Why education loan is better financing for higher studies
Posted by Shyamoli Shah on December 8th, 2016
With the rising cost of education expenses, parents often stay worried on how to finance their child’s higher studies. Although, they aspire to give their children the best education possible, the finances required often act as a hurdle for students to embark upon the glorious journey of success in life.
Today, the cost involved in achieving degrees like engineering, medical courses, management studies, etc. is anything between 5 to 10 lakhs. And if its higher studies the cost might shoot sky high. At such point of time, even the riches of the society will think twice to send kids for foreign studies. The best way to finance your child’s higher studies for abroad would be availing an Study Loan Abroad. Education loan for studies abroad is like an easy breather for parents who are on a constant hunt for right finances.
Today, government and private finance firms have taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, they have come up with state-of-the-art facilities of education loan for study abroad scheme.
When a student takes admission in foreign university they come across various problems pertaining to visa approvals, slow loan processing, incomplete finances, etc. Secondly, they have to show sufficient proof of funds when they take admission in the foreign university. To ease out the pressure and let student focus on preparing their entrance test and other studies, some leading private finance companies have come up with unique and friendly solution for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements during their journey to foreign studies.
These firms also offer win-win referral programs under which it enables you to win rewards and bring benefits to the friends you refer. Register for an education loan for study abroad, generate referrer code, share it with your friends. Aha! It’s done. You get to win the rewards and lot of good wishes from friends as well!
Private finance companies undertake extensive research and utilize expertise to offer tailor-made financing solutions for every student. With the emergences of internet-based facilities, getting a loan from banks or private firms is a hassle-free process. All you need to do is download an application form, fill-up the details and submit it along with a scanned copy of documents. Within a fortnight’s time, you will know the status of your loan application.
While government banks may demand margin money of around 15-20% to approve study loan overseas, few private finance firms give foreign study loan at no margin money costs. The interest rates offered are as low as 12.75% and the processing fee is mere 1-2% of the education loan for study abroad being calculated on a case-to-case basis.
As an Indian national, for loans up to 4 lakhs no security is necessary, but above 4 to 7.5 lakhs, collateral security in forms of third party guarantee is compulsory. And, above 7.5 lakhs of the loan, tangible security of desired value is required. It is advisable; understand your loan in terms of fund allocation, expenses covered, the interest rate applicable, tenure, repayment options, and other costs that will incur on the loan structure.
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About the AuthorShyamoli Shah
Joined: August 26th, 2016
Articles Posted: 61
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