Elan Overseas Education Loan

Getting an Overseas Education Loan to finance higher studies is no trivial matter. There’s a huge amount of money involved, covering education fee and cost of living at the destination country which needs to be considered. This money needs to be sanctioned from the financial institution first and later repaid with interest. Hence, a lot of factors need to be considered so as to ensure that the entire process is conducted smoothly. The financial agencies granting Education Loan for Abroad Studies are : Nationalized Banks Private Banks Non-Banking Financial Companies (NBFCs) Here are some examples of each type; Nationalized banks: State Bank of India, Bank of Baroda Private Banks: Axis Bank, ICICI Bank NBFCs: Auxilo, HDFC Credila, InCred Each institution follows a distinct process to evaluate the borrower’s profile and assess the amount to be disbursed on a case-to-case basis. The student is advised to have detailed knowledge about the criteria that the lending...

Education from a top foreign university certainly strengthens a student’s profile. Additionally, exposure to varied culture positively impacts the personality. However, in most of the cases, the student needs a loan to pay the course fees, living expenses and allied costs. In a country like India, 65% of whose population is below the age of 35, the demand for education loans is on the rise with a large number of students opting for a foreign education loan. However, the entire process of getting an overseas education loan is hardly straightforward. We have tried to explain in detail, the various aspects involved. Firstly, having scholarships or tuition waivers do not mean that you don’t need a loan. A significant amount of cash is spent in living expenses which include; food, accommodation and travel. Some factors to be taken into account before applying for a foreign education loan are: 1.      The course fee and Scholarship granted: The loan...