How to Get Student Loan for Studying Abroad

Visa Valley offering bank loan assistance, all through the way, from loan application to documentation to liaison with private and national banks to ensure you have a hassle-free education loan to meet tuition and living expenses overseas.

Research and Choose a Loan:

• Compare different lenders and their terms, including interest rates, repayment options, and eligibility requirements.
• Look into government-backed loans, private loans, and scholarships.
• Scholarships and Grants: While not loans, scholarships and grants are worth mentioning as they do not need to be repaid and can significantly reduce the need for loans.

Check Eligibility:

• must have an admission offer from a recognized university or institution abroad. A strong academic background increases your chances of loan approval. The course should be job-oriented and eligible for a loan as per the bank's policy. Loans above a certain amount may require collateral, such as property or fixed deposits. A co-borrower, usually a parent or guardian, with a stable income is often required. Banks have a cap on the maximum amount that can be borrowed, which varies depending on the bank and the course. The repayment capacity of the student and the co-borrower is a key factor.

Prepare Documentation:

• Gather necessary documents such as proof of admission, proof of identity, academic records, financial statements, and co-signer details (if required).

Apply for the Loan:

• Fill out the loan application form with accurate information and submit the required documents.
• Some lenders allow online applications, while others may require a visit to their office.

Await Approval:

• The lender will review your application and may request additional information.
• Approval times can vary, so apply well in advance of your study start date.

Disbursement of Funds:

• Upon approval, the funds may be disbursed directly to your educational institution or to your account, depending on the lender’s policy.

Repayment:

• Understand the repayment terms, including the grace period, interest rates, and repayment schedule.
• Make timely payments to avoid penalties and build a good credit history.

Additional Tips:

•  Budget Wisely: Plan your finances to cover all costs without over-borrowing.
•   Stay Informed: Keep track of interest rates and repayment terms.
• Look for Scholarships and Grants: Explore scholarships and grants which do not require repayment.
• Contact Educational Institutions: Some universities have tie-ups with financial institutions and can guide you in obtaining loans.
• Seek Professional Advice: Consulting with an education consultancy firm, like Visa Valley, can provide tailored guidance and support in securing a student loan.
• Plan for Currency Fluctuations: If you're an international student, consider the impact of currency exchange rates on your loan repayments and plan accordingly. 
• Counseling Services:

Financial counseling to help students and their families understand the implications of taking a loan and how to manage finances effectively during the study period.