Documents Required to Study Bachelor Degree in Abroad

Here are the documents required for education loan to study abroad which students should consider before applying:

For an education loan, general financial documentation is needed. Here are the documents required for education loan for abroad studies.

• Copy of a bank statement or passbook (from the previous six months or more)

• Demand letter for academic fees (from the academic institution)

Financial records are needed for school loans (for self-employed, businesses, and retirees).

• Income tax returns that have been certified and authorized by a chartered accountant (CA): at least 24 months

• Proof of turnover in the form of the most recent business GST, sales tax, and services tax returns

• Business's audited profit and loss account for the most recent and preceding fiscal year

• Proof of retirement and a pension certificate are required for pensioners (from the relevant authority)

• Proof of qualification for independent contractors (not required by all banks)

Financial documentation (employment, government-non-government service, or salaried) is needed for school loans.

• The employer's salary computation statement for the current and prior year

• Form 16 and ITR returns for at least 2 years

• Salary slips issued by employer (at least recent 2 months)

The payback period for education loans taken out for study abroad is extended to 12–15 years. These loans can be used to pay for travel, lodging, tuition, and other associated costs. Student loans intended for study abroad typically have interest rates lower than those of personal loans, making them a more cost-effective choice. Lowest interest rates are available, at 8.64%. You may study abroad at any of the best colleges by using an education loan. It is important to know the documents required for education loan approval to ensure a smooth application process. Several well-liked study abroad education loans for bachelor's include the following:

• HDFC Bank study loan abroad

• Education loan from ICICI Bank

• State Bank of India abroad education loan

• Bank of Baroda overseas education loan

• Indian Overseas Bank education loan

• Canara Bank student loan abroad

Question1. What documents are required for student loan to study abroad?

Answer: For a student loan to study abroad, you'll typically need proof of admission to a foreign institution, academic transcripts, a detailed study plan or statement of purpose, financial documents showing ability to repay, and identification documents such as a passport. Some loans may also require a co-signer or guarantor.

Question2. Can I get 20 lakhs education loan without collateral to study abroad?

Answer: It is challenging to secure a 20 lakh education loan without collateral for studying abroad, as most lenders require collateral for high loan amounts. However, some banks and financial institutions offer unsecured loans with a strong credit history or a co-signer. It's best to check with specific lenders for their terms and conditions.

Question3. How to get education loan for abroad studies without collateral?

Answer: It is challenging to secure a 20 lakh education loan without collateral for studying abroad, as most lenders require collateral for high loan amounts. However, some banks and financial institutions offer unsecured loans with a strong credit history or a co-signer. It's best to check with specific lenders for their terms and conditions.