Things you need to know about overseas education loan

1. With foreign universities launching innovative professional studies, more and more aspirants from India are gearing up to take the experience and empower themselves with a quality education from their dream destination. The first thing that comes to a student's mind while arranging money for his or her higher education would be applying for scholarships or financial aids. However, foreign studies are way too expensive and these scholarships and aids won't help to bridge up the creeping costs. Borrowing from traditional financers will only dupe your parents with exorbitant interest rates and lesser tenure for loan repayments. The best way to fund your studies abroad would be taking overseas education loan. Things you need to know about overseas education loan

2. Overseas study loan offered by leading private finance companies, banks and government banks help you to take complete care of your higher education while in a foreign nation. expenses covered under an education loan include tuition fees, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects, thesis work, and study tours. These education loans are the best helping hand for millions of aspirants who want to fund their foreign studies. All you have to do is just reach out to a private lender and they are willing to find a solution that will take you closer to fulfilling your educational dreams!

3. With study loans, you can pursue higher education at some of the most popular foreign destinations like USA, UK, Australia, Canada, Germany, France, New Zealand, Ireland and more. Private lenders understand the sense of urgency and bring up customized loan solutions as per the aspirant's financial requirements and one which proves affordable on their pockets. They 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. The best part of overseas education loan is that lenders offer loan at competitively low-interest rates of mere 11-15% compared to a personal loan or traditional financiers. They offer flexible repayment options with repayment tenure for 7-8 years. You don't have to start making the repayment immediately instead you can start repaying from six months to one year after the course completion. Its' termed as moratorium period and it’s the most unique thing about study loans. There is a special concession of 0.5% for women applicant's as well to empower their growth in every sector.

4. Lenders evaluate certain parameters before they grant a study loan such as your age, academic records, parents/co-borrowers credit score, income source, debt, and the collaterals. They will also evaluate the course type, its job prospects in the future, the country, currency rate, and the university grade. While government banks demand to show margin money up to 15-20% of the loan sanction amount, private lenders are willing to give 100% education finance for exceptionally well talented young individuals. They offer an unsecured loan up to Rs 50 lakhs and with right documentation, good academic and credit history the loan gets approved in a mere 24 hours!

5. Gone are the days when you had to run pillar to posts to collect information leaflets, sit home and do all the brainstorming to compare the interest rates, loan disbursal amount, the interest rate applicable and EMIs, fill -up forms and visit branches for submission. It took another fortnight's time to receive a letter in your inbox to know your loan status. Today, with online facilities you can compare loan of pioneer players, know the interest rates, calculate EMI as well as make an application online. Right from the cozy corners of your home or colleges you can apply for overseas education loan and set off to achieve your educational dreams!