6 Important Advices for Overseas Education Loan

Finding a suitable overseas education loan option is quite a difficult task when the overseas education application process is just around the corner. But with all the timely and step by step guidance provided by financial institutions and overseas education consultants, getting an education loan in India for study abroad has become quite easier. Each year, many study abroad aspirants apply for an overseas education loan but only a few of them become successful in getting the education loan approved. Hence, it is important to pay attention to few points and stick to them while choosing a suitable overseas education loan option.  


6 Things to be taken into consideration while choosing a right loan option

1.    Check whether the financial institutions lend an education loan for the course you are opting for:

The first and the foremost thing that overseas education aspirants should check is whether the financial institutions lend an education loan for the course that a student is opting for. The financial institutions does not lend an overseas education loan for all the courses hence it is advisable to inquire with the bank officials and check beforehand.

 

2.    Calculate and decide an education loan amount that you require to fund your overseas degree:

Second step that study abroad aspirants looking forward to availing an overseas education loan must do is to calculate the tuition fees, living expenses and other miscellaneous charges that will be required to fund an overseas degree. 


3.    Inquire the education loan policy of various financial institutions: 

Once the applicants have decided on the loan amount that is required, they should proceed with the financial institution. For that, a detailed research is required to be done on the overseas education loan offered by various financial institutions like public sector banks, private banks, NBFCs and international lenders.

 

4.    Choose a right financial institution for your overseas education loan by comparing various aspects: 

Interest rates, processing fees, repayment tenures and scope of coverage are some of the important aspects of an overseas education loans. Hence, it is recommended to compare these aspects of various financial institutions while finalizing on a right education loan option. 


5.    Know about the right education loan option to finance your overseas degree:

To fund an international degree in a foreign university, there are two types of overseas education loan options. That are namely secured education loan and unsecured education loan. Depending on your financial profile, choose a right overseas education loan option.


6.    Arranging money for margin money: 

In an overseas education loans, study overseas aspirants are required to contribute certain percentage as a part of the margin money. The financial institutions accept students to contribute up to 10% of the education loan and the rest 90% will be contributed by the bank. Hence, students should start arranging for the loan margin amount to be paid. 


These are some of the things that should be kept in mind while choosing a right education loan option. After doing a thorough research, do apply study loan for abroad studies. An education loan also provides an opportunity to the students to built on their credit scores. For any queries relating to an overseas education loan, do get in touch with us at ELAN Loans.

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