Elan Overseas Education Loan

As opportunities for education and employment are growing across the globe, students aspiring to study abroad are increasing day by day. Universities abroad offer multitudes of program choices thus promising high flying career options. Although sky is the limit for academic and career options, we definitely have a limit for expenditure. Studying abroad can be very expensive as the entire tuition fee and stay cost has to be arranged by us. This is where foreign education loan comes as a saviour. It is very crucial to select the right bank or financial institution for overseas education loans. But, in order to select the appropriate one, it is important to know about the type of loans. There are 2 types of Overseas Education Loans available:   1.    Secured Loan 2.    Unsecured Loan Secured Loan: Secured loan means, a loan taken based on your assets like Immovable property, Fixed Deposits in Banks, LIC Policies, Governm...

Getting education loans for studying abroad is a huge task for the parents and the student. Loans that are disbursed against collateral, also known as secured education loans have the following benefits; a. A lower interest rate than unsecured loans and, b. The lender institution disburses a higher amount. However, there may be certain issues faced by borrowers regarding the collateral that is mortgaged. In this article, we seek to introduce the concept of top-up loans and how they help borrowers in the process of getting Student Loans for Studying Abroad . The article also explores various alternative options of top-up loans that may be utilized by prospective borrowers.   What is a Top-Up Loan? A top-up loan is of immense benefit to borrowers with a single asset acting as collateral, and the requirement of multiple loans. A top-up loan may be explained with the following example. Suppose Mr. X has a bungalow worth INR 95 lakh which he has used as collateral to fun...

Pursuing Master of Business Administration from an internationally acclaimed institute is what a major proportion of students aspire for. However, pursuing MBA from an overseas destination is expensive, which is why a lot of students let go of their dream of studying abroad. But, there are ways that can effectively help students and their parents manage the finances and get the high-quality education which would lead to an elevation of the student’s career with leading MNCs at managerial positions.  This article touches upon these effective financial means of assisting students and include an Education Loan for Abroad Studies in addition to other alternatives. Self-funding: Not a Very Smart Choice Contrary to what most parents feel, self-funding is not the smartest choice that one can make for financing a study abroad program. Let us elaborate. Although you may manage to get the necessary funds required for self-funding your MBA, you are faced with the follow...

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...