Does education loan cover visa fees?
If you are going to study abroad, you need to produce your passport with a valid visa also. Your education loan will cover a number of things in addition to your tuition fees. These include hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects.
What expenses are included in education loan?
List of Expenses Covered under Education Loan
- Fees payable to educational institutes.
- Examination/library/laboratory fee.
- Travel expenses/passage money for studies abroad.
- Insurance premium for student borrowers, if applicable.
Does education loan affect visa?
So, the study abroad education loans of students who re-apply for their student visa within six months of their education loan being sanctioned are not affected at any cost, unless they plan to apply to another country/course post the first rejection of their student visa.
Which expenses are not covered by educational loan?
There is a very common misconception that an education loan does not cover all the expenses which are likely to be incurred by students during their course of study abroad.
Expenses for an education loan of a Typical Course Abroad
- Tuition Fees. …
- Living Expenses. …
- Health Insurance. …
- Travel Tickets. …
- Study Aid.
Is education loan only for tuition fees?
What does an education loan cover? … The loan amount sanctioned can cover fees and expenses that are mandatory to complete the course. Generally, a complete education loan covers all expenses including your tuition fees, hostel stay, library fees, books and courseware, and other miscellaneous expenses.
Is education loan required for cibil?
provide secured education loans to loan applicants who have a CIBIL score of 650 and above. To get an abroad education loan from SBI which is one of the most prominent government banks functioning in India, it is mandatory for loan applicants as well as their co-applicants to have a CIBIL score of 650 and above.
What happens if education loan is not paid?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
Can you buy laptop with student loan?
Yes, you can in fact use student loans to pay for a computer. You can use student loans to pay for a new computer since it is a pretty essential tool for college. You can also use your student loans to purchase software and internet access as well. … Many computer brands and software brands offer a discount for students.
Can we take 2 education loans?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Is education loan a good idea?
In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. Banks provide education loans for graduation/PG, diploma or professional courses, at attractive interest rates.
What do visa officers check for student visa?
The visa officer will ask you questions related to your study plans, university choice, academic capability, financial status, and post-graduation plans. The gruelling on study plan will probe into your interest in the academic field of your choice.
Which bank is best for education loan for abroad?
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.