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Education Loan to Study Abroad – Eligibility and Documents Needed

· education loan,Personal Loan

Studying abroad can be expensive as students have to manage their living expenses in addition to the university fee and cost of study material and related expenses. While savings can be used for educational costs, it isn’t recommended as it hampers the financial standing of a family. Consequently, customers prefer to apply for an education loan to study abroad to accumulate much-needed funds to finance educational cost.

Further, customers can avail a personal loan to fund their child’s education as well as accommodation expenses. Customers need to qualify below-mentioned eligibility conditions to get approval of their personal loan application and will need to provide the following documents for processing.

Eligibility criteria

  • A personal loan applicant must be an Indian citizen with age between 23 years and 55 years.

  • They must be a salaried individual employed with a multinational company or private/public firm.

  • Customers should qualify the minimum salary requirement depending upon the city they are residing in.

  • Financial companies also look for a healthy CIBIL score of 750 or above before offering an education loan.

Documents required

  • Individuals will have to provide KYC documents such as Aadhaar card, Voter ID card, PAN card, Driving License, etc.

  • Individuals need to produce their employee ID card.

  • Since the monthly income of a customer is an important factor for eligibility, customers need to provide proof of income. They have to provide their last 2 months’ salary slip.

  • Customers also need to provide their bank account statement for the previous 3 months.

Availing such unsecured forms of credit is easier if the customer’s education loan application qualifies the personal loan eligibility criteria mentioned above. Students can utilise the funds so availed to meet various educational and living costs accompanying studies abroad.

Get answers to your queries instantly related to personal loan, anytime and anywhere Contact Bajaj Finserv Customer Care Number.

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