How to Check Education Loan Eligibility for Studies Abroad?

Finance Feb 6, 2025 36 Add to Reading List

Pursuing education abroad can be a life-changing experience, but it often comes with significant financial challenges. Taking an Education Loan from a bank can be a smart way to fund your education costs. The first step to realising your aspirations is knowing your eligibility for an Education Loan. To know more about the eligibility, read this blog where we will guide you with all the major conditions and documents needed to apply for the loan in India.

Importance of Taking an Education Loan For Abroad Studies

Here's why taking an Education Loan for studying abroad can be an important step towards achieving your goals:

1. Digital and Fast Application Process

It's easy and user-friendly to apply for an Education Loan for students. With little paperwork required, you can submit the application online in the comfort of your home or anywhere, which makes the process quick and easy.

2. Quick Approval and Disbursal

Be prepared for prompt decisions on your loan application, often in a few hours. Subject to lender verification, you can get the authorised funds for your higher studies, so you will always have cash on hand when you need it to pay the fees or cover other costs.

3. Flexible Repayment Tenures

Flexible repayment alternatives are available for Education Loans. It is easy to manage your expenses while concentrating on your education when you select EMIs that fit within your budget.

4. Meeting A Variety of Needs

These flexible loans can be used to bridge financial gaps and manage educational expenditures not covered by scholarships, and pay for unforeseen expenses. They offer financial assistance for a range of educational requirements, so you can concentrate on your studies without worrying about money.

Eligibility for Education Loan

Here are the major Education Loan eligibility conditions:

Particulars	Eligibility
Nationality	Indian
Age	Minimum: 16 years and Maximum: 35 years
Academic Record	Proven - good
Qualification	Completed 10+2 (12th Standard)/Diploma
For Pursuing	Graduation/Postgraduate Degree or a PG diploma in professional education
University Applied To	Listed, Recognised, and Accredited Institutes in India and Overseas
Loan Can Be Sanctioned On	- Pre-admission sanction - Entrance exam score like GRE, GMAT, etc.- 12th/HSC Results - Confirmed Admission
Loan Amount	- Domestic: Up to Rs. 1 crore - International: Up to Rs. 3 crore
Co-borrower	Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grandparents, Parents-in-law, Maternal/Paternal Uncle
Security	Property (House or Flat), FD (Fixed Deposit), Existing ICICI Bank Home Loan for cross-collateral

Documents Required for the loan application

Below are the needed paperwork for securing an Education Loan from ICICI Bank:

Document Requirement	Details
Application Form	Duly filled online iLENS application form
Photographs	2 photographs of passport size
Education Certificates	Copy of 12th standard mark sheet or latest education certificate
Admission Letter	Admission letter with cost of education, if available
PAN Card	Pan Card of the student and Parent/Guardian
Residence Proof	Residence proof
Identity Proof	- Passport - Driving License issued by Regional Transport Authority - Voter's Identity Card issued by the Election Commission of India - Job card issued by NREGA signed by State Government Officer- Letter from National Population Register containing details of name and address - Proof of possession of complete AADHAR number/AADHAR Card
Age and Identity Proof	- Aadhaar Card- Voter ID - Passport - Driving Licence
Income Proof	- Most recent salary slips and Form 16 of the parent/guardian/co-borrower - Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer) - Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian

Role of An Education Loan EMI Calculator

Taking out an Education Loan for your higher studies is a smart way to fund your expenses for college. But it is also important to remember that having clarity on your financial obligations is equally essential. This is where the role of an Education Loan EMI calculator begins. The tool helps to determine how much you would have to repay on an Education Loan. You can always use this free application to make financial planning easier for yourself while you're studying and even after you finish the courses. Reputable banks like ICICI Bank have these calculators on their websites.

Using the Education Loan EMI Calculator

An Education Loan EMI calculator is easy to use and aids in better financial planning. Take these steps:

1. The first step is to enter the amount you plan to borrow for your education.

2. The interest rate should be provided. Enter the interest rate that your lender is offering. Your EMI calculation will be directly impacted by this.

3. Indicate how many months or years the repayment tenure will last. Lower EMIs but higher total interest payments are the outcome of longer tenures.

4. Click "Calculate" once the information has been entered. Your projected monthly EMI and the total amount of interest due throughout the term will be shown by the tool instantaneously.

Conclusion

An Education Loan from a reputable bank like ICICI Bank makes it easier to manage college costs. Eligible students can apply for these loans, which include flexible repayment plans, fast approvals, and an easy online application procedure so you can concentrate on your education without worrying about money. You can easily pay for books, tuition, and living expenses on time with quick fund disbursal, little paperwork, and customized eligibility requirements.

Choose a reputable bank and apply for the loan. Make sure you are applying for the loan digitally so that the loan gets approved quickly and you do not need to visit the bank often or wait for months for sanction of the loan. A smart tip is to keep all the documents handy and updated to avoid any surprises later.