Going abroad could be a rather expensive affair. For any middle class Indian family, it could be riveting to consider sending their kids abroad for higher education. However, it could be a life-changing event of your children’s life. While it may seem perilous right now, education loan study abroad can make things rather simpler. Studying abroad with the right education loan for abroadcould help in cherishing your dreams. Education loan for abroad may the most sublime thing ever. Here’s how education loan for abroad can help you. One of the greatest factors to consider while going for education loan is that it doesn’t let you extinguish your savings. Education loan for abroad makes your higher studies easier in following manner-
Keeping your savings protected
By delving into the concept of education loan for abroad, you keep your savings intact and let them remain undisturbed. This also enables you to achieve your other goals, such as retirement couple goals for your parents, children’s marriage or building your own home. It helps to keep a chunk of your savings thriving.
Most of the banks and NBFCs provide education loan study abroad for not just the course fee, but also other expenses, such as hostel fee, lab fee, exam fee, travel expenses and gadget/supply charges. Additionally, all your books and miscellaneous expenses come inclusive, which comes as a great respite for financial burden.
Education loan for abroad also provides a range of tax benefits. The Indian loan takers get benefits under Section 80E of the Income Tax Act when they avail this loan. The amount of interest that you pay for the education loan comes under the category of tax deduction, which is claimable up to a tenure of eight years.
This is also called holiday period because a student doesn’t need to pay loan by the time they are still studying. The education loan for abroad allows for a moratorium period of 6 months to 1 year from completion of the course. Therefore, a borrower gets good enough time for repaying this loan. This is the only retail loan that offers so much moratorium period as you are only required to repay the education loan study abroad once you get your job.
Positive credit history
When a borrower pays back the education loan study abroad on time, they get a positive credit history record, which makes it simpler for them to avail loans in the future.
Taking an education loan study abroad is the least perilous thing ever. It comes with its own sets of benefits, which a borrower can avail to achieve his/her dreams without having the need to dig into their personal savings or putting a property or jewellery in jeopardy.
Get secured/unsecured/non-cosigner loan
There are many options for education loan abroad study. Students can look to avail unsecured loan secured loan as well as loan without any parental guarantees. Such flexibility provides an ease of financing for students looking to study abroad.
Based on future earning potentials
Education loan for abroad studies is based on the future earning potential of the student. This is the only retail loan where the Fire calculations do not matter and the present financial income of the parent is not considered the most important criteria for sanctioning of the loan.
Eduloans comes into picture for your one stop solution
Eduloans acts as a connection between a borrower and the bank. We help you with hassle-free and non-flummoxed loan documentation and processing. With Eduloans, you just need to send in your query and rest assured for everything that follows. No poppycock, just a sublime process of education loan for abroad so that you go out there and live the life you’ve been holding in your dreams. We ensure you get your loan 40% faster in case you apply through us.