{"id":158,"date":"2020-08-03T12:26:31","date_gmt":"2020-08-03T12:26:31","guid":{"rendered":"https:\/\/www.eduloans.org\/blogs\/?p=158"},"modified":"2024-08-11T13:42:04","modified_gmt":"2024-08-11T13:42:04","slug":"why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad","status":"publish","type":"post","link":"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/","title":{"rendered":"Why Study Abroad Education Loans are Better than Self-funding your Education Abroad?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-159 size-large\" src=\"https:\/\/www.eduloans.org\/blogs\/wp-content\/uploads\/2020\/08\/Blog-10-01-1024x682.jpg\" alt=\"\" width=\"790\" height=\"526\" srcset=\"https:\/\/www.eduloans.org\/blogs\/wp-content\/uploads\/2020\/08\/Blog-10-01-1024x682.jpg 1024w, https:\/\/www.eduloans.org\/blogs\/wp-content\/uploads\/2020\/08\/Blog-10-01-300x200.jpg 300w, https:\/\/www.eduloans.org\/blogs\/wp-content\/uploads\/2020\/08\/Blog-10-01-768x512.jpg 768w\" sizes=\"(max-width: 790px) 100vw, 790px\" \/><\/p>\n<p>Planning to go abroad for higher studies but concerned about the sky-high tuition fees? Well, <strong>study abroad education loans<\/strong> are going to be the simplest option for you during this case. Keep reading to understand the various student loan options available to you and which one may be a better thanks to funding your higher studies abroad than using your personal funds.<\/p>\n<p>Studies say that the value of education is rising per annum by 15%. Education has become expensive, be it in India or abroad. While an honest education in India can cost you around INR five to twenty lakhs, students desirous of a far-off education need to shell upwards of INR 15 lakhs. In such a scenario, students who wish to study abroad need to dip into personal savings of their parents (read <strong>retirement savings<\/strong>) like fixed deposits, mutual funds, ULIPs, etc. But many don&#8217;t have this financial cushion, and for them, <a href=\"https:\/\/www.eduloans.org\/\"><strong>loans for study abroad<\/strong><\/a> come as a blessing. Let\u2019s explore the pro and cons of Study abroad education loans and why it\u2019s important to give it a thought<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-6a08a46d4719d\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-6a08a46d4719d\"  type=\"checkbox\" id=\"item-6a08a46d4719d\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/#Keep_Your_Savings_Safe\" title=\"Keep Your Savings Safe\">Keep Your Savings Safe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/#Get_tax_Benefits\" title=\"Get tax Benefits\">Get tax Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/#Build_Your_Credit_Score\" title=\"Build Your Credit Score\">Build Your Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/#Get_the_advantage_of_the_Moratorium_Period\" title=\"Get the advantage of the Moratorium Period\">Get the advantage of the Moratorium Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.eduloans.org\/blogs\/why-study-abroad-education-loans-are-better-than-self-funding-your-education-abroad\/#Easy_Visa_Approval\" title=\"Easy Visa Approval\">Easy Visa Approval<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Keep_Your_Savings_Safe\"><\/span>Keep Your Savings Safe<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Taking a loan for study abroad will allow you to guard your savings like MFs, FDs, ULIPs, retirement savings, etc. and use them to satisfy other expenses. Generally, the interest provided on savings in India is around 6% &#8211; 8% and as most parents are in the life cycle stage where they are building the retirement expenses.\u00a0 Moreover, if you&#8217;re an honest investor, then you&#8217;ll invest your money and obtain higher returns and pay a part of it as an interest to the lender. The bank balance provides you and your parents mental peace. Education loans in India come under the priority sector lending and enjoy a very competitive lending rate.\u00a0 The Interest for a study abroad loan for nationalized banks is generally around 9% to 11%. So in terms of absolute interest differential the same is around 1% to 3%. This is a very small price to pay for your parents&#8217; mental peace.\u00a0 Further as students it makes you more disciplined and ensures you perform in your master\u2019s degree to get the placement of your liking which would enable you to pay back the education loan.\u00a0 Your parent\u2019s savings also can be used to safeguard your education in the future just in case the program gets prolonged thanks to unforeseen events.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Get_tax_Benefits\"><\/span>Get tax Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is often one among the foremost important benefits of choosing a study abroad education loan. Under Section 80E of the tax Act of India, students who take a foreign education loan from a gazetted financial organization are eligible for deductions on the interest paid on the scholar education loan. So for example if your interest payment for your loan is INR 2 Lakhs then your net taxable income reduces by 2 lakhs which means a saving of INR 60,000. This for study abroad education loans reduce the actual cost of borrowing by 1% &#8211; 3%. They will avail this deduction for up to eight consecutive years and there&#8217;s no upper limit on the quantity to be claimed. So, the net cost of an education loan goes below the savings rate in Fixed deposits. Your parents can take the benefit for the unlimited amount of 80E Tax benefit which makes study abroad education loan very attractive.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Build_Your_Credit_Score\"><\/span>Build Your Credit Score<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A student loan for study abroad is one of the primary methods through which a student can build his\/her credit history in a foreign country. Timely repayment and compliance with the terms of repayment will help the student build a robust credit history that he\/she can later use to his\/her advantage for future funding needs. Generally, this happens in case the student chooses the lender of the destination country. We at Edu Loans have maximum lenders on our platform where in help students get loans in the country destination.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Get_the_advantage_of_the_Moratorium_Period\"><\/span>Get the advantage of the Moratorium Period<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Repayment for secured <strong>loans for study abroad<\/strong> begins after the moratorium period &#8211; which maybe six months or a year after the program gets over. This provides students the prospect to completely specialize in their education during their study years rather than paying off their debts. Study abroad education loan is the only loan where in your parent\u2019s income as well as your present income is not the sole criteria for approving or denying your education loan.\u00a0 It is a loan which is betting on your future after the course. The salary which you would draw after the course is taken into account for study abroad education loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Easy_Visa_Approval\"><\/span>Easy Visa Approval<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Visa authorities of most countries want to make sure that the flow of funds remains steady which the funding source is reliable. At such a stage, <strong>student loans for study abroad<\/strong>, especially from public sector banks help a student get easy approval for his or her visa because the regular flow of funds is assured and government banks are reliable. In case the student does not take any study abroad education loan he has to maintain the entire funds required for his study minimum his first year in his or his sponsor\/parents bank account. This is not very feasible for the majority of Indian middle-class families as such an amount of INR 20 lakhs &#8211; INR 50 Lakhs gets blocked for a period of 1 month to 6 month. Hence for theVisa purpose for study abroad the loan becomes a viable option.<\/p>\n<h4>The Bottom Line<\/h4>\n<p>Apart from the above advantages, education loans can be helpful for scenarios where many countries like Germany, Canada, Australia, etc., require students to point out proof of funds for the whole intended duration or 1 year of their stay within the country, that they need to pay the entire amount upfront. Paying such an outsizes sum all directly becomes a burden on your pocket. In such cases, help to alleviate this burden by bearing the whole amount and disbursing it on to the university. Provides a Safeguard Against Unexpected Expenses &#8211; Students who self-fund their education need to bear the extra expenses and arrange for extra funds in cases where they&#8217;re hit by unexpected expenses. Students who take a <a href=\"https:\/\/www.articleted.com\/article\/310929\/50687\/All-you-need-to-know-about-loans-for-study-abroad\"><strong>study abroad education<\/strong> <strong>loan<\/strong><\/a> abroad don&#8217;t need to worry about unexpected expenses as they will request the bank to disburse the extra amount. If you too are looking for financial aid, look no more than Eduloans where we help you get the best loans at best competitive rates.<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.eduloans.org\/user\/register\" style=\"background-color:#ff9900\" target=\"_blank\" rel=\"noreferrer noopener\">Contact Us<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Planning to go abroad for higher studies but concerned about the sky-high tuition fees? Well, study abroad education loans are&hellip; <\/p>\n","protected":false},"author":5,"featured_media":159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[24,33,27,19,20,28],"class_list":["post-158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan","tag-education-loan-abroad","tag-education-loan-for-study-abroad","tag-education-loan-in-india","tag-education-loans","tag-study-abroad","tag-study-abroad-education-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.2 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Study Abroad Education Loans are Better than Self-funding your Education Abroad? - Education Loans Blog - Empowering Dreams<\/title>\n<meta name=\"description\" content=\"Planning to go abroad for higher studies but concerned about the sky-high tuition fees? 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