Sunday, 15 February 2015

Study Abroad Education Loan

Education loan availability has increased the numbers of students going abroad for studies.  Aliff Overseas offers complete guidance of education loan. We have official tie ups with the Nationalized (Public), Private, & Cooperative banks to assist you in bank references, documentation and disbursement of loan amount to the respective college account.  Some of the most important documents required.

·         Academic Documents
·         Admission Letter issued by foreign College /University.
·         Break up of total course fee and other expenses.
·         Passport-size photographs.
·         Bank Statement of the Sponsor/ Guarantor bank account for the past six months.
·         Income-tax Papers / Form 16 of last three years.
·         CA Report of the Sponsor OR details of liability & investments.
·         Sponsor proof of identity and residence etc.

Common Banking Terms

Loan Amount
Student is eligible to avail loan of maximum Rs. 15 to Rs. 20 lakhs for overseas education. Up to Rs. 4 or even Rs. 7.5 lakhs may not …….. require any collateral security.

Collateral Security
Bank may ask for collateral security against the loan amount. Collateral security means retaining the original documents as a security in the form of property or shop documents, Fixed or Term deposit receipts, Jewellery, Insurance policy etc.

Interest Rate
It keeps on fluctuating depending upon the market lending rates. On an average it may varies between 9.5% & 13.5% p.a.

Repayment Tenure
Repayment usually commences 06 or 12 month after completion of course or 6 months after securing a job, whichever is earlier. Students can repay the loan in equal monthly Installments for a maximum period of 5 to 7 years excluding holiday period.