4 blunders to avoid while getting a study loan for studies abroad

 

Higher studies are the best way to establish a prospering career. A university degree helps students even more when done from reputed institutions worldwide. These reputed foreign universities offer quality higher education but they are expensive to study at. Mostly, students have to opt for education loans to fund their higher studies in such universities. Although getting a study loan abroad is more accessible, students need to be careful while getting one. In this article, we expose 4 blunders to avoid while getting an abroad study loan.



  1. Not reading the terms and conditions carefully

Students often overlook the importance of reading the terms and conditions of the lender while getting an abroad study loan. Read the terms and conditions carefully. Read the benefits that you would get from the education loan, the conditions under which you can enjoy those benefits and the exclusions that will keep you from enjoying those benefits of the loan.

 

Ask the lender to put the terms that you want specifically in the education loan. For instance, if you want to involve a third-party FOREX vendor to convert your loan amount to the host country’s currency then you can ask the lender to add that condition in the loan agreement.

 

  1. Estimating the expenses wrongly

Students often end up calculating the education expenses incompletely or wrongly. To avoid this mistake, talk to your seniors who currently study at the university or who studied there in the recent past.

 

Understand all the expenses like the tuition fee for the whole duration of the course, the expenses incurred to travel to the foreign city, the expenses of lodging and boarding over there, the exam fees, the library fees, the stationery expenses, the laptop expenses and so on. Know the expenses holistically and ask your lender to finance them appropriately.

 

  1. Filling incorrect information in the application form

Often, students make mistakes while filling information in the study loan abroad application form. Take the help of lender’s executives if you are filling the form offline. Read the on-screen instructions carefully and follow the on-screen prompts if you are filling the form online.

 

In short, avoid putting incorrect information unintentionally or intentionally. Spell your details correctly in the application form. Also avoid minor mistakes like errors in spelling name or residential address or contact details or in the same details of the co-borrower. If incorrect details are provided, you may be barred from getting an education loan.

 

  1. Submitting wrong documents

Some students provide incorrect documents to the lender while getting a study loan abroad. This should be avoided. Provide the documents that the lender asks you to submit. Do not give unnecessary documents or fake documents to the lender.

 

Only provide the legit documents and even in that, only the ones that the lender asks you to. If you give incorrect documents, you may be barred from getting an education loan for your higher studies.



So, these are the blunders to avoid while getting an education loan for abroad. We hope that after reading this article, you have clear knowledge about the way to proceed in applying for an education loan for your studies abroad. All the best!

Comments

Post a Comment

Popular posts from this blog

MBA specializations that you can do in India with the help of study loans

Image
  For the last 15-20 years, the number of students who are opting for an MBA after their graduation has increased rapidly. Reasons behind this sudden increase include demand for candidates with a specialization, lack of job opportunities for basic degree holders, and to increase one’s market value. This has caused students from all the streams to go for an MBA that would give some weightage to their profile. However, unlike earlier times when only a plain MBA degree used to be offered, there are different specializations in MBA that are being offered by B-schools to their students based on their field and requirement. We have listed below a few types of MBA specializations that you could apply for with the help of study loans : 1.       MBA in Digital Marketing One of the most sought after specializations, an MBA in digital marketing is offered by all of the B-schools in India. Digital marketing has made it easier for brands to connect with potential customers using the internet.
Read more

Here’s all that you need to know about the parental involvement in CBSE schools in Gurgaon

Image
  Gurgaon is known to have the best ranked CBSE schools in the country, with experienced faculty members who are also known to provide quality learning methods that result in upgrading the education level.     The one aspect that makes all the CBSE schools in Gurgaon unique is their constant efforts of encouraging parental involvement. Wondering what is parental involvement in schools? Don’t worry, this article will provide you with all the information regarding parental involvement. Read on to find out how.                                                                                                            What is parental involvement all about in school? It means that parents wholeheartedly contribute to the education process of their child. Parents contribute by volunteering in classrooms and helping with organizing functions. Schools that give utmost importance to parental involvement believe that it leaves a positive impact on the academic and overall achievement le
Read more

4 questions to ask yourself before taking an education loan for studying abroad

Image
  Education loans have helped millions of middle-class students to pursue their higher studies in prestigious universities around the world. It is a boon for the ones who can study further in their fields but do not have funds to pay their higher education expenses. In recent times, education loans for studying abroad have become more accessible, which have resulted in students actively applying for such loans. In this article, we will tell you about 4 questions that you should ask yourself before getting an education loan for studying abroad , and thus, be a responsible borrower.       Do I satisfy the eligibility criteria, and do I have documents to prove it? This is the first question you should tackle. If you don’t stand eligible for an education loan for studying abroad, the other questions turn invalid. So, know the education loan eligibility criteria of the lenders. See if you fulfil those eligibility criteria. And gather proofs or documents that prove your eli
Read more