Can I apply for an education loan before taking admission abroad?
Yes, you can apply for an education loan before getting admitted to a university abroad. The facility of availing an education loan before confirming your admission is called pre-approved loan sanction. If your application is accepted, you will get a conditional sanction letter saying the loan will be granted only if your admission is confirmed.
When you apply for a pre-approved education loan you must meet the eligibility requirement of the lender. Yours and your co-applicant’s financial history and creditworthiness must be good enough for an education loan.
However, a pre-approved education loan does not guarantee you will get an education loan. You must satisfy the conditions mentioned in the sanction letter to be eligible for the loan disbursement. The lender has all the authority to revoke the loan sanction letter when you fail to meet the eligibility requirements.
Hope the answer helps. See our website and check your education loan eligibility to see the best lenders for your profile. Wish you all the best.