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Millions of Indian students head to foreign universities to study every year. There is so much confusion when a student starts to apply for admission that it’s essential to be mindful while planning your higher education abroad. There was a considerable surge of 35% more students in 2023 for students going abroad than in 2022. The countries chosen by students for study abroad were mainly the United States, Canada, and the United Kingdom.

With higher rates of going abroad, tuition fees are also a reason for concern. Because of the high tuition fees and costly living expenses, students choose to finance their aspirations of pursuing higher education, and many students decide to take out student loans. However, getting approved for a student loan is not as simple as it appears due to the numerous aspects that are assessed before issuing loans. Before we go into the elements of obtaining an education loan, let’s look at the perks that come from doing so. 

Advantages of taking the Education Loan to study abroad

Education loans come with several advantages, and they can be a relief when planning your education abroad. Some of the quick points of advantages can be:

  1. They reduce the financial burden, and your tuition fees are quickly paid with the education loan
  2. Education loans also cover everything that you can’t even think about, like the study material, House/Stay expenses, and every/any other collateral fees charged by the university
  3. Tax relief is another considerable point while making the repayments of education loan
  4. There are fewer financial worries with education loans compared to completing your studies.
  5. Help you get to your dream college without giving up

So now that you understand the advantages of taking a student loan and the top  ways in which you can make your study abroad journey easier,

Approaches to simplify the application process for student loans for study abroad

The confusion of whether to study abroad or not?
Travelling across the seas, meeting new people and settling to a new place can be daunting, and the feeling of being homesick is natural too. While these all haunt you, we want you to stay optimistic about going abroad and have practical planning for your study abroad journey. you should look in for:
– the expenses you’d have to cover
– fulfilment of a loan or scholarship for your expenses within the amount
– if attending a top Indian university can fulfil the requirements for the chosen course, or if it can only be completed by studying abroad

Learn about the education loan process.

So before you apply for the loan, it’s necessary to understand and review the loan prequalification and preapproval procedures before submitting an application.
–  Coordinate: The student, the financier, and the college to which the student aspires to be admitted must coordinate throughout the loan procedure.
– Collect: It is essential to get the KYC documents, parents’ prior year income tax returns, prior loan servicing documentation and information, current credit scores, the student’s academic records, exam results, and additional documentation such as a visa application and collateral proofs are all required to be submitted as part of the loan prequalification process.

– Beginning the process: The loan application process should begin as soon as the student receives their conditional permission to study abroad or their admission letter. Documents pertaining to real estate and liquid assets are also necessary, if applicable. The loan application process is much simplified if the required paperwork is in order. Consequently, one receives a loan letter with conditional approval, which can be shown to international immigration offices as evidence of finances while requesting a visa.


Our education loan expert suggests that it is always best to start preparing and applying for visa as soon as you plan, don’t wait for the pre-approval to get your study abroad journey delayed.
Still confused? Get a call from our student expert today for clarification and guidance Today!

Research about the Universities 

The rank of the university is one of the most crucial factors in the loan application process. The loan application process and preapproval get easier if the institution has a good reputation even a few of these institutions and lenders not just banks, have partnerships with one another. As a result, it becomes relatively easy to acquire a loan approved for studying abroad.

It is also better to look at financial choices. Prospective students should investigate the institutions’ employment prospects, internship opportunities, campus recruitment programs, and appropriate learning environments. You should explore the university not only on the basis of your allocated funds and credit score but also on the whole worth of a degree. Students frequently choose a university with a poor reputation that matches their budget. As a result, lenders are hesitant to approve loans. Low-value collateral may be approved for loans by lenders if the institution has a positive reputation.

Know about the scholarships

Well-known colleges are known for providing scholarship opportunities to help students financially. So, before or during the loan application process, one can look out for these options if a portion of the loan can be financed through grants and scholarships. Additionally, a number of institutes offer zero-per cent financing options that can help you fulfill your dream of studying abroad.


It is important to start collecting documents as soon as you start your plan to study abroad. This will definitely make the education loan process a smooth ride. To get preapproval, one’s documents must be in order. There are different documentation of parent and student-related, are needed to guarantee the bank that the loan that will be repaid on schedule and without any problems. These documents can be  Identity cards,address verifications, past income tax returns, documentation pertaining to loans, information about both moveable and immovable properties, information about properties that have already been pledged against loans, and credit reports are among the required documents. Test results, information on admission from the foreign university, and facts about the visa application are among the student details needed. This is not a complete list, and the lender may require more documentation. 

Quick tips for a smooth process,

  1. Verify whether the bank has a solid reputation based on previous transactions.
  2.  Research the lender’s or bank’s previous
  3.  Look out for the terms and conditions thoroughly
  4. Choose the best bank according to their terms and conditions
  5. .Never be afraid to ask questions. Once you have received satisfactory answers to all of your inquiries, you should proceed with the next step of the procedure.

Many students apply for education loans to study abroad as it enables them to complete their education without any hassle. Jamboree also helps you in providing tax relief on repayment of education loans is encouraging a rise in applications and playing a huge role in driving the economy forward.

And to make this education loan process smooth like butter, don’t be afraid to contact Jamboree Education. You can have end-to-end support to make your education loan journey more accessible with less collateral, a hassle-free online process, even we will help you even if you don’t have your co-applicant, Jamboree’s VAS team will be there to study abroad! Call us now!

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