A Guide to Applying for Education Loan for Abroad Studies

The highly advanced academic programs, exposure to diverse cultures, and opportunities for personal growth have made international education a preferred option for students in India. However, the fees and relevant costs of studying abroad can be out of budget for many students. This is where an education loan can help students fund their higher education and career growth. Those who are eligible can apply for the loan for themselves, their children, or their spouse. Many banks and NBFCs have diverse terms and conditions regarding the loan amount, loan tenure, interest rate, etc. So, it is vital to consider all these factors when selecting the best education loan for abroad studies.

Consider Your Loan Requirement

Before looking for financing solutions, you must assess your needs and be clear about the course you want to study in Canada, the UK, the USA, or any other country. The loan amount should be enough to cover all the expenses, including college fees, tuition fees, hostel charges, and the cost of books, laptops, and other equipment. You should compare the loan amount offered by various loan providers in the market.

Check Interest Rate

The next important point to consider is the rate of interest on an education loan. The interest rate of a study loan can vary significantly between different banks and NBFCs, based on students’ eligibility, loan amount, and tenure of the loan. Students should go for the lowest interest rate possible since it will determine their financial accountability for specified years.



Check Loan Repayment Period

Many loan providers offer different loan tenures and multiple repayment options, allowing students to select one based on their financial plan and ease. You can start repaying the loan amount from the time you are in college through a part-time job, or once you complete the course and get a job. It is recommended to select a loan company that provides with sufficient time to repay the amount.

These are the top points you need to consider when applying for a loan to study abroad. A little research and a proper plan before applying for an education loan to study abroad will help in the long run.

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