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Education loan eligibility is something very important to check before you proceed in the abroad education loan process. But, before getting into the details, as you should know, an abroad education loan is simply a loan student takes to fund their education abroad in foreign universities. This education loan covers every expense from the student's tuition fees, living expenses to his travel, books, health insurance expenses etc.
There are many banks that offer education loan for abroad studies. But understanding the education loan eligibility plays a crucial role in getting the best offer in the market. You can check your education loan eligibility here.
There are 2 kinds of abroad education loans. The first one is collateral education loan and the second type is called non collateral education loan. As the word clearly implies, the one with collateral/ secured loan is wherein you have to pledge/ mortgage some collateral to the bank for securing a loan against it. While the non collateral education loans do not require you to have collateral, hence its called as unsecured education loans. The latter type is risky to the lender and hence many factors are taken into account before sanctioning the education loan. The most important ones are the student's academic profile, scores in tests like GRE/ IELTS/ TOEFL/ PTE/ GMAT, the co-applicant's salary and Income Tax Returns (ITR) details.
As you might know, WeMakeScholars is an organisation supported by the IT Ministry, Govt of India. WeMakeScholars helps you to check your Education loan eligibility. With over 10 banks and NBFCs its the largest market place for study abroad eucation loans. You can discover the best lenders matching your profile and the required terms. Beyond checking the Education loan eligibility, WeMakeScholars' financial officer will assist you in securing the best education loan in the shortest possible time. All the documents required while applying for an education loan will be informed well inadvance. As this initiative is under the digital India campaign, it's at free of cost. If you are curious to know the benefits of applying for your abroad education loan via WeMakeScholars, please check it here.