The Knowledge Guidebook on Overseas Education Loan


Applying for an education loan for abroad is one thing but it is equally crucial to have detailed information about your loan before you sign along the dotted line. This article will put light on some vital things to keep in mind when availing an education loan for studies abroad.

Realising the Loan Technicalities
When you are planning to apply for online loan application for abroad studies, make sure you read the fine print carefully. Understand every aspect of the loan and go through the terms and conditions with a fine-tooth comb. When it comes to an overseas education loan it is critical to pay careful attention to the rate of interest, the tenure of the loan and any other terms you have agreed to. Do check the loan amortisation schedule so that you have a clear understanding of the EMI. This will help you stay on top of things and make your experience with an education loan for abroad a pleasant one.

Determining the Loan Amount
It is easy to get swayed by a larger loan amount, when applying for an education loan for abroad. However, remember that while the additional money be a comfort, the EMI also increases proportionately. Therefore, it is a good idea to get a grip on your finances before you apply for the loan and understand precisely the overseas education loan amount you require. The right financer will have the expertise to guide you when it comes to availing of an overseas education loan.

Set Up an Auto-Debit Option
When you avail of an education loan for abroad, it can get difficult to keep track of your EMI, especially if you are working overseas on completion of your programme. It may happen that you slip up on repayment, which will negatively impact your credit history. Hence, it is prudent to set up an auto-debit option so that the EMI outgoing is taken care of seamlessly, without requiring any intervention.

Choose Your Lender Wisely
Remember that when you avail an education loan for abroad education, the relationship with your lender is long-term, and this makes it important for you to establish a rapport with them. Do not be afraid or hesitant to ask your lender to clarify any queries or doubts you may have because a study loan overseas is a big decision for anyone to take.


Just go through the list of banks below which offer overseas education loan.
·         State Bank of India
·         Bank of Baroda
·         Axis Bank
·         Auxilo
·         Avanse Education Loans
·         InCred
·         HDFC Credila
·         Punjab National Bank
·         Canara Bank
·         IDBI Bank

Keep Track of Loan Repayment
While the grace period or loan moratorium can indeed prove to be a boon for students, remember that the longer you wait before starting off on loan repayment, the more you wind up paying by way of interest. The interest on your loan amount begins to accrue as soon as you graduate and making payments at the earliest will help bring down the interest burden, often significantly.

With the above tips in mind, you can look forward to a stress-free time when it comes to looking for an education loan for studies abroad, and rest assured that the decision to get an overseas education is the best one you could have ever taken. In case the question of how to get education loan for study abroad is still lingering in your mind, you can walk into any of the nearby education consultant’s office and seek their assistance.
All the Best!

Read more:
How Tax Plays an Important Role in Overseas Education Loan

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