Education loan for study abroad are one of the most realistic ways of financing your higher education to any country of your choice. Loans can be flexible, while offering an exuberant amount to fulfil your career and life goals. These loans could vary from bank to bank and there are also NBFCs in the picture, which makes it rather easier for a modern borrower to consider things in a positive light with or without collateral. How expensive your study loan for abroadwould be, depends largely on the rate of interest, which is one of the crucial factors to pay attention to. Before further shenanigans, here is your complete guide on how to find an international student loan.
Student loan- the definition
Education loan for study abroadis nothing but a financial assistance provided to a borrower for higher education in foreign country. This amount is provided by public sector/ private sector banks and non-banking financial companies. The rate of interest is manageable for a young borrower. Repayment time starts after a student has completed his/her course.
Eligibility for an international student loan
Any Indian individual who is up to 35 years of age, if unemployed and up to 45 years old, if employed, can avail international student loan. The maximum loan amount varies from bank to bank and you may check that with either different banks, or by sending your query request with Eduloans.
Study loan for abroad is popular among borrowers because of flexible repayment options. It becomes simpler therefore, for yet-a-student to repay the loan amount without adding burden to the parents.
Applicability of international student loan
Your education loan for study abroad isn’t limited to just the course fee. Rather it covers a range of things, such as books, supplies, stationary, travel expenses, passage money for studying abroad, purchasing tabs, laptop ad whatnot, education fee, library fee and hostel fee. Basically, whatever you need the money for, is included in the education loan amount.
Who can provide you international student loan
Following three are the only credible sources for availingstudy loan for abroad-
- Private banks
- Public banks
- Non-banking financial companies
Various types of overseas education loan
Two types of education loan for study abroad are popular in India and these include-
- Unsecured education loan
- Secured education loan
How to find international student loan- points to consider
These key factors must be considered before searching for the education loan for studying abroad–
- Tax benefits
- Rate of interest
- Time of disbursing loan
- Documentation and Eligibility
- Moratorium Extension
- Total Cost over EMI
- Prepayment Terms
- Service Charges
- Costs covered
Benefits offered by bank/NBFC
Eduloans can help you with comparable charts so that you know which bank or NBFC provides the most lucrative offer for your purpose. Some of these loans can be customized as per a student’s need.
Rate of Interest
The single most important factor that is required for finding the best international education student loan is interest rate. The starting range for these rates is8.40% p.a. and it is this factor which is the key source point for comparing the best loan amount.
Eduloan’s assistance can go a long way
Eduloans serves as a connection between students and loan providers. We do not offer any Cod’s wallop- just the true and real facts, which will help you find the study loan for abroad that best matches your requirement. We have A 4.9 rating where we would be helping you like the thousands before you empowering your dream on the most suited education loan for study abroad based on coast and convenience.