6 Misconceptions about Taking A Student Loan for Abroad Study

1. 6 Misconceptions about Taking A Student Loan for Abroad Study

2. Presentation Outline I. Introduction II. Student loans have high interest rates. III. Student loans take a lot of time to process and get sanctioned. IV. Student loans provide only a limited amount of money. V. Student loans require security beyond a particular amount. VI. Student loans are accessible only to scholars VII. A student loan will only provide funding for the course fee VIII. Social Link

3. Introduction Student loans are the perfect way to fulfil your financial requirements if you are planning to do abroad studies. Along with helping you pay the course fees, there are dozens of benefits one can enjoy when they take a student loan for abroad study. However, many people are quite hesitant about taking such loans. This is mainly due to the lack of correct information and the presence of misconceptions regarding such loans in people’s minds.

4. Student loans have high interest rates Lenders understand that high interest rates may stop aspiring students from pursuing their higher education abroad. There are many lenders in the market that offer competitive interest rates. Make sure the lender you are going with provides great features along with a suitable interest rate.

5. Student loans take a lot of time to process and get sanctioned Usually, loans taken from banks take a lot of time to get processed, so people have this misconception that a student loan for abroad study may take a lot of time to get processed too. However, if you are taking a loan from a reliable NBFC, your loan application may get processed within 4-6 working days for unsecured loans and 8-10 working days for secured loans. It is necessary to choose a lender that provides quick loan processing as any delay from the lender’s side can have a negative impact on your admission process.

6. Student loans provide only a limited amount of money This is not true as there are many NBFCs who do not have an upper limit on the loan amount they are willing to provide. Your funding requirement may be high than usual depending on several factors like the choice of course, university and study destination, and so on. So, make sure you do your research and choose a student loan for abroad study that can meet your requirements.

7. Student loans require security beyond a particular amount  Many NBFCs are willing to provide an unsecured student loan for abroad study even for very high amounts; that is, you do not have to provide any sort of collateral to the lender against the student loan for abroad study. This ensures that your family’s assets or property stay with the family.

8. Student loans are accessible only to scholars There are many factors which will determine your eligibility for a student loan for abroad study. Your grades are only one such factor. A reliable student loan lender will look at your career potential in the coming future rather than your academic past. 

9. A student loan will only provide funding for the course fee When you go abroad for higher studies, you will have to incur many expenses beyond your university course fees. These expenses include travel fare, housing costs, study material costs, and so on. Not many people know that a student loan for abroad study can provide funding for these expenses as well.  Related Blog:- Here are 5 features to look for when comparing study loans for abroad.

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