Elan Overseas Education Loan

Students going abroad need money for their travel, accommodation, food, educational expenses and so on throughout their educational stay. In this case, international debit/ credit cards are not advisable in the first place. The new smart ways to complete foreign transactions are forex cards and wire transfers. This can be useful for anybody travelling abroad for any reason, travel, work, leisure or study. Spend smart with Forex Cards: Ease of Global Use: Forex Cards are easy to use as they are prepaid cards. This enables the user to swipe the card at airports, food counters, hotels and wherever required instead of using cash currencies or international credit/ debit cards. Safe for Transactions: Forex Cards come with a chip and PIN, that make it secure for use. Forex Cards are helpful for students specially as it is safer to use and carry. Students staying in hostel or dormitories are often under the threat of stealth. Travelling to new places is also a risk for...

Parents often cringe at the thought of getting an overseas education loan. Many who cannot afford the expense of overseas education miss the opportunity due to the misconception about education loans. However, many who are financially sound prefer to self-finance the overseas education loans.  This article points out why aspirants should go for education loans for abroad studies instead of self-funding. The assorted benefits of going for overseas education loans are given below:  1.      Tax Benefits A significant advantage received by borrowers is Income Tax Benefit. Under section 80E of the Income Tax Act of India, Loan applicants will be eligible for deductions in rate of interest paid on the loan. It must be ensured that loans are taken only from gazetted financial institutions to be eligible for this benefit. Any Indian citizen may claim this benefit on education loans for self, married partner, children or for someone w...

Getting an education loan for overseas study is an important decision. Based on the country of study, the course, course duration, University/ institution and the location, the loan amount may vary from around 20 Lakhs to more than 1 Cr. In such cases, the right education loan becomes the most important factor in the education process. The financial institution granting Student Loans for Studying Abroad not only check the academic score, reputation of the applied institution, and the co-borrower’s salary,   but also take another factor into account- The Credit Score. This article talks about the credit score and provides the different ways in which your credit score may be improved. What is a Credit Score? A person’s entire borrowing history, from credit card bill repayments, various kinds of loan repayments, and even such things as payment of rent comprises his/ her credit history. This credit history is compiled into what is known as, the cr...