Financial Assistance

Financial assistance programs usually start with the letter of acceptance. Many universities offer international students financial assistance for education as part of attracting the best and brightest to their campus. Financial assistance usually covers the cost of education and living expenses. But it generally depends from one country to the other.

For example, the Australian Government Research and Training Program (AGRTP) offers to Fund student’s tuition fees and health insurance for up to three years. This fund is offered to both international and domestic students by the Australian government. The fund per student is valued at $28,092 AED per annum paid fortnightly to students' accounts.

Another example would be the Ontario Trillium Scholarship, this covers the tuition fees and other expenses for four years. The eligible candidate will get close to $ 40,000 CAD a year for four years to complete the doctoral degree in Ontario. But for most of these scholarships, the candidate needs to apply separately and should demonstrate good grades in their previous exams.

An alternative to the financial assistance program, an international student from India can self finance his/her studies by taking a bank loan. The international student can take an education loan at a very nominal interest rate to achieve his/her goals of studying abroad.

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Get in touch with an admission counselor to learn more about attending an abroad University or to get answers to any questions about our services.

What Are the Criteria for Getting an Education Loan?

There are many criteria that are taken into consideration by the banks before granting education loans to international students from India. 

The first and most important criteria for banks to consider a study abroad education loan application is the citizenship of the applicant. He must be an Indian citizen. The age of international students who wish to take an education loan is another important factor. He/she must be above 18 years old and in case the student is a minor the parents will have to take the education loan on behalf of their child.

Academic background plays an important role in determining the accepting and delaying of study abroad education application. If the bank feels that the applicant does not demonstrate the academic brilliance required to complete the course, they might reject the loan. An excellent educational background with a proven track record is the best bet to have your application accepted.

A secured admission letter is a very important document that the student needs to furnish in the bank. Bankers usually entertain education loan applications with a valid admission letter. Students usually approach banks for study abroad education once the admission letter is present in their hands.

Banks usually sanction loans for professional or technical courses that are job-oriented in nature. This is because job-oriented courses increase the chance of getting a high paid job in the host country. High paid job translates to high disposable income. High disposable income helps students easily pay off loans, hence the preference!.

What Are the Documents Required for an Educational Loan for Abroad Studies?

Following documents are required as per the education loan procedure.
● Letter of Acceptance / Admission Proof from a recognized institution
● Academic Documents
● Identity Proof
● Address Proof
● Photographs
● Income Proof of Co-applicant
● Bank Statements

Letter of Acceptance

Letter of acceptance is the admission proof that the university provides on behalf of the international students. The letter of acceptance is the proof of admission from the university. The letter of acceptance is one of the key elements of the education loan procedure.

Academic Documents

The attested copies of all the education transcripts need to be furnished in the bank as a part of the loan application. These academic performances will be a key indicator in determining the response of the application. Evaluating the academic transcript is an important procedure in the education loan process. It is important that all the documents right from the 10th class certificate to the latest degree achieved be represented in the academic transcripts submitted with the application.

Identity Proof

The student’s passport is the most ideal identity proof for the bank with regards to international student loans. The front and the back page of the passport should be part of the education loan detail. This makes the education loan procedure hassle-free.

Address Proof

The Aadhar card of the applicant is an important education loan requirement document, it is a credible address proof. Ration card, Voters ID card are also eligible documents to be made part of education loan details as address proofs. In some cases, the staff in the bank will give a clear cut instruction on the documents to be presented as part of the education loan application.


Always carry at least four copies of the latest photographs of the student. These photos usually have to be stuck into the application before submitting it to the bank.

Income Proof of Co-applicant and Bank Statements

The co-applicant could be any close member of your family (father, brother, or uncles) who could demonstrate a steady income. A salary certificate along with bank statements of the co-applicant is a must for the education loan procedure. These education loan details help the bank officials to ensure guarantee to the loans disbursed to the student.

A few additional documents might be required in the case of collateral security. The bank officials will provide a detailed list when the student approaches the bank.

What does a Study Abroad Education Loan Cover?

Education loan for study abroad program usually covers the following expenses:

  • Tuition fee
  • Living expense
  • Health Insurance
  • Flight Ticket charges

Tuition Fee

Tuition fees for the entire course will naturally be covered under the education loan to study abroad. Most universities require their candidate to pay off the entire tuition fees before the commencement of the orientation program.

Living Expense

Some countries require the candidate to furnish in advance a certain amount of money in the student’s bank account. This money will have to be transferred by the student to a bank account in the country he wishes to travel to. The transferred money will help students to cover all his/her expenses during the study period. Education loans for study abroad programs usually cover this expense as well. It is necessary that the student provides substantiated documents that mandate the furnishing of the living expenses while applying for an education loan to study abroad.

Health Insurance

Health insurance is a mandatory expense that the international student needs to bear while traveling to the destination country. Education loans to study abroad will cover the mandatory insurance expense as well. The document confirming the health insurance cost needs to be furnished in the bank at the time of applying for the loan.

Flight Ticket Charges

The flight ticket charges to the destination of travel are usually very expensive, especially in the intake season. Hence having a bank loan to cover the huge price of the ticket will help you cushion the high travel cost. The student can talk to the bank manager to understand the procedure for the same.

It is always advised to keep all the documents well organized and ready. Keep a list of the requirements and tick the boxes when you fulfill the same. The loans usually take two weeks to one month for processing, depending upon the bank. It is advised that students keep all the financial and legal documents in order before receiving the letter of acceptance.

Insight International has collaborated with prominent banks like Federal Bank, South Indian Bank, ICICI Bank, State Bank of India, Bank of India and so on for student loans. Apart from helping you through your admission process for your abroad education, we guide you on how to process education loans quicker. Insight International collaborates with prominent banks like Federal Bank, South Indian Bank, ICICI Bank for student loans. 

If you are still confused about the bank to choose or any other aspect of an education loan, give us a call or leave a message on the chat. Our chat message option is very easy and intuitive to use, if you need help do not hesitate, we are here to help you!

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