Introduction to study abroad loan

Posted by Shyamoli Shah on August 29th, 2016

One opportunity that young adults should not let slip fromtheir hands is the privilege of studying in a foreign country.Studying in a new country altogether, not just helps you understand their culture, but also learn about the field that interests you in a different setting. Pursuing education abroad lets an individual open new doors to diversify knowledge and broaden mindset. While studying abroad there are other things that will be put to test apart from theoretical studies which include your analytical, adaptation and communication skills.These days there are international education loans available at low interest rates offered by private as well as government companies. Earlier, where government banks were considered as the best source for availing any type of loan, today, there are a lot of emerging private lenders in the financial market that provide abroad study loan at some of the best interest rates.

Some advantages that you get to enjoy while availing from leading government and private sector banks or finance companies include:

  • Low interest rates up to 12.75%
  • Mere 1-2% processing fee
  • 100 coverage
  • No marginal money
  • Quick processing time
  • Flexible repayment options
  • Online account management post disbursement
  • Hassle free process

How does a study abroad loan benefit students?

  • It makes them independent
  • Approval letter before admission (at some places it is essential to have a secure admission before availing the loan)
  • Source of funds for studying in a number of foreign countries
  • Covers costs other than the course fees
  • Expert guidance throughout the process
  • Apply online

How does a study abroad loan benefit parents?

  • Reliable source of availing loan
  • Shield against family savings
  • No marginal money
  • Flexibility on collateral security
  • Convenience

Apart from all of these, there are a lot of other features offered by private financial lenders such as a bridge loan, pre-admission loan, pre-visa disbursement loan, certificate of availability of funds (USA)to ease the entire process of availing a study abroad loan.If you have performed exceptionally well in your previous academic records, then you are likely to enjoy certain privileges based on GRE score based loan. There are also country specific and institute/course specific loans designed to cater to students opting for certain countries/universities and study programs.

Students are financially dependant on their parents, which states that they cannot take care of their expenses and/or cannot repay the loan all by themselves, thus they need to have a co-applicant while applying for a study abroad loan.

Who can become a co-applicant?

The borrower’s parents or guardian, his/her siblings or spouse are eligible of becoming the co-borrower/co-applicant. As far as eligibility is concerned, the student has to be an Indian citizen. He/She should be 18 years or above and below 35 years of age.

Before applying for a study abroad loan try to get some idea about the current interest ratesand  flexible repayment options in the market. Compare various companies and schemes offered by them to find out the best alternative that suits your needs.

Source: http://youknowitbaby.com/article/15417/introduction_to_study_abroad_loan.html

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Shyamoli Shah

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Shyamoli Shah
Joined: August 26th, 2016
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