Dreaming of studying abroad but worried about funding due to family income? You’re not alone, but don’t worry! An education loan for abroad studies has helped many students achieve their academic dreams without financial stress. However, one key factor that influences loan approval is family income requirements.
At Unipay Forex, we make this process easier for you. From checking eligibility to completing the application, we guide you every step of the way.
In this blog, let’s explore how family income affects education loans and how Unipay can help you secure the best loan.
How an Education Loan for International Students Works
An education loan for international students covers expenses like tuition fees, living costs, travel, and academic materials. These loans are provided by banks, Non-Banking Financial Companies (NBFCs), and financial services like Unipay Forex.
One of the key factors that affect approval is family income. Understanding this can help students and their families prepare for a successful loan application.
Types of Education Loans
Financial providers offer two main types of education loans for abroad studies, based on security requirements:
Secured Loans
- Require collateral, such as property, fixed deposits, or insurance policies.
- Offer higher loan amounts and lower interest rates.
Unsecured Loans
- Do not require collateral.
- Have stricter eligibility criteria and higher interest rates.
Family Income Requirements for an Education Loan
Different lenders have different income criteria for education loans. Here’s what you need to know:
Government Banks
- For unsecured loans up to ₹7.5 lakhs, income requirements are usually flexible.
- For secured loans, a stable family income is preferred.
Private Banks
- Require a higher family income, usually between ₹2.4 lakhs to ₹6 lakhs per year.
- The exact requirement depends on the loan amount and policies of the bank.
NBFCs
- Focus on the student’s future earning potential rather than family income.
- They may offer loans with lower income thresholds but often at higher interest rates.
Staying in Punjab and looking for the best options for an education loan in Panchkula, Chandigarh, or Mohali? Unipay Forex helps students find the right loan based on their family income and repayment ability. Get the best guidance you need in the tri-city and other regions to secure the right loan for your future.
General Eligibility Criteria for Education Loans
To apply for an education loan for international students, you need to meet the following criteria:
- Age: Between 18 and 35 years old.
- Nationality: Must be an Indian citizen.
- Admission: Confirmed admission to a recognised university abroad.
- Credit Score: A good credit score (650+) improves approval chances but is not always mandatory.
Documents Required for an Education Loan
When applying for an education loan, you will need:
- Income Proof: Salary slips, income certificates, or Form 16.
- Academic Documents: Admission letter, academic records, and mark sheets.
- Identity Proof: Aadhaar card, PAN card, or passport.
- Address Proof: Utility bills, voter ID, or passport.
We ensures, your documents are in order to speed up the approval process.
Key Changes in Education Loan Policies (2025)
The Union Budget 2025 introduced important updates affecting students seeking a study loan for abroad studies:
- Tax Collected at Source (TCS) Removed: Additional TCS on remittances for tuition and living expenses abroad has been eliminated.
- Loan Insurance: Some lenders may now require students to take a life insurance policy covering the study, moratorium, and repayment period.
We stays updated on policy changes to help students make informed decisions.
How Unipay Forex Helps You Secure an Education Loan for International Students
At Unipay Forex, we simplify the education loan process for students and parents. Our expert team helps you:
Find the Right Loan for You: Our expert consultants work closely with you to understand your unique financial situation, ensuring you select the loan with the best terms and lowest interest rates tailored to your needs.
Simplify the Application Process
Navigating the paperwork can be overwhelming, but we’re here to guide you through each step, making the process smooth and stress-free, from start to finish.
Increase Your Approval Chances
We ensure that you meet all income and eligibility requirements before applying, giving you the best chance for a quick approval and an easy path to securing your loan.
Get Expert, Personalised Advice
Every student is different, and so is their financial situation. Our team provides one-on-one, personalised support, ensuring you have the best advice every step of the way.
Explore Flexible Financing Options
Regardless of your family income, we help you to explore a variety of flexible loan options, making education more accessible and achievable for everyone.
Final Thoughts
Understanding family income requirements is key to securing the right education loan for abroad studies. Whether you are applying for an education loan in Panchkula or anywhere in India, we make the process easy.
With our expert guidance, loan comparisons, and application assistance, we help you secure funding for your dream education abroad without unnecessary stress.
Visit us and start your education loan journey today with Unipay Forex!
