Financial Assistance

You can easily achieve your dream of studying abroad even if you have limited funds. Education loans for studying abroad can be a crucial part of your overall funding strategy. At Aalion's, we provide you the opportunity to avail of an education loan for overseas studies that covers all aspects of higher education including college fees, cost of books and accommodation.

We partner with Nationalized & Co-Operative Banks that offer student loans at reasonable interest rates and have association with financial institutions. We help with selecting banks, producing documentation, meeting eligibility, interest rates and repayment period. The process is simplified with Aalion’s expertise.

Listed Below Are Several Points That One Should Know About Study Loans.

Eligible Courses

• All recognized courses having employment prospects
• Graduation / Post Graduation / Diploma / Professional Courses

Expenses Which Constitute The Student Loan

• Air fare / Travel expenses
• Admission / Tuition Fees
• Boarding and Lodging expenses
• Books and Stationery expenses
• Instruments/Equipment etc. required to complete the course
• Examination / Library / Laboratory fee or other academic expenses

Eligibility

• Applicant should be a resident of India
• Secured admission to a professional/technical course abroad
• Age should be between 18-35 years

Quantum Of Loan

Loans from ₹4 Lakh up to ₹15 Lakh or more depending on the institution.

Security / Collateral

• Up to ₹4 lakhs – No Security
• Above ₹4 lakhs – Collateral or co-obligation depending on the amount
• Partial collateral accepted by some banks

Acceptable Collateral

• Residential / Commercial property
• Fixed Deposits / NSC / LIC policies

Applicant and Co-Applicant

• Documents executed by student and parent/guardian
• Applicant is the student; Co-applicant can be parent/guardian

Tenure

• Repayment in 5–10 years
• Monthly payment starts post disbursement
• Principal repayment starts 6–12 months post completion or job
• Interest may be frozen during moratorium by some banks

Margin

• 15% borne by student for loans above ₹4 Lakhs
• 85% by bank (or 100% by some institutions)

Who Can Be A Co-Applicant?

• Any earning family member: Father/Mother/Brother/Sister/Spouse
• Also: Father-in-law/Mother-in-law/Uncle/Aunt etc.

Tax Deduction

Students or parents who borrow directly can claim tax deductions under Section 80E of the Income Tax Act.