Opt for an education loan to finance your dream studies abroad

The cost of pursuing higher studies in premier foreign universities or colleges has increased in leaps and bounds during the past decade. Many aspirants are forced to find alternative ways instead of pursuing their dream course overseas due to escalating costs. Although there are scholarship and grants they will prove insufficient against the creeping educational costs. Thus, if you're planning to study abroad then definitely it’s a careful situation that has to ensure that you get the right funding till the time you complete studies. In such scenarios taking an education loan for abroad proves to be extremely helpful and your dream of studying in a favorite foreign university comes true. An education loan for abroad will take complete care of your expenses incurred towards tuition fee, library charges, hostel and mess, books and equipment, study tours, project findings, etc. and travel expenses (to a certain extent).

There are leading private lenders and government banks who offer customized loan solutions for customers with low-interest rates. However, there a lot of pioneer players floating around in the market and often it become confusing which one is the best for you. So, it’s very important to read all the fine prints and understand loan eligibility, requirement and what exactly you’re signing on the dotted line.

So, here are few guidelines before applying for education loan for abroad:

There are many private lenders who are willing to offer 100% education finance. The interest rates offered are as low as 11-15% and the processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis. Lenders design study loans without setting any cap on finance and provide 100% coverage of study costs as well. Usually, there is no collateral security for the loan up to Rs 4 lakhs, but loan ranging from 4-7.5 lakhs require collateral in the form of a satisfactory third party guarantee and for study loans above Rs 7.50 lakhs, collateral security of appropriate value or co-obligation of parents or guardian would be required.

The best part of study loan for abroad is you don't have to make immediate payment. Instead, you can start repaying six months to one year after the course completion known as moratorium period. So, technically you have a time of around 8-10 years for the loan repayments.

Some benefits of education loan for abroad:

• Student customized financing options: You can get tailor-made education loan options for a wide variety of courses and countries
• No Margin Money: Aspirants with the exceptional score are offered 100% education finance
• Quick Sanctions: If you have proper documentation in place with good academic score and credit score you can get one-day loan sanction
• Complete funding: Lenders ensure you meet every financial requirement of your admission, including tuition fees, living expenses, etc.
• Doorstep service: You will be offered doorstep service and there will be a digitally enabled platform for your convenience.

Some private firms have come up with unique and friendly solutions such as pre-admission loan, pre-visa disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc. If your existing education loan for abroad proves costly in terms of interest rates you can switch current loan with a balance transfer to other private finance company and give peace of mind.

Secure your admission to the dream university with an education loan for abroad, fly now!

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