Look at these 4 basic features of overseas education loans

 

Do you want to pursue higher studies in a foreign land?

Yes, right? You will have to study for various competitive exams and gather funds to cover the cost of higher education. Most often than not, students work on the first aspect—scoring well in competitive exams; but they need help in the second aspect—money to pay higher education costs. They take study loans to strengthen their stand on the second aspect. When you decide to take a study loan, you should check your student loan eligibility beforehand. Then look for lenders who promise to give you money equal to or more than the figure you got in that eligibility test. While you look for education loans, you should expect a lender to give these 4 basic features.




1.   Funds total cost of higher education including overhead expenses

Studying in a foreign land has its own perks but they come at a cost. You need money to not only pay your course tuition fees but also cover the cost of sustaining a decent lifestyle in that foreign land for the duration of your course. Apart from that, you need money to pay library fees, laboratory fees, and buy books, stationery and a laptop.

Shouldn’t your educational loan cover these costs? Most Non-Banking Financial Companies or NBFCs fund these higher education costs through their student loans.




2.   Does not ask students to pay margin money

Even though lenders cover the costs of students’ higher studies, they ask those students to pay 5 to 10% of those costs. Families of many students do not have enough savings to cover those costs.

When you find yourself in the same situation, know that NBFCs will not ask you to pay 5 to 10% of these costs. In other words, they will not ask you to pay margin money. They will pay the cost of your higher studies to the last Rupee.

3.   Is tailored according to students’ requirements

Foreign universities ask students to pay token money or the fees of the first semester to secure their seats there. Their host countries ask them to show that they have enough funds to live there for a year; some of them even ask students to buy health insurance. Usually, students need these funds before they are admitted to their choice of universities or when they apply for a student visa.

Lenders offer overseas education loans that are tailored as per the requirements of each student.




4.   Is processed swiftly

Often, students need education loans before the admission application submission deadlines set by their favoured universities. It calls for lenders to process the loan applications fast. NBFCs approve or decline loans at a swift pace. You are advised to fill your loan application carefully and submit it fast to an NBFC. It will be processed swiftly and your higher study plans will be funded before the admission deadline.

 

Now you know the 4 basic features you should expect in overseas education loans. We wish that your higher studies progress as you have planned. Have a nice day!

 

 

Comments

Post a Comment

Popular posts from this blog

How to calculate your MBA education loan EMI value?

Image
  Do you want to earn an MBA degree? If yes, then study hard in your undergraduate years and clear the MBA entrance exam with flying colours. Along with that, find different ways to fund your MBA education. Many students confirm their seat at B-schools by taking an education loan for MBA studies to pay its fees because pursuing an MBA degree is an expensive affair. To help you estimate your total MBA education costs and help you estimate the EMI values to repay it, we have written this blog. Let us look at the costs you would want your education loan to cover. First, you will need money to pay your course tuition fees every year of the course. If your MBA college is not in your hometown then you will have to relocate to a hostel near your college. You will need money to travel to the city where your college is based. You will need money to sustain a good lifestyle in that city for the duration of your MBA course. If you need to relocate to a foreign city for your MBA educati...
Read more

3 features of education loans for the wards of defence forces

Image
  The defence forces of India spend tiresome sleepless nights defending the borders of our country against all kinds of external threats. They look after the safety of the Indian land, the Indian nautical borders, and the Indian airspace. And most of all, they are there to guard Indian interests—be it in the Indian mainland or away from its shores. At times, these men and women sacrifice their lives in the line of duty. The men and women in the defence forces have families and they are not able to be there with them all the time. To help make the future of the wards of these men and women bright, lenders offer education loans. These education loans are aimed at helping those wards achieve their higher education aspirations with flying colours. In this article, we will tell you the features of these overseas education loans—even known as privilege loans. Zero processing fees To keep the cost of the debt in control for those wards, some lenders offer the education loan for stu...
Read more

5 Features to look for in education loans

Image
  Education loans have helped many deserving students get the opportunity to study the course of their dreams. But you need to know what to look for in an education loan to ensure that you get the right funding. In this article, we will tell you the 5 features to look for in an education loans .   Covering all education expenses Education loans should not leave students jumbled about how to manage the finances of their education. They should cover up all the expenses of students’ education. From the students’ course tuition fee to their travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses and so on.   So, look for an education loan that pays all your education expenses and hence, allows you to focus on your studies.   Lower interest rate The interest rate levied on the students’ education loans in India is generally between 9-14%. The interest rate directly affects the amount of ...
Read more