How to Fill Education Loan Application Form: Step by Step Process
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Student loans are a boon for students facing financial challenges to fund their higher education. To get your student loan approved, it's important to understand how to apply for an education loan to study abroad. Also, know eligibility and the documents required to fill up an education loan application form.
A student borrows an education loan to cover the expenses of their higher studies. Many banks and NBFCs offer student loans in India. Because of this, students get confused about choosing the best education loan in India. Most of them don't know how to apply for an education loan application form and want to know the eligibility and the necessary documents.
It is important to know the step-by-step process to apply for a study loan and related rules. This helps you to keep the application process smooth. Let us find out more about education loans, eligibility criteria, the process of filling out an education loan form, documents required, etc.
What is an Education Loan?
With the cost of education reaching the apex in both India and outside the nation, many students feel reluctant to apply to their target higher education institute. Every student aims to obtain a quality education but compromises due to the high cost of studying. Here is when an education loan comes in handy. This financial assistance is not just to pay one's tuition fee but offers many other benefits.
An education loan is a student loan specifically meant for students who planning to pursue their higher education. These are usually offered by universities, financial institutions and government organisations and help students cover all their expenses concerned with their further studies. Students can apply for education loans to study both in India and abroad. These are offered by multiple banks as well at competitive prices so that students are able to afford what they think they deserve. Those who apply for these are not required to repay the same immediately as the amount repayment begins after months or a year of the programme completion. Also, every bank has its own interest rate.
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Steps to Apply For Education Loans in India
- Step 1: Choose the bank or financial institution that offers student loans.
- Step 2: Check the eligibility criteria for the student loan.
- Step 3: Collect the required documents for study loan.
- Step 4: Fill out the study loan application form with the correct information.
- Step 5: Submit the completed application form.
- Step 6: Now, wait for the bank to process your application and disburse your education loan.
Related Blogs:
| Best Education Loan Providers in India | Required Documents for Study Loan | |
Advantages of an Education Loan
Students as well as parents benefit a lot from an education loan. Students, because they are able to go abroad in order to pursue their dream course and parents because they see their children's dreams coming true. This highly sought-after financial assistance makes higher education more accessible for students, in a way helping them secure their future. Some of the many benefits of an education loan are listed below:
- Makes education affordable: Through an education loan, students are able to cover their expenses related to programme fees, textbooks, laptops, travelling, accommodation and much more, depending upon the bank. Due to this ease, one is able to study a programme of his/her choice at a selected institution without having to worry about the overall expenditure.
- Convenient repayment period: Flexible repayment term makes it convenient for the students to pay back the borrowed money. This is so because various features and options are available with the help of which students can customize their loan repayment timeline so that it suits their monetary circumstances. So there are many different education loans with flexible terms of repayment. You may even defer payments till after the end of your graduation. For this multiple repayment plans are available.
- Less rate of interest: Education loans which are funded or supported by the government usually have lower interest rates in comparison to the rest of the loan types. This makes them more attractive to students.
Students or borrowers should keep in mind that although education loans do have many advantages one needs to act responsibly while availing them. Before applying for an education loan you should see if you'll be able to repay it once your graduation is over. They may also choose options such as scholarships and grants in order to reduce the overall monetary burden.
Process to Fill Educational Loan Application Form
Check the steps to fill out the educational loan application form given below.
- Select the bank: Many public sector and private sector banks in India offer education loans to study abroad. Selecting a bank is the first step that one should consider before filling out the educational loan application form. Know the terms and conditions, rate of interest, and other formalities of the bank. The formalities may vary from bank to bank. In all, shortlist the banks and then decide from which bank the loan has to be taken.
- Know the details of the loan: Before filling out the educational loan application form, make sure to know each and every detail of the loan. This may include the terms and conditions, benefits, rate of interest, etc. Also, discuss the hidden charges, processing fees, and more from the bank executives.
- Cross-check the eligibility criteria: In order to get the loan approved, make sure to meet all the eligibility conditions. It is one of the crucial steps before filling out the education loan application form. Also, keep all the necessary documents ready.
- Apply for the education loan: Lastly, look out for the methods through which you can apply for the education loan. You can either apply online or visit one of the nearest bank branches to fill out the educational loan application form.
Note: Finances must not become a hurdle for students who wish to study abroad. Students can apply for Education Loan through Shiksha Study Abroad.
How to Fill Education Loan Application Form: Documents Required
Before the approval for an educational loan is given, the following documents have to be submitted to the bank:
- Photo id proof
- Passport
- Address proof
- Proof of education
- Offer letter from the university to which you have applied
Documents of co-applicant
- Address proof
- Photo id proof
- Salary proof
- Bank statement
- Income tax return
- Proof of business
Related article: Things to know before applying for foreign education loan
Points to Remember Before Filling Educational Loan Application Form
The banks consider the following factors at the time of granting the educational loan to study abroad.
- The academic background and credentials such as grades, credits, etc of the candidates are considered
- The applicant should also be able to provide collateral for the loan
- Before selecting the bank, the applicant must read all the terms and conditions as well as the details mentioned on the educational loan application form
- The program of study should be accredited. The banks also want to know if there is a chance of landing a job abroad
There are a few other important things that banks scrutinize before granting loans. You need to keep them in mind before you apply for a loan, and they are as follows –
- Repayment capacity of the student's parents/family/sponsor.
- The value of collateral security. Banks usually get the valuation of the collateral done from an approved valuator
- Margin money
Eligibility Conditions to Apply for an Educational Loan to Study Abroad
The eligibility criteria to apply for an education loan in order to study abroad may vary from bank to bank. However, some of the common eligibility conditions are given below:
- The candidates must have good academic records
- The candidates must be a citizen of India
- The candidates must have been admitted into a recognized foreign university or institute
- The candidates must be 18. If not, then his / her parents are required to avail of the loan
- Banks give preference to job-oriented courses, so the candidate must go for a technical or professional course
If you have any queries related to this topic, we will be happy to answer them. You can drop your question in the comment section below or connect with Shiksha Study Abroad Counsellors.
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
University of Wales, Trinity Saint (UWTSD) was founded in 2010, is a public institution for higher education and research at multiple locations. It was set up under the 1828 royal charter of Lampeter, the institution was the result of the merger between Trinity University College and the University of Wales. The institution merged with the Swansea Metropolitan University in 2013.
- Top Ranked University: The UWTSD is not ranked by any major ranking body, however as per the university ranking given on the official website of the university, it is ranked among:
- #1st in Wales and UK Top 5 Film Production and Photography
- #1st in Wales and UK Top 5 Fashion and Textiles
- #1st in Wales and UK Top 20 Graphic Design
- #1st in Wales and UK Top 5 Education
- #1st in Wales and UK Top 20 Sports Science
- #1st in Wales and UK Top 20 Mechanical Engineering
- #1st in Wales for Fine Arts
- Variety of Courses: UWTSD offers more than 300 programs at various levels including undergraduate, postgraduate degrees as well as multiple online courses.
- Highly distinguished and learned faculties: the faculty at UWTSD is highly learned and distinguished which enables students to be the best in their field of study.
- High Placements: According to Graduate Outcome data 2019-2020 quoted by the UWTSD, more than 95% of its graduates were found to be employed within 15 Months of graduation. The average salary of a graduate is not explicitly released by UWTSD, however, as per some unofficial sources the average salary of the graduates of UWTSD is approximately INR 30-35L. with the highest salary being reported as high as INR 66.5L for jobs in Financial Services.
Indian students choose to study at Hult International Business School in the UK for several reasons, including its highly ranked programs, global outlook, and career support. Hult offers a range of full-time master’s degrees, immersive bachelor's programs, and MBA options that prepare students to excel in the global job market. The school is the largest and top-ranked global business school, providing students with an incomparable universal outlook. Additionally, Hult's focus on experiential learning, extensive career support, and the opportunity to study at multiple campuses around the world are attractive to Indian students seeking a global business education. Furthermore, the school's emphasis on innovation and meeting the needs of students and employers may also contribute to its appeal to Indian students
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
University of Chester is surely a good option for international students mainly beacuse of a diverse range of excellent academic programs.Below are some reasons why University of Chester is good:
Academics: The University of Chester offers over 200 undergraduate, postgraduate, and research degree programs to international students. The University of Chester University offers undergraduate major and minor courses. Students can also pursue master’s or doctoral programs at the University of Chester University.
Location of the university - The University of is in a location where arts & culture, technology industry and entertainment industry providing endless internship. International Students have access to beaches, outdoor activities, live music/performances and attractions which makes their make campus life more enjoyable. The location gives University of Chester students an additional mark to study at University of Chester.
Ranking: Many global ranking sources like THE (Times Higher Education), etc., have ranked University of Chester among the top universities in the world since 2021. These bodies consistently rank it among the top universities in UK.
Fees: : The cost of attending University of Chester for Indian students can vary depending on several factors. Tuition fees for international students at University of Chester are typically higher than for Uk citizens. However, it is important that the tuition fee can change over time, and it is recommended to visit the official website to recheck the fees and accommodation. Indian students should also consider other costs such as housing, health insurance, meals and transportation attending University of Chester.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.