Want To Study In Your Dream University? Avail A Study Abroad Loan

Most Indians are now planning to move overseas for higher studies. The curious feeling filled with the excitement of exploring a new country, new environment, and new people is quite overwhelming. However, when it comes to money most of them take a U-turn and prefer to pursue some other course thereby sacrificing upon their career.

Today, the cost of education is creeping too fast and many middle and upper-middle class people find it extremely difficult to fund their child's higher studies in the foreign nation. They either plan to sell a piece of land, jewelry or break their retirement fund. Ones who take a loan from traditional financer will only meet with exorbitant interest rates and unwanted charges for repayments.

Relax! Study abroad loan is one of the ideal ways to finance your child's higher education in the country they wish to study. Some of the popular destinations to study overseas are USA, Canada, UK, France, Australia, Singapore, New Zealand, etc. The study loan will take care of entire fee course, including tuition fees and study material, hotel and accommodation, mess, and travel expenses to a certain extent. With study, abroad loan the only thing student has to worry about is building up their career and not to run pillar to post for arranging finance for higher studies. It’s a boon for millions of aspirants who wish to make a mark on the global platform but struggle due to financial contingencies.

The cost of studying foreign country varies on a number of factors, like the country you wish to pursue studies, the university reputation, subject course and other factors like child's academic score, parent/guardian credit score. Other than this there are some qualifying parameters to decide the loan amount.

Before you sign on the dotted lines to avail Overseas Study Loan here are few things to consider:

Time

It’s well said, "Time is Money" and therefore you should not wait until last moment to apply for a student loan, especially when it is about financing your international study. Its better to compare the interest rates, processing charges, loan disbursement time, and other important things before you apply for taking admission. Once you get the admission you can quickly apply to the lender of your preferred choice.

Eligibility

Study Abroad Loans will require that the university or college should be reputed and fits into the eligibility booklet. Without approved university, the chance is they may not consider your application. So, check with aggregator sites, and rating agency about the university reputation, your preferred course, job prospects and then apply for the best fit.

Co-Signer

Since the amount is definitely going beyond a million buck, you will need a co-signer who is someone who can legally sign loan papers to avail the loan. They should have a good credit rating/score as well. Having a creditworthy cosigner will make it easy to get a loan because you associate a responsible person as a guarantor on your behalf to pay the money just in case you're unable to do so. You can choose any family members or friends as your co-signer. They increase your chance of getting study abroad loan

Loan Disbursement

Disbursement of the study abroad loan will be done directly to the institute/college to which the student has applied for their admission. For mess and hostel charges, the relevant amounts will be given to the concerned authorities. When you apply for a student loan with the bank or private finance firm it would be better to verify the course tenure and determine the cost of the entire course, as applicable at that point of time.

Hope these key points will help you sail smoothly during the study abroad loan application process!

An personal loan would be the first financial help for your family in your absence.