Loans for Students from India
The Teri Loan ceased to support students studying outside USA in 2008/9. However in 2011 a new loan product for Students from India was launched with Global Education Management Services (GEMS) whose members have been assisting foreign (non U.S.) schools for many years.
The basic loan information is that the student must be an Indian citizen over 18 years of age and have an Indian co-borrower who should be a relative. Depending on the value of the loan, underwriting, grade level and school, collateral might be required such as House, apartment, non-agricultural land or commercial land.
The student initiates the loan application process from the GEMS website.
§ The loan company send a paper application for student and co-signer complete and return
§ LSE does not have to certify the loan. Credila will verify with the student the amounts being borrowed.
§ If the loan is granted, the student will receive a letter stating they have the loan, and this will need to be shown as proof of funding for visa application
§ Once registered, tuition and hall fees will be wired directly to the school and living expenses wired to the same bank account which will be used to make repayments which could be the student's account or the co-borrower's account.
For full details and to apply, follow this link to Indian Loans
For more information about, or from GEMS, follow this link to Global Education Management Services