Many students dream of pursuing their higher education at a reputable university in a foreign country, and it more often than not, proves to be an excellent idea. However, there may be quite a hefty price tag attached to overseas education, which is one of the biggest factors that prevent these students from turning this dream into reality. Today, availing an education loan for abroad studies has become one of the most popular solutions among students for fulfilling their academic aspirations. If you to are planning to apply for an overseas education loan, here are some tips that can help improve your eligibility for the loan and boost your chances of application approval.

Maintain a Good Credit Score

Your credit score is one of the most important factors that are taken into consideration by a lender when reviewing your loan application. Your credit score and history reflect your overall and repayment capability. For students who do not have a credit history or score, the lending institution will consider the credit score of your co-applicant.

Organise Your Documents

Applying for an education loan is a straightforward process that starts with you submitting a loan application form, which is followed by the documentation process. Oftentimes, incomplete or improper documentation can lead to delays in loan approval or even rejection of application.  To avoid this, make sure that you gather all the documents well in advance. Also, check all the documents for any discrepancies before submission.

Manage Your Existing Debts

Before sanctioning a loan, lenders generally evaluate the applicant’s or the co-applicant’s existing debt-to-income (DTI) ratio to assess their repayment capacity. To maximise your chances of easy education loan approval, it is important to manage your existing loans effectively.

With Avanse Global Finance, you can avail a number of benefits, like up to 100% financing for your education-related expenses, competitive education loan interest rate for abroad study programmes, and flexible repayment options. You can explore a range of education loan schemes that can be tailored to meet your individual needs.