Steps you can follow to get an education loan for studying abroad

 

Applying for further studies at a university abroad is a great opportunity. Since the cost of studying abroad is significantly high with an education loan you will not have to worry about the financial setbacks and can pursue your studies without worry. Those looking to apply for a loan can get in contact with various lenders and NBFCs in India that provide education loan for studying abroad.

Here are the steps you can follow when applying for an education loan for overseas studies:

1. Compare loan offers:

Different lenders have different policies regarding their education loans. When applying for an education loan for studying abroad, you will need to conduct a thorough research to see what lenders are offering to you. Comparing different loan offers will give you a better idea about what the lenders have to offer you and you can opt for the education loan which is best suited to your needs. You can visit the website of lenders and gather the information you need about education loans.

2. Check the interest rates:

Education loan for studying abroad are specifically designed to cater to the needs of the students applying for the loan. Lenders offer different interest rates on education loans which are comparatively lesser that personal or home loans. Depending on the lender you will either offered a fixed or a floating interest rate. In a fixed interest rate the amount you will repay on the loan will be in a fixed monthly instalment. Whereas in a floating interest rate the amount varies over the life of the loan. You can check the varying interest rates that are offered by lenders and opt for the one which is best suited to your needs. It is important to remember that the interest rate has a direct impact on your EMI, the higher the interest rate the more EMI you will need to pay on your student loan.

3. Know the repayment process:

When you applying for an education loan for studying abroad it is vital to understand the repayment process of the student loan. Lenders generally provide you with a 6 month to one year time after the completion of your course which is referred as the moratorium period. This period is provided to you so that you have enough time to start collecting the necessary funds in order to start the repayment process of the loan. You can use the moratorium period or you can start the repayment process as soon as possible. Making timely payments on your loan will ensure a good credit history with the lender which will help you later in the future if you wish to apply for another loan. You can also make use of the EMI calculator which will give you an estimate of the amount you will need to repay every month. Using the calculator will give you a better idea about your finances and help plan your expenses accordingly.

 

Lenders nowadays make sure to cater to your needs and make the process of getting an education loan for studying abroad is hassle free for you. They also offer doorstep services where a representative from their branch will personally make sure all your forms and documents are in order to ensure that there are no room for errors and the entire process of obtaining a loan is smooth sailing.

We hope this article has provided you with the right information about education loans for abroad studies.

Thank You!

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