Elan Overseas Education Loan

Hello Reader, The fact that you have landed on this page proves that you are applying for an overseas education loan to study abroad. Congratulations on that! Either you are new to the loan specific terminologies or want to double check your knowledge. Either ways, you have landed on the right page. Have you read our 1st article - Basic Overseas Education Loan Terminologies – Glossary 1 which covers the 1st part of the loan terminologies?  This article is in continuation to it with the 2nd part of Glossary to help you understand better. You can find the 1st article on the same page.   Read on to get introduced to the next set of foreign education loan terminologies. Interest Rates related Education Loan Terms: Accrued Interest: The interest earned by the lender and payable by the borrower is called as Accrued Interest which is calculated on top of the unpaid principal balance on a daily. Floating Interest Rate: The interest rates which are likely to change over a short period ...

Most Indian students who wish to pursue their higher education abroad, for them overseas education loan is the popular choice of funding. In the process, there is a high chance for such higher education aspirants to get lost in technical jargon as these terminologies can be tricky. Some of the most commonly used terms in student loans for studying abroad is listed in this article to give you a thorough understanding. All the terminologies covered in this article, are applicable for both secured (with Collateral) and unsecured (without collateral) loans. So, let us begin first with types of loans. Secured Education Loan: In this type of loan, you need to mortgage certain types of assets as collateral security to the lending bank. Collateral Overseas Education Loan is another name of the secured loans. In simpler words if the borrower is opting for a secured loan then, the applicant is required to pledge some kind of asset as collateral like an immovable property or liquid security. Uns...

  What future holds for them is the question that is always ringing in the minds of study abroad aspirants and international students in this time of distress. As per a survey done by the union of study abroad advisors, nearly 72% of the candidates still want to achieve their dream of studying abroad. Although many students have made up their mind for overseas education, they are facing financial constraints and are looking to arrange finances wanting to opt for student loans for studying abroad . However, they are not able to move ahead with their plans due to the current lockdown. Read on to know all the updates regarding the banks during COVID-19. How the present situation has impacted availing education loans? Financial institutions are continuing with their work even as the lockdown continues. Banks and Non-Banking Financial Companies (NBFCs) are waiting for some clarity from universities abroad for current loan disbursements, and students are waiting for visa approv...