Numerous students have started travelling to foreign countries for quenching their thirst of quality education. After all, students of today’s generation know the importance to obtain an educational degree from a premium institution for leading a successful life.
But, the costs of procuring higher education from a premium university abroad is something beyond the reach of many Indian students. Mostly, the reason behind this is the financial constraint.
But the good news is that now they can give wings to their dreams to fly to a foreign land by applying for an education loan for study abroad. The education loan to study overseas helps many Indian students to pursue their higher education at prestigious universities. Students who want to study at the prestigious MIT or Victorian campuses of Bloomsbury, London can find the financial means to do with an overseas education loan. With many banking institutions providing a wide range of services, applicants can cover their education loan for study abroad, including their tuition fees, travel, living expenses, and even student healthcare insurance services.
What is an education loan for study abroad?
An education loan for study abroad offers students who wish to pursue their higher education in the field of their choice from a prestigious university in a foreign country. The overseas education loan for covers many educational expenses including the tuition fees, the cost of college fees, travel and living expenses, costs of study material and other study-related minor expenditures which students might incur.
Why should you choose the overseas education loan?
There are many features which you can enjoy by choosing the overseas education loan. A few of these include the following:
- An overseas education loan for study abroad is offered by the banks and the NBFCs (Non-Banking Financial Companies) at lower interest rates than the ones from the loan sharks and traditional lenders. Moreover, the new-age financial institutions offer additional discounts of 0.5% on interest rates for meritorious students and women as well.
- The banks and NBFCs offer the borrowers with a flexible repayment option as well. So, you can easily plan and repay the borrowed sum in the form of EMIs (Equated Monthly Installments) over a fixed period.
- The financial institutions even offer the borrowers with a free EMI calculator on their online websites. This enables the loan applicants to calculate their EMIs based on the principal borrowed amount, the interest rates and the repayment tenure.
- Additionally, the financial institutions even offer you the services of guidance counselors who guide you with the course of your choice, and the admission process. So, it will help you to effortlessly pursue your higher studies from your choice of an educational institution in a foreign land with ease.
How to Apply for an Overseas Education Loan for Pursuing Higher Studies Abroad?
Applying for an overseas education loan for abroad studies from a bank or an NBFC is easy as long as you fulfill the required eligibility criteria as follows:
- You are an Indian Citizen in the age group of 18 to 35 years.
- It would be best if you produced a co-borrower to the financial institutions. This co-signer can be your parents, siblings, etc.
- The financial institutions will check your educational background, the course you wish to pursue, the country in which you want to study, etc. Moreover, the banks and NBFCs will also check the credit score, history and income of your co-borrowers.