How can I get education loan for studying abroad?

 How much cost you would incur on your education while living and studying abroad, depends largely on a few factors. These include the location, duration of course, and the type of education program you choose. While being determined to study abroad is an excellent thing, a student must also consider all possible resources to fund his/her financial expenses. A chunk of expenses go towards the tuition fee, followed by hostel fee. Miscellaneous expenses come thereafter. Education loan in India for study abroad can be enough to financially aid all your expenses, including the cost of travel, stay and insurance. There are private financial companies as well as public sector or government banks which offer excellent study loan for abroad to students. The sole purpose of these education loans is to help deserving and qualified students in cherishing their career goals. The education loan in India for study abroad helps worthy students in accomplishing their future endeavours.

Getting study loan for abroad

In order to be successfully granted an admission into the university, you must fulfil all financial obligations demanded by the university you have sought admission. Proof of your financial status is also essential in the visa process. Therefore, it is must that a student must apply for the education loan in India for study abroad immediately after receiving an unconditional offer letter or the letter of admission or acceptance to the university of their choice. The banks as well as private institutions might take some time for loan disbursement, which is why, you must have a breathing space and time so as not to panic in the last minute.

Eduloans: your one-stop solution to study loan for abroad

Eduloans helps you with all information that is required for applying and receiving education loan. Our loan experts help you with following information-

·         Getting a list of nationalised banks offering education loan in India for study abroad and the Eligibility

·         Getting a list of private banks and NBFCs offering study loan for abroad and the Eligibility

·         List of documents required for documentation of the overseas education loan application

·         Choosing the most suitable lender for your purpose based on Eligibility, Cost and Convenience

·         Dedicated Loan Guidance counsellor who would provide you all the Information as well as advice for procedure

·         We would help thorough communication with financial institution and banks

Loan advisors at Eduloans help you with the entire process from the scratch.

Course Eligibility

·         For undergraduate courses (graduation)- technical or job-oriented professional courses by reputed institutions and universities.

·         For post-graduate courses- diploma, MS, MBA, and MCA.

·         All these courses must be from foreign institutes or universities that are state/central government approved.

·         Banks do not generally fund Pathway programs, Undergraduate Diploma or short-term courses.

Student Eligibility

In order to avail study loan for abroad, a student must suffice following criterion-

·         Must be an Indian citizen.

·         Must have a strong education base and academic record.

·         Must seek admission to a course with strong job prospects and stay back options in the Country.

·         Must present to the bank, an unconditional letter of admission to the university.

·         Must be 18 years or above, or his/her parents could avail the loan.

With all these conditions, students can get education loan for studying abroad in the university or institution of their choice.

 

5 Important Benefits of Overseas Education Loan

 Overseas Education Loan is getting costlier every year. Higher education, especially abroad, can cost up to Rs 1 crore and more, especially if the students want to enroll in a good university. Earlier, to cater to the education needs of their children, parents used to dip into their savings or liquidate assets like gold and property. But these days, most people have started taking overseas education loans for funding a child's higher education. They look to make the student more independent and responsible.  If you too are willing to take an education loan for study abroad, look at these benefits before choosing the best option for yourself.

Savings Protection

Taking an education loan for study abroad can help you leave your savings untouched or undisturbed, helping you to achieve your long-term financial goals like children’s marriage, retirement plans, buying a property. It also prevents you from being financially dependent on anyone post-retirement. The passive Investments in most cases or the Return on Investments is higher than the actual cost of the loan.

Coverage

Overseas education loan covers the course fee along with other course expenses like hostel expenses, library charges,  exam fees, and lab fees. The loan also covers the cost of travel, books, so you don’t have to worry about anything during the course of the program. All expenses related to overseas education are covered.

Tax benefit:

Under Section 80E of the Income Tax Act., the interest you pay on overseas education loans qualify for an income tax deduction which can be claimed for up to eight years. Under 80E the parent or guardian can claim to have an unlimited benefit which reduces the effective interest rate.

Moratorium Period:

For an education loan for study abroad, the moratorium period is the period of study for the borrower during the loan term. During this period they don't have to repay the loan. The interest is charged on simple interest added into the principal at the end of the tenure.  In the case of overseas education loans, the moratorium period ranges from 6 months to 1 year from the date of completion of the course. This gives the borrower enough time to look for a good job and save to start repayment of the education loan.

Credit history:

In case you are looking at taking a loan from a lender in a foreign country overseas education loan has the unique benefit of providing a start to your credit history.  If you repay your education loan on timely basis, you will keep the credit score positive which will help them to get any other loan at reduced interest rate easily in the future.

Wrap up!

If you are looking to take an education loan to study abroad, see no more than Eduloan. We provide a single digital platform for all the borrowers and banks and help them to connect so that students can get the best overseas education loan at competitive interest rates. We have over 15 lenders which include nationalised banks, private banks, NBFCs and international banks such as Sallie Mae, Ascent or Earnest. We at Edu Loans are the most comprehensive financial platform for Overseas education loans having the maximum number of lenders to provide you the most suited loan based on eligibility cost and convenience. Reach out to us for a dedicated relationship manager who will guide you through the entire process until your loan disbursal.