Student Loan For Abroad: Important Tasks To Do Before You Fly

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student loan for abroadBorrowing a student loan for abroad is one of the most crucial phases of the higher education process. Getting accepted into a university of your choice and getting to travel abroad are some of the early steps in the journey of realising your dreams. Most students who plan on travelling abroad for their higher education are under the impression that an education loan sanction is one of the last phases of the process of obtaining an abroad education loan. However, this is not true. 

The borrower’s presence is required for a number of other formalities while availing a student loan for abroad, even after they have travelled abroad. So what are some of the tasks which all candidates need to complete in order to ensure a continuous flow of their student loan for abroad studies? This article aims to list three crucial events which all the applicants of a student loan for abroad studies must undertake before they proceed to their place of studies.

Student Loan For Abroad: Power of Attorney

Handing over the power of attorney to your co-applicant or the nearest family member is one of the most important steps which ensures that your process of getting a student loan for abroad studies goes smoothly even after you have left the country for your course.

By assigning someone to be a power of attorney, you are handing over the authority to undertake any pending task in the student loan for abroad studies process, over to the nearest family member. 

There have been several instances when students who had applied for a higher education loan faced problems had already proceeded abroad for their course and their parents were not allowed by the respective lending bank’s authorities to sign the education loan agreement. If the abroad education loan agreement is not signed by students, there could be a lot of hassles in getting a disbursement of your higher studies education loan, thus causing a lot of troubles along the way.

So, handing over the power of attorney to one of your parents or close family members is very crucial, especially if you are flying abroad before the loan agreement is signed. Students who had applied for an education loan for higher studies abroad through WeMakeScholars did not have to face such issues as they had already been advised by our expert financial team. Request a callback today to know the entire checklist of tasks which have to be necessarily completed in order to ensure an uninterrupted supply of your education loan for abroad before moving on to your country of higher studies.

Student Loan For Abroad: Opening A Bank Account

It is important to open a bank account with your lending bank for the purpose of transferring your student loan for abroad studies if your course commences before the higher studies education loan is sanctioned. Candidates are required to inform their lending banks regarding their early travel plans and open a joint account with their co-applicant (in this case, parents) in order to have an easy sanction process of their student loan for abroad.

If you are facing any trouble in getting your lending bank to open the respective bank account, get in touch with WeMakeScholars. Our financial team can fastrack the entire process by coordinating with the lending bank.

abroad education loan

Higher Education Loan: Mortgage Creation

Mortgage creation is an essential part of any higher studies education loan process that involves collateral security. The agreement for a student loan for abroad studies cannot be made unless and until the mortgage creation phase is not completed. If you have borrowed a government bank education loan to fund your higher education abroad, it is extremely crucial to ensure that the mortgage creation phase of your student loan for abroad is completed successfully. This is particularly applicable to students who are availing a collateral education loan for higher studies abroad.

Read about Education loan during COVID-19: Should You Avail Moratorium Extension?

Why Apply Through WeMakeScholars?

The points mentioned above are some of the most crucial steps involved in the process of acquiring a student loan for abroad studies.

When students who are unaware of the entire process approach lenders individually, it is highly likely that their assigned loan officer may fail to inform applicants about the importance of the above-mentioned steps in the student loan for abroad studies process. When students come to WeMakeScholars with their concerns, our financial team tries to understand their plight and consults with the lending banks to relieve students from their condition. Students who have already travelled to their destination without fulfilling these requirements can also approach our team for help.

Keep reading this space for further updates regarding the latest practices and updates with respect to the education loan for abroad studies process.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others

 

 

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Bibliophile, wanderer, major foodie. I write too :)

 

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