Return to site

What To Look For In An Education Loan For Abroad Studies

· Education
broken image

Thinking about going overseas to pursue your further education plans? That’s a brilliant decision! Studying abroad opens the door to better jobs and a better standard of living as well. However, it will also cost you a lot of money.

This is because education expenses seem to rising exponentially every year. Not only that, the difference in currency valuations could make things ever trickier. However, you shouldn’t have to put off your plans due to financial gaps – you can just get an education loan for abroad studies.

These finance solutions offer the easiest way to chase your aspirations, even if you do not have the required funds in hand! What’s more is that there are several such loans available in the market. While this wide spread of choices is good for you, it can also make it a little difficult to take your pick from the options before you.

Keeping this in mind, the following article will highlight some things you should look for when in need of an education loan for abroad studies.

Look for 100% financing

This is one of the first things you should look for in an overseas education loan. Many loans will ask you to provide some sort of down payment or margin money. You should this and look for loans that will cover all your expenses in the full. Non-banking finance companies are your best bet in this regard!

All education-related expenses covered

Some study abroad education loans only offer financing for the course fee. However, there are several other expenses that you will encounter while pursuing an overseas education. You need to pay for entrance exams, your visa, provide proof of funds for the visa, pay for travel and living expenses, possible cover the purchase of a laptop, and so on. All these expenses can add-up to a huge amount. Therefore, it makes sense to look for a lender that covers all of these expenses as well.

Preferential benefits

Have you been an outstanding student all your life? Did you smash your entrance exams? Well, then you should for a lender that will reward your stellar academics. You should be able to get an education loan for abroad studies as better interest rates, lower processing fees or higher loan amounts as well.

Collateral-free financing

Some lenders will ask you to provide some assets to tie-down the loan. This is a little scary and can also be a dead end for those who have no assets to offer as security. Keeping this in mind, it is better to look for a lender that is willing to provide the loan on your laurels alone, not your assets!

Doorstep services

It’s nice to have the lender come to you instead of having it the other way around. You do not have to visit the branch, get stuck in traffic or waste your energy trying to get the loan. Some of the best education loan provides will come to your home to finish the application process.

Hope this has been helpful, good luck and all the best with your studies!