USA and Canadian Student Loans The desire to continue studying abroad is often accompanied by a number of obstacles, most of them financial. Scholarships do not cover necessary living expenses or study abroad expenses with low income. However, education loans to study abroad ensure that motivated students do not have to give up their academic ambitions due to lack of funds. With the right education loan, you can reach your goals and secure many benefits.
Step-by-step process for getting student loans in Canada and the US
Applying for an education loan to finance higher education abroad may seem like a daunting task at first. However, once you understand the following steps, it will be easier for you.
Student Loan Procedures in the U.S. and Canada.
Calculate the Price of Education.
Getting an education is not a cheap process in the United States and Canada. Before you apply for a study abroad loan at your chosen institution, you should be aware of the total cost of your education. This includes more than just the cost of admission and study. It covers living expenses, dorm room rent, books, groceries, transportation, etc. All these costs are listed on your admission letter or university website. You can choose the amount of loan you apply for based on your total spending for a particular degree at a particular institution.
Read More : The Top Five Ways to Pay Off Student Loans
Evaluate Loans offered by various Banks and NBFCs.
After deciding how much loan you need, compare the different education loans offered by banks and NBFC for studying abroad. Each bank or non-bank financial company (NBFC) offers a variety of services, and you should choose the one that best suits your needs and circumstances. A comparative analysis of each study abroad loan is possible based on factors such as bank and financial institution eligibility requirements, interest rates, fees, tax incentives available, coverage of costs covered, moratorium periods and additional costs.
With HDFC Credila Student Loan for Study Abroad, you can get an unlimited loan for your bachelor’s degree, master’s degree, or research studies in the US and Canada. The range of tax benefits is wide and the interest is negligible. Even before the approval process is completed, applicants can obtain a customized education loan of Rs 200,000 from HDFC Credila, an NBFC part of HDFC Ltd. apply.
Fill Up Loan Application
After proper cost research and comparison of loan providers, you can apply for an education loan at any bank or financial institution of your choice. The application must provide details such as your educational background, the degree program you are applying for, and your family income. You can avoid rejection of your application by completing all fields completely and correctly or by manipulating your data.
When applying for an education loan, any bank or financial institution will ask you to submit a number of required documents. Which:
A loan application form duly filled out, signed and provided with all required information. Two passport photos for each applicant and co-applicants. Each applicant and co-applicants must provide photo identification and proof of residency. PAN cards, passports, driver’s licenses, Aadhar cards, and voter IDs are examples of acceptable IDs. Appropriate documentation is required when applying for a loan against real estate such as an apartment or non-agricultural land. These documents include deed of title, excerpt dated July 12 if land is secured, registered deed of sale, mortgage NOC from corporation or builder, most recent property tax invoice, appropriate assignment letters from relevant authorities, up-to-date maintenance invoices and receipts, approved construction plans, etc.
Proof of Joint Income Applicant
If the co-applicant is an employee, her last three payslips and her employer’s Form 16 or income tax returns for the last two years are required.
If the co-applicant is self-employed, we will need income tax returns for the last two years, certified annual financial statements, proof of office with rental agreement, service bills, etc.
Complete the Financing Agreement
Wait for the loan to be approved after submitting the application and required supporting documents. After approval, you will receive loan documents from your bank with all relevant information about the loan and its terms. The amount of the loan, the interest rate, how the loan was disbursed, and the repayment period of the loan are all details. We recommend that you read it carefully before signing the loan agreement.
Depending on your needs, you can get the best education loan to study in Canada or the USA by following her 5 easy steps below. The loan money will be transferred directly to the institution once the contract is signed. After the moratorium expires, you can start making EMI payments on the loan.