Can I Get A Student Loan To Study Abroad – Education loans are a source of finance for students who wish to finance their education in India or abroad. This is a sure way to ensure unlimited access to funds to promote higher education. But how to apply for one?
Students can now apply for education loans online as there are both public and private lenders that provide education loans to students.
Can I Get A Student Loan To Study Abroad
And in this article, we’ll outline the process for both unsecured and unsecured student loans, so you already know what to expect in the student loan process.
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In this article, we’ll walk you through the steps for both secured and unsecured student loans so you know what to expect in the loan process. Along with this, we will help you understand loan terms and terminology that you may come across during your loan process.
For you, the education loan process starts from the day you start searching for lenders, their education loan schemes, loan amount and interest as per your requirement. There are several important aspects to the education loan process-
There are some common education loan terms that you will definitely come across in the education loan process. It is very important to understand these few terms as it will help you to understand the terms and conditions of the bank and guide you to take the right decision in the process of educational loan.
A secured education loan and an unsecured education loan have different procedures and therefore it depends on the loan type you choose.
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Below is a standard banking process which takes a lot of time and is also complicated. Read on to find out how you can avoid these complications and save time.
Generally, secured loans are given by public/public sector banks, but the loan approval process is slow. It takes 45 days to 2 months to initiate the loan application process.
So we suggest you to stay in touch because we have shared professional relationship with banking authorities and we can pay your loan in 15-20 working days. Our finance officers will guide and help you through the entire education loan process through payment.
Education loan process for unsecured education loan is very simple and straightforward. Once all the documents are submitted and all is well with the borrowers, you can expect your approval letter within 7-10 days.
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Do you know that? Education loan terms (interest, processing fees, loan insurance, etc.) are negotiated with private lenders. And if you don’t have good negotiation skills, you might miss out on a good deal.
On average, you get an automatic deduction of 0.5% on education loan interest. Apart from this, your appointed finance officer will also negotiate the terms and conditions if possible.
We understand how confusing and intimidating the student loan process can be. We do our best to make the process as easy as possible for you. Request a refund and contact us immediately!
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Studying in another country is a big investment that usually requires a lot of money. Educational loans are very important for studying abroad because they help bridge the financial gap between the cost of study and what the student and family can afford. These loans give students who dream of studying at world-class institutions a way to make it happen.
Various lenders including best banks, NBFCs, government schemes, cooperative banks, specialist providers, foreign banks and educational institutions are providing educational loans designed for study abroad. Students can explore these options, compare terms and choose the most suitable financing solution based on their academic needs, financial needs and preferences.
Choosing the best bank for an educational loan to study abroad is a big decision because it can have a huge impact on how affordable and successful your educational journey will be. In this section, we will look at the top banks that are very important to help you with money to study abroad. We’ll check your credit limit and interest rates for a quick and helpful comparison.
Sometimes these banks are covered by interest subsidy for educational loans. However, these are only rare cases. There are many NBFCs that offer foreign student loans based on credit and academic performance. These NBFCs are private lending institutions affiliated with leading universities and provide door-to-door loans to deserving students. Some of the NBFCs that provide student loans abroad are listed below:
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Understanding the various types of education loans available in India provides students and their families with flexible financing options to suit their academic pursuits, financial capabilities and specific needs.
An important decision you will face when you choose to study abroad is choosing a secured loan. Opting for a secured loan has a big impact on how you pay your EMIs and what your interest rates will be. Let’s break down differences.
This loan requires you to put an asset (house, property, fixed deposit, etc.) as security for the loan. If you fail to pay the loan, the lender can foreclose.
The basic eligibility criteria for applying for an education loan to study abroad may vary slightly between different lenders and loan products. It is important to compare loan options from different banks and institutions that suit your needs and circumstances. You should read the terms of each loan carefully before applying. Eligibility criteria for study abroad credits generally include:
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The application process for educational loan for study abroad depends on the bank or NBFC you choose to take the loan from. However, most banks follow almost the same application process. Below is the step-by-step application process for educational loans-
Step 1: Apply for education loan offers from various banks, NBFCs and government schemes like MELS. Compare interest rates, eligibility criteria, processing fees and payment terms.
Step 2: Check whether you meet the eligibility criteria like age, course and department. Many require a letter of approval and a co-signer with a good credit score.
Step 3: Determine the loan amount needed to cover tuition, living costs and other expenses. Banks have maximum loan limits for various courses and institutes.
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Step 6: The lender verifies your documents, evaluates your credibility and checks course details and institute reputation. This process usually takes 1-2 weeks, and you may be called for an interview or asked for additional documents.
Step 7: After approval, you will receive a loan agreement describing the loan terms, interest rate, payment plan and payment process. Sign the agreement and complete all the necessary formalities.
There is a special process for repaying educational loans after studying abroad. You need to understand the exact terms and schedule for paying off your student loans. Here are some tips on student loan repayment and the important steps you should take. The education loan repayment process in India usually involves several key steps:
A moratorium period on an education loan is a grace period after you finish your studies before you start making regular EMI payments. The duration depends on the borrower and the loan plan, but it usually ranges from 6 months to 1 year. This will enable you to find work and strengthen the economy.
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Your EMI payments will start after the moratorium period ends. The exact date may depend on the date you complete your course or when you secure a job, whichever comes first.
You will make fixed monthly installments (EMI) based on the loan principal and accrued interest. The EMI amount is calculated based on the loan amount, interest rate and repayment period. Regular and timely EMI payments are important to avoid late charges and penalties.
The typical repayment period for education loans in India is between 5 to 15 years. Choosing the right tenure depends on your loan amount, EMI affordability and career prospects.
Answer: An educational loan is a type of financial aid given to a student by a bank or financial institution
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