Study Abroad Loans: A Blessing In Disguise

EDUCATION is the key difference maker in one’s life. It is the ultimate goal, worth gambling one’s financial assets over. Many a time, in order to reach this goal, students explore outside of their shell; enroll in foreign universities for higher education. Although the foreign universities provide with more courses and opportunities than the domestic ones, the money required for education is more than one might bargain for. Here, education loans play a very important role. The study abroad loans not only help individuals lacking in financial conditions by assisting them with capital but at times also help them with pre-admission and visa processes. The different types of companies which provide with study abroad loans are: Public banks and NBFCs (non-banking financial companies).

Merits of applying for a study abroad loan?

The study abroad loan doesn’t just provide us with financial assistance, but also a number of other services along with them. The different services offered along with these loans are:

1. These loans are designed according to the requirements of the customer.
2. These loans help with securing of one’s visa by disbursing the actual loan in his or her bank account. Hence, helping one to demonstrate the ‘proof of funds’ required at the time of his or her visa interview, in order to study abroad.
3. There are also some score based loans which provide special benefits such as preferential interest rates or unsecured loans for meritorious students.
4. Certificate of availability of funds; this certificate demonstrates that you have sufficient amount of funds to pursue a course abroad and pay for the course fees, living expenses and other miscellaneous expenses.
5. There are fast-track loans which help in speeding up one’s admission process.
6. There are a number of countries which are covered by the study abroad loan. For e.g. Countries such as U.S.A, Canada, U.K, Germany, etc. are covered.

What kind of collateral is required for applying for student loans?

The different types of collateral securities accepted are:

1. Any type of non-agricultural land.
2. Residential properties e.g. house, flat or apartment.
3. Any life insurance policy whose surrender value is equivalent to the required security coverage.

Why should I apply for a study abroad loan?

The study abroad loan helps one to focus on the academic perspective and not to worry about the problems arising from lack of funding, one is facing. The parents and the students can focus on the more important factors such as securing admissions and browsing through different courses.

Hence, the study abroad loans help one with the opportunity to browse for a path through foreign universities and secure a future even though he or she is facing problems such as capital crisis. As there are more and more numbers of NBFCs (non-banking financial companies) in the market, one can acquire a study abroad loan at lower interest rates from the company of their choice. Thus, the study abroad loan has truly proved to be a blessing in disguise for students who are planning on making a future abroad.

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