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!