Studying abroad is considered as a prestigious thing and most middle class families have the dream to send their kids abroad and study their favorite course with good quality. But the factor which does not allow them to study in their favorite country is the economy. The only option for many Indian families to send their Kids to study abroad is by getting a loan.In this blog, we will discuss the steps and conditions along with the process involved in applying for a student education loan to study abroad.


Now, let us see what are all the eligibility criteria a student must have achieved in order to apply for a student loan in a bank. The candidates who meet the below criteria with excellence will have an upper hand in applying for a loan.

First of all, there must be very less gap  between your last academic qualification or Degree and the degree you are currently applying for. If there is a huge gap, the bank executive will demand an explanation letter. This explanation letter must contain the reasons for the gap between your academics.


The bank expects the students to have a certain minimum percentage of marks to be scored in order to apply for an education loan to study abroad. If the student has scored above 60% of marks in their academics then, it will be very easy for the bank to provide  the loan. Most of the government banks will ask for a minimum of 60% of marks. Very few private banks could sanction a loan without having a minimum percentage of marks.


There are two different types of loans provided by the banks in terms of student loan they are

  • Secure Loan
  • Unsecured Loan

Secure Loan: Secured loan is what a bank sanctions to its customers if they are ready to provide a collateral for the applied loan. The bank will hold on to the deed until the borrowed amount is paid by the customer.

Unsecured Loan: Unsecured loan is provided by the bank without any collateral as a security. But the repayment time and the interests will be higher than average. The odds of getting an unsecured loan is very low.


The documents needed to be provided may vary according to the bank you are trying to get a loan from. The documents mostly include: 

  • Address proof
  • Photo Id
  • Academic Documents
  • Admission Proof
  • Income Proof
  • Collateral Documents

If the student decides to study abroad via an education consultancy, they will provide all the assistance in getting an educational loan to study abroad. 


It may be any loan you are applying for but the important factor you must consider is that you must put some time in reading all the terms and conditions. Knowledge about the interest rates must be gained before committing to get the loan. Loan must be the final option and a proper plan must be laid on how to repay the loan you are trying to get. If you are seeking help from Indian Government regarding educational loans, check out this link

I hope this blog has provided you with a basic knowledge on the loan process and the eligibility to apply for a loan to study abroad. Please share your views and your valuable comments in the comments section below.