Documents you need to apply for student loans to study abroad
Even as the world battled Covid-19, according to a 2020 report, around 91% of Indian students who had planned to study abroad still wanted to continue due to the security measures in place. In fact, in 2021, another study found that 94% of Indian students are more eager to study abroad this year than last year!
This is mainly due to international universities are stepping up their security measures in light of the pandemic and offer various types of support systems to help Indian students apply, relocate and protect themselves from Covid-19.
Studying abroad can be expensive for many and with over 3 lakh of Indian students going abroad each year to study, not everyone can get a scholarship. So, they are doing the next best thing to apply for student loans.
Many digital platforms have sprung up that help students with study loans to study abroad.
“Once you have completed your college application process and have the letter of offer in hand, make sure you have the documents with you to apply for the loan immediately. You no longer have to worry about the eligibility criteria set by the banks because digital lenders offer loans to everyone, ”explains Arnav Kumar, co-founder, Leap.
Digital lenders offer an unsecured loan, and you won’t need to explain the gap years either.
Before you apply for your student loans, make sure that all of your documents listed below are on hand. Also, since this is an unsecured loan, a student will need a co-signer; therefore, their documents must also be prepared.
List of documents required for student loans
Here are the documents you need to get a student loan to study abroad, listed by Arnav Kumar:
- KYC: PAN, Aadhaar and Passport card
- Academics: Grade 10 and 12 grade sheets, university degree in case of post-graduation, GRE / TOEFL score, IELTS
- Financial: Pay slips for three months, bank statement for six months, Form 16 if the candidate is a working professional
- KYC: PAN, Aadhaar
- Employee: Three-month pay slips, bank statement, tax return slip or Form 16
- Self employed: Business proof, bank statement and full ITR for two years
What are the advantages of using a digital lender to have your student loan go abroad?
Thanks to digital lenders, the process of obtaining a student loan becomes much simpler and there is an added benefit of having almost no paperwork to complete.
“Among the many benefits of digital lenders, one is that they go beyond traditional valuation metrics while lending. Plus, online loans also save you money, ”says Kumar.
“Fintech platforms offering loans also allow you to open a bank account in the country of study while sitting in India. This gives you benefits such as authorizing transactions right after you arrive in the country, ”he says.
“You don’t have to worry about carrying cash or a forex card. They will help you save money by also offering the best exchange rates, ”adds Kumar.
So, with the approved student loan application in hand, get ready to study abroad!