your loan with us.

• Step 1: Register yourself on Finnable’s website or app

You need to register and create an account by entering your basic information on our website or our personal loan app to get started.

• Step 2: Selecting the type and amount of loan

You select the type of loan you want and then enter the amount of loan that you require.

• Step 3: Filling the application

You have to fill in the application with the correct documents. You will then see the eligibility criteria and the duration of the loan based on the information you enter in.

• Step 4: Uploading the documents

Lastly, you just have to upload the necessary documents and after the verification process is done, you will receive the amount promptly in your account.

Eligibility Criteria for Abroad Education Loan 

Understanding the eligibility guidelines is important because you have to qualify for it in order for you to begin the journey towards an abroad education. These are the eligibility criteria of Finnable. 

If you are a salaried borrower then you have to keep in mind these basic criteria –

• Your age has to be between 23 and 60 years.
• Your employment should be at either a multinational private or a public organization.
• You should, of course, be a citizen of India.
• Your Cibil score needs to be at least 700 and you also need to ensure that you have a healthy credit profile.
• Only Indian nationals can only apply for this loan.
• To get the loan, you should have secured admission or an invitation from the university in an approved University or College in degree or any other diploma course that you applied for.
• For the undergraduate course, you should have completed 10+2, and for the postgraduate course, you need to have an undergraduate degree.

Documents Required to Apply Loan for Abroad Studies 

When applying for an education loan, certain documents are required from both the applicant and the co-applicant(if applicable). Here is the list of some general documents that are needed when you apply at Finnable. 

• You are required to submit the educational loans certificates and immersion documents, they are important.
• The educational certificates include mark sheets or the passing certificates of your HSC or SSC or even of the degree courses.
• A copy of the admission letter to the institute is required.
• Fees schedule of the institute s also needed.
• KYC documents are required as well.
• Address proof including voter ID, aadhar card, liquid petroleum gas, or electricity bill is needed.
• Identity proof like a permanent account number card, aadhaar card, or a driving licence is required.
• Signature proof including permanent account number and passport is also needed.
• Age proof including birth certificates, aadhar card, pan card, or voter ID card is required.
• Income-proof documents are essential.
• Bank statement for the past 2 months if salary account will be needed. The last 1 month salary slip that carries the date of joining turnover proof is also needed.

After loan sanctioning, these are the documents that are needed:

After the loan gets sanctioned, you need to submit the loan agreement which is signed by the applicant and the co-applicant. Security PDC should be submitted in case of payment is SI and ACH.