What are the Ways to Get an Emergency Student Loan?
When you are pursuing a course or degree, there is always a constant need for funds. And the last thing you want is to deal with an unexpected financi...
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Studying abroad is a dream of most students. It’s a life-changing moment as the students get to experience cultural changes while pursuing their education at a world-class university.
However, the heavy costs involved in studying abroad force students to give up on their dreams. But money should not come in the way of your studying abroad, therefore, comes the option to finance your education through an education loan for study abroad.
If you are thinking to get a student loan for study abroad, then go for it!
Most lenders and financial institutions offer education loans for foreign studies to students who aspire to study at reputed universities.
Getting pre-approved for a student loan is easy, provided that you conform to the eligibility requirements to get a student loan.
These study loans can be used to pursue different courses, coaching for competitive exams, undergraduate or postgraduate degrees, etc. You must get an invitation to study in such prestigious universities in order to qualify for a student loan.
A student loan can be both secured and unsecured; secure loans required you to pledge collateral, while the unsecured can be obtained with collateral, albeit with a higher interest rate. Various banks and NBFCs offer students loans to study abroad.
The loan amount that you get to pay for your education depends on the course or university you pick and your ability to conform to the loan requirements.
Ensure that you match the student loan eligibility requirements as decided by the lender before you proceed to apply for a student loan for abroad. The lender or financial institution may evaluate your academic records, and admission letter, and may ask for collateral if needed.
Search different lenders, before you settle on a single source to finance your education. Also, cautiously skim through the fine print, and get familiar with the terms and conditions as you apply for a study loan abroad. With the abundance of online loan providers, it is important for you to take your time to research and find a suitable loan option.
While taking a student loan may seem like a financial burden, but in the long run, you will realize that you made a good decision by taking a student loan for study abroad. To further elaborate on the same, here are some benefits of taking an education loan for foreign studies.
Attaining Quality Education: With strong financial support through a student loan for abroad, you get to experience higher education in the university of your Dreams. This way you get access to quality education, and open up gateways for brighter career assistance. If there was no financial aid in form of student loans, then quality education may have remained a distant dream.
Paying Low Interest: The interest on education loan abroad is lower when contrasted with other types of loan facilities. Even a slight difference in the interest charges can reduce the loan amount to a considerable extent, and lessens the repayment burden.
Affordable Repayment Plan: Education loans provide affordable repayment plans and terms. In a study loan for abroad, there is a special benefit called the moratorium period in which the student doesn’t have to start repaying the loan before the completion of his education. This allows you to study without taking the burden of repaying the loan. In the meantime, you can secure a job.
Access to Tax Rebates: An education loan for study abroad allows some tax benefits to the applicant. In section 80E of the Income Tax Act, a deduction can be claimed on the interest paid on your education loan. This way you can save a considerable amount paid on the student loan.
Improved Credit History: If you have to pay your student loan for study abroad timely without fail, then you are building a good credit score. This improved credit history will make you eligible for loans with larger amounts in the future.
The aid of an education loan for foreign studies not only finances your education, but also assists you in creating a stronger financial future.
All you have to do is choose the right lender to get pre-approved education loans and borrow only the needed amount for your education to avoid swamping in debt.
There are certain eligibility requirements that you need to adhere to if you wish to qualify for a student loan and get the desired funds to finance your education. Let’s have a look at those basic requirements:
Citizenship: You have to be a citizen of India if you want a student loan for study abroad purposes.
Age: You should age between 18 to 40 years before you apply for the education loan to study abroad. Different lenders have different age requirements, so make sure you conform to the age requirements as specified by the concerned lender.
Admission: You have to possess the formal invitation letter or admission letter from the university in which you want to pursue further studies. The formal admission or invitation letter is crucial to show to quality for a student loan.
Academic Background: You have to be qualified for the degree or course you are applying to, in order to get the education loan. For instance, completing 10+2 (12th standard) to pursue an undergraduate course, and a degree to get an education loan for foreign studies for a postgraduate course.
Financial Eligibility: You must fit the financial eligibility requirements of the lender that you are applying for the student loan for study abroad. You may also have to pledge an asset as collateral if you do not qualify for the unsecured loan for the required borrowing amount.
Credit Score: Another key factor that qualifies you for an education loan for study abroad is your credit score. If you are applying for a student loan, ensure that you have the credit score required by the lender to get a student loan.
Other Requirements: You also have to submit the other basic information and documents as required by the lender such as address proof, income proof, identity proof, etc.
It is crucial that you live up to the mentioned requirements, in order to get qualified for the needed borrowing amount for your education loan.
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