Educational Loan Assistance

1. Loan Requirement Assessment

• Understand the student’s financial needs:
  • Tuition fees
  • Living expenses
  • Travel, insurance, visa, laptop, etc.
• Estimate the total loan amount needed

2. Explain Loan Types

Help the student choose between:

• Secured Loans (With Collateral)
  • Offered by public banks like SBI, Canara Bank
  • Lower interest rates (~9–10%)
  • Longer processing time
• Unsecured Loans (Without Collateral)
  • Offered by private banks (Axis, ICICI) or NBFCs (HDFC Credila, Avanse)
  • Higher interest rates (~11–13%)
  • Faster approval, fewer documents

3. Suggest Reliable Lenders

Provide a list of trusted options:

• Public banks: SBI, Bank of Baroda (Global Ed Program)
• Private banks: Axis Bank, ICICI, IDFC First
• NBFCs: HDFC Credila, Avanse, InCred, Auxilo
• Fintech platforms: Leap Finance, Prodigy Finance (for top-ranked global unis)

4. Loan Eligibility Criteria

Explain basic requirements:

• Co-applicant with stable income (parent/guardian)
• Admission letter from recognized foreign university
• Acceptable academic record
• Property/asset documents (if applying for secured loan)

5. Document Checklist

Help students and parents collect:

• Admission/offer letter
• Passport and ID proof
• Academic transcripts
• Loan application form
• Co-applicant’s income proof (ITR/salary slips)
• Property documents (if required)
• Fee structure and bank account details

6. Application Process Support

• Assist in:
  • Filling application forms (online or physical)
  • Booking appointments with banks
  • Coordinating with loan officers
• Explain timelines and approval process

7. Loan Sanction & Disbursement

• Ensure students understand:
  • Sanction letter terms (interest rate, moratorium, tenure)
  • When and how funds are released (to student or university)

8. Repayment Guidance

• Break down the moratorium period (usually course duration + 6–12 months)
• Explain repayment plans: EMI start, interest servicing, prepayment options