Education Loan for Abroad: Fund your studies with ease

1. Education Loan for Abroad: Fund your studies with ease

2. Quality education is very important to achieve the new zeniths in life. And today most aspirants from India are planning to fly overseas to achieve their educational dream goals. However, studying abroad demands a huge investment. The free structure of reputed institutions across the world is quite high. The real question would be how many of these aspirants are able to turn their dream into reality because of the costs involved? Abroad studies are no doubt quite costly still there are ways to fund them. If you opt for traditional finance you will fall into the trap of exorbitant interest rates. Therefore, one of the finest ways to finance your dream course would be taking an Education Loan for Abroad studies. • Today, leading banks and private finance companies across India offer overseas study loan to millions of aspirants who often compromise on your dream course at prestigious universities due to financial hurdles. Since these loans are offered to students they come at attractive interest rates of 11-15% and a mere processing fee of around 1-2% on the loan amount. Women applicants are further given a 0.5% concession on the interest rates. There are a lot of players available in the market that are ready to fund your higher studies in countries such as US, UK, Australia, New Zealand, France, etc. There are firms who offer an unsecured loan up to Rs 50 lakhs and with proper documentation the loan is sanctioned within a day.

3. Students who fly abroad for higher studies are treated as NRIs and it’s important for students to show sufficient proof of funds before securing an admission in their dream university. Since, parents are unable to arrange such huge funds in such a short span of time, it’s the private finance companies who come up with customized 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. • The quantum of your Educational Loan, the documentation will vary across different lenders. Since most parents are not able to fund the margin money as well, there are private finance companies that are willing to offer 100% education finance as well. It’s a big sigh of relief for meritorious students and parents who often stay worried about arranging finances. • Ideally, the overseas study loan amount will cover your tuition fees, annual fees of college, examination fee, library fee, hostel and mess charges, books and equipment, study materials, caution deposit, and other expenses those required for completing the educational tours, thesis work, project funding, etc.

4. The repayment of the education loan for abroad can be started six months or one year after the course completion. Experts’ advice it would be wise if you start paying off the partial interest servicing during the course as it will significantly bring down the loan costs. • Many times students are in a hurry to opt for study loan in their quest to secure admission in Dream University. However, at any point of time, you feel the interest rate proves costly on your wallet else the firm is not funding you adequate towards your tuition fee; you can opt for study loan refinance. Reputed private lenders are keen to offer attractive interest rate deals for individuals who pay their interest rate EMI on time and co-borrowers have a good credit score.

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