Student Loan Application Process

Student loan application is an essential process while applying for study abroad at an
international institution, while some students may already have the ability to fund their
tuition fees, most students, as well as their parents, would prefer to have financial
assistance that would both help students live independently and reduce the burden on
their parents. The financial aspect of studying abroad is an inevitable issue that all
international students must tackle in the application process early on. Almost 50% of
applications get rejected because of insufficient proof of funds or incomplete
do
cu
m
en
tat
ion
.

The key to getting over all the sufferings of VISA rejection is to do the procedure right
from the very beginning so that the student would get the VISA without any hassle.
Student loans can be given by a bank, financial institution or by the government. The
main requirements by the banks are that the loan applicant must apply for the loan
from their own country. Numerous banks have a system of branches globally nowadays,
this doesn't imply that you can apply for a loan at any branch; this must be done in your
own nation of origin.

There are additionally local loan suppliers accessible in certain nations. One such is
Credila, an education loan advance supplier in India. Credila requires students applying
for a loan to have a cosigner or co-applicant, someone who accepts the joint
responsibility of the loan. The job of the co-applicant is very significant. This individual
signs on to deal with the student on reimbursements together. In light of that, the
cosigner needs to show that they have a sufficient amount to pay the meets to the
bank's prerequisites. This gives the bank greater security when they give a loan to the
student. A co-applicant is normally a parent or more distant family member. The
Government commonly gives flexible installments and lower interest rates. Moreover,
the documentation process is kept quick and minimal so that the student will get the
loan without any complexities.

Eligibility criteria
Loans are offered to the excellent students only who are unable to meet their expenses
of higher education; the basic education loan eligibility is the academic excellence and
achievements of the students. In other words, the eligibility of the applicants is assessed
on the basis of their academic performance as cited in the mark sheets of previous
exams.

The basic criteria that the candidates have to fulfill to get approval for the loan are listed
out here:

 The applicant must be the inhabitant of India.

 The applicant must have confirmed admission in a recognized university in India
or abroad.
 The age limit of the applicant must fall within the parameter of 18 to 35 years
during loan application.
 The applicant must be undergoing a graduate/postgraduate degree or a PG
diploma.
 The applicant should have obtained admission to a college or university-affiliated
by UGC/AICTE/Govt. etc.

The application process may differ from bank to bank and from country to country. The
applicant has to fill in an application form and the requirements are listed below:

 Two identification size photos

  Graduation, optional school endorsement or High school declaration or imprint
sheets
 KYC reports (Voter ID, and PAN card) that incorporate ID, address, and age
verification
 Signature confirmation
 Parents or cosigners pay verification
 For insurance - Documentation for Immovable property, FDs.

When the candidate is finished with the application structure, there is a series of
individual conversations with the bank worker wherein he/she might be posed different
inquiry identifying with the academic performance, about the course/subject one has
chosen, likely the foundation and so forth.

Candidate need to give supporting Documents

Before the bank thinks about the advance application, the candidate needs to store the
obligatory reports identified with confirmations. The bank needs the records to confirm
the documents of the student of the concerned university. On the off chance that your
advance sum is above Rs.4lac then the candidate may likewise require insurance security,
for example, papers identifying with the property to be sold.

Approval or Denial of Loan

The bank before authorizing the loan will run an intensive check of the co-applicant and
his/her credit record. After completion of the process, the bank can approve or deny the
applicant's loan. Once the formalities are completed by the applicant, and the loan is
being approved by the bank. The bank pays out the fee directly to the concerned
institution.

If you need more help on this better visit www.admissify.com or call 011-49230000 /
09999-127085.