Higher education is a road to overall success and fundamental to the personal, professional, and social development of every individual. However, we cannot deny that higher studies abroad can be an expensive affair. Therefore, students choose education loans to bridge that gap between them and their academic aspirations. Let’s understand education loans and the requisite documents in detail.
Key highlights:
- About education loans
- Some benefits of student loans you must know
- Documents required for education loan
- Application process for an education loan at Avanse Global Finance
About education loans
A student loan is an amount borrowed by a student to pursue higher studies. You can later repay the student loan in easy EMIs. Student loans will come with a moratorium period, during which you are exempt from making the payment for a certain period of time.
However, it is advised to pay in the form of simple interest (SI) or partial interest (PI) even during the holiday period, as it is not an interest-free period, and the interest begins to accrue from day one. Also, paying SI/PI will develop financially prudent habits. Please remember the amount of an education loan will depend on several factors, such as the costs involved.
Some benefits of student loans you must know
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With an education loan, you can finance your higher education independently. You do not have to depend on your parents to fund your studies. Once you repay the education loan, you can take pride in your self-made badge. Today’s generation values self-independence, and an education loan will give you that perfect opportunity to achieve it.
Quality education
Overseas education will develop your global outlook, expand your academic horizons and give you the opportunity to learn new languages and cultures. However, pursuing education abroad involves various expenses, such as tuition, living expenses, travelling expenses, and other education-related expenses. Since an education loan covers the holistic cost of education, you don’t have to compromise on your academic plans.
No need to liquidate the assets or use family savings
Family savings can come in handy during emergencies. With an education loan, you will not disrupt your family’s financial stability or sacrifice assets built over the years. This will enable you to pursue your dream of studying abroad while still preserving your family’s wealth and security.
Credit score
By repaying your education loan responsibly, you will build a healthy credit score. This will enhance your creditworthiness, which can help you unlock multiple benefits when you opt for other financial products such as a home loan, car loan or credit card.
Documents required for education loan
Before applying for an education loan, ensure you have all your documents in place. Let’s understand the documents needed for an education loan.
- Some education loan documents - For students
- 2 Colour Passport-sized photos
- Photo ID
- Residence proof
- Date of birth proof
- Signature verification
- Academic documents
- Proof of admission
- Document detailing fee structure
- Some documents required for student loan - For co-applicant
- 2 Colour Passport-sized photos
- Photo ID
- Residence proof
- Date of birth proof
- Signature verification
- Income proof
- Collateral documents
- 8-month bank statement
- Relationship proof
Application process for an education loan at Avanse Global Finance
Applying for a student loan is super easy. You can visit our website and complete the online application form. You will also have to share the documents with our education loan consultant. Later, your student profile will be thoroughly analysed based on parameters such as the academic scores & entrance exam scores, the pedigree of your university, and the continuity of your education, to name a few. If you tick all the boxes, your student loan will be approved.
So, this is all you need to know about the education loan documents list and other essential elements of the student loan. At Avanse Global Finance, we offer student loans in USD, offering you the convenience of repaying your education loan in the same currency in which it was borrowed. So, you don’t have to worry about the currency conversion fees, giving you the peace of mind to focus on your higher studies.
You will be amazed to know that we provide 100% financing for your education, covering all major costs, including tuition, travel, accommodation, study materials, and other related expenses. If you have any queries, please connect with us. We will be glad to assist you.
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