Planning to take a loan abroad for your child’s education? Pay special attention to these things and the loan process will be easier

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Studying abroad is now easier than ever for Indian students. But the price has become higher than before. Due to increasing academic competition among students, getting education loans is also becoming difficult. However, NBFCs accept 84.8 percent of student loans. In such a situation, there can be many reasons for rejection of education loan. Your academic record is also a factor in the rejection of your child’s loan application. Loan applications will also be rejected if the student has a one-year delay in admission to the register, a semester suspension or multiple internal exams. This is because banks always look at how a student loan can be repaid after completing college. Therefore, a good academic record of a student is a positive aspect of getting an education loan.

These factors help in approving the loan application

Choosing the right college and university

The college you attend has a huge impact on your chances of getting a loan. From the bank’s point of view, a student’s application for admission to Harvard is considered better than an application from a state university. Apart from these major institutions, banks also use university rankings such as the annual QS list. Similarly, STEM courses are generally preferred because of their ability to repay student loans. Most of the banks provide easy loans to students pursuing undergraduate, postgraduate, PhD and certificate courses.

Good credit score

Like any other type of loan or credit application, this loan requires your credit score from the bank or NBFC. A CIBIL score of 600 or less will have a negative impact on your loan application. For International Student Loans you can get another person’s signature to increase the limit. He usually resides in the same country.

Which country do you want to study in?

Which country you plan to study in also makes a difference in terms of your loan application. If you want to borrow money to study in countries with higher education such as USA, UK, Australia, you can get loans more easily than countries like Mexico, Japan or China. Because stable and well-developed Western countries are considered to offer better employment and growth opportunities.

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Manage your documents properly

For student loan, all kinds of documents need to be arranged from students, parents, schools, colleges and other institutions. Keeping everything right from ID to credit history can be difficult at times. Due to this many times documents get lost. That is why all the documents should be kept safely in one place so that the loan application process can be done easily.

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