What is the loan process for covering education expenses abroad?

Yes, you can secure an education loan to cover your expenses abroad. The typical process includes:

- Research lenders: Compare public banks, private banks, and NBFCs for interest rates, fees, and terms.
- Check eligibility: Most require admission to a recognized foreign university, a minimum of 60% in prior studies, and a co-borrower with stable income and good credit.
- Prepare documents: You'll need identity proof, admission letter, academic records, co-borrower income proof, and collateral documents (if required).
- Apply: Submit your application online or at a branch with all details and documents.
- Verification and sanction: The lender reviews your application and, if approved, issues a sanction letter with loan terms.
- Disbursement: Funds are usually sent directly to the university after visa approval.

Start the process at least 3 - 4 months before your visa appointment, as timelines are subject to change. If you need help with your loan application, connect with your LeapScholar counsellor.