A number of students have started traveling to foreign countries in order to quench their thirst for a quality form of education. After all, the students of the modern era know the importance of obtaining an educational degree from a premium institution to lead a successful life. However, the costs of procuring higher education from a premium university are something that is beyond the reach of many students. But now they can give wings to their dreams and fly to a foreign land by simply opting for an education loan for abroad studies. At present, there are a plethora of new-age financial institutions that provide capital assistance for the students to obtain higher education from a foreign university.
What is an education loan for studying abroad?
An education loan for abroad studies is offered to the students who wish to pursue higher education in the field of their choice-from a foreign country. This loan covers a number of educational expenses such as the cost of college fees, tuition fees, living expenses, travel expenses, costs of study material; as well as the other minor study-related expenses that the students might incur.
Why opt for this loan?
There are a ton of features that you can enjoy by opting for this loan, and a few of them are here as follows:
- An education loan for abroad studies is offered by the banks and NBFCs (non-banking financial companies) at way lower interest rates than the ones provided by the loan sharks and traditional lenders. Further, the new-age financial institutions even offer additional discounts of 0.5% on interest rates for meritorious students and women.
- The banks and NBFCs (non-banking financial companies) even offer the borrowers with a flexible repayment option. Thus, you can easily plan ahead and repay your borrowed sum in the form of EMIs (equated monthly installments) over a period of time.
- The financial institutions even offer the borrowers with an EMI calculator on their online websites for free. Therefore, the loan applicants can calculate their EMIs on the basis of the principal borrowed amount, interest rates, and the repayment tenure.
- Further, the financial institutions even provide you with the services of guidance counselors. These counselors guide you with your choice of course, as well as the admission process. Thus, you can easily pursue higher studies from your choice of an educational institution with ease.
How to apply for an education loan for pursuing higher studies abroad?
You can easily apply for an education loan for abroad studies from a bank or an NBFC (non-banking financial company); as long as you fulfill the required eligibility criteria. These criteria are here as follows:
- You can easily apply for financial assistance as long as you are an Indian citizen in the age group of 18 to 35 years (for most of the banks and NBFCs).
- Further, you also need to produce a co-borrower to the financial institutions. This co-signer can be your parents, siblings, etc.
- Also, remember that the financial institutions even check your educational background, the course of choice, the country in which you want to pursue higher studies, etc. Further, the banks and NBFCs also check your co-borrowers credit score, history and income.