How helpful is educational loan for abroad studies

Posted by Shyamoli Shah on September 9th, 2016

The best way to broaden your perspective and learn about different cultures is to go for abroad studies. If you have sufficient financial backing, then it should not bother you much. But, if you do not have the required funds, yet wish to pursue higher studies in a foreign country, then you can apply for a educational loan for abroad studies. Unlike previous days where obtaining an education loan for studying abroad was a big deal, now you can easily avail an education loan with the number of online loan application tools available on the internet. Apart from government banks, a number of institutions and organizations have started offering education loans for students who have got the desired skills but are lagging behind due to financial crisis.

It is but natural that students are in a way financially dependant on their parents. Even if they do a part time job, there isn’t much scope of income without having a professional degree. Thus, funding overseas education all by themselves isn’t really possible for both students as well as parents. A educational loan for abroad studies can ease the financial burden till the time the student graduates and finishes his/her international education course. Firstly, you will have to inquire about scholarships offered by various colleges and universities for abroad studies. Secondly, if you aren’t able to find any scholarship or fail to do well in the scholarship exam for some reasons, then you should begin searching on the internet about abroad loan at low interest rates.

Borrowers availing educational loan for abroad studies can choose among various options and enjoy privileges such as:

•Pre-visa disbursement loan- To show proof of funds while applying for a study visa. This loan helps students to secure their visa when they already have a confirm admission in a foreign university.

•Bridge loan-Helps bridge the gap by covering all minor costs apart from the basic academic fees

•Score based benefits-Special schemes and privileges for students with good academic performance

•Pre-admission loan-Unlike other education loans, it can be obtained before you have a secure admission. The application might get sanctioned, but actual disbursement will happen only after you get admission in the desired institute/university.

•Fast-track loan-As the name suggests, it is an express loan which requires the least amount of processing time

•Certificate of availability of funds (USA) - A document that demonstrates you have sufficient capital to pursue studies in a foreign country and take care of your living expenses.

A educational loan for abroad studies not just covers your basic academic fees, but all the other expenses that arise while studying in a foreign country such as living and maintenance costs, cost of books/laptops/uniforms, library fees, cost of application forms, etc. While the loan gets disbursed directly into the college/university account, hotel and mess charges if any, are handed over to the concerned authorities. For the disbursement to take place on the right time and in the right account it is essential that you provide all relevant and accurate information to the lender. The documents produced have to be original as they will be verified by the lending body. There is a standard set of documents for almost all the private as well as government financial companies. Yet, if there are any changes in the documents required, you can find them by visiting the relevant banking website.

Source: http://articles.org/how-helpful-is-educational-loan-for-abroad-studies/