Owing to the increasing cost of higher education, students are now looking for various financing options, such as education loans, to finance their higher studies. Simultaneously, to make it easier for students to avail the amount, most financial institutions are offering education loan against property for abroad studies.
With this loan, you can gain access to a substantial amount that will cover your education fees as well as additional cost incurred during the time period. Also, borrowers can benefit from facilities such as flexible repayment period and affordable interest rates.
How do you apply for an education loan against property?
The first step to apply for a loan against property to finance higher education is that you have to find a reputed lender. After that, check for an education loan against property eligibility and submit the necessary documents that will aid in faster approval of your loan amount.
The list of documents to be submitted is as follows –
Mortgaged property documents.
Applicant’s address proof.
Identity proof (driving license, Aadhaar card, Voter ID, etc.).
Recent passport-sized photographs of the loan applicant.
Bank statements of the applicant.
Proof of admission letter in new college or university abroad.
Besides, another criterion such as a credit score of 750 or above is necessary to avail the loan amount. Altogether, when you avail education loan against property for abroad studies, make sure you have prior knowledge of prerequisites. This will not only lead to faster loan approval but also help you plan your finances well while studying abroad.
