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Shine facilitates in securing overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges/universities. These loans are offered to students who wish to pursue regular graduate/ postgraduate/doctorate courses in any discipline offered by foreign Institutes/universities in USA, UK, Canada, Australia, Europe, Singapore, Dubai, Ireland, Germany and New Zealand.
Shine will help students complete the online application process. It will guide students to negotiate for the attractive interest rate. Generally, these loans range from the amount of Rs. 20 lakhs to Rs. 1.5 crores and have repayment through EMI for up to 15 years.
These loans cover fee payable to college/school/hostel, examination/library/laboratory fee, travel expenses/passage money for studies abroad, purchase of books/equipment/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course. Caution deposit/building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course. If any scholarship/assistantship is offered, it is to be to be included in margin. Margins are required to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.
Generally, application fee ranges from Rs. 5000/- to 15,000/- per application. Simple Interest is charged during course period and moratorium period. For approval purpose, tangible collateral security is required. Collateral security offered by the third party (other than parents) can also be accepted. Accrued interest during the moratorium is added to the principal and repayment in EMI is fixed. Repayment commences 6 months after completion of course and is allowed for up to maximum of 15 years.
Documentation process requires a letter of admission. filled in loan application form, 2 passport size photographs, PAN card of the student and parent/guardian, AADHAR Card of the student and parent/guardian, proof of identity (driving license/passport/any photo identity), proof of residence (driving license/passport/electricity bill/Telephone bill), statement of cost of study, student/co-borrower/guarantor’s bank account statement for last 6 months, IT return/ IT assessment order, of last 2 years of parent/guardian/other co-borrower, brief statement of assets & liabilities of parent/guardian/other co-borrower, proof of income (i.e. salary slips/Form 16) parent/guardian/other co-borrower.
Shine has tie-ups with many financial institutions and will help students obtain finance.