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Reasons Why You Should Opt For An Education Loan Abroad

Don’t let your financial situation come in the way of your education goals and building a secure future to study abroad with Education Loan Abroad. Reach out to us and we will help you find a solution that will take you closer to fulfilling your dreams!

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Reasons Why You Should Opt For An Education Loan Abroad

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  1. Reasons Why You Should Opt For An Education Loan Abroad

  2. Students opting for higher education have increased in the recent years. This has had a severe impact on the fees of educational institutes. Hence, parents cannot afford to pay for their children’s education fees, even after exhausting all of their life-worth savings. However, unlike the earlier times when students didn’t have many options, now they can simply opt for a study loan which is offered by many banks and NBFCs (non-banking financial companies). There are a number of courses which are included under these education loans such as science, commerce, arts, MBA (master of business administration), MBBS, mass media, etc. Therefore, by making use of this loan, students can either study in any Indian Institute of their choice or they can opt for education loan abroad and study in any foreign university.

  3. The advantages of opting for education loan are as follows:

  4. The study loans take care of all the different type of expenses, right from college fees, tuition fee, and cost of study material to living expenses and travel expenses. All the other types of miscellaneous expenses are included under the study loans as well. • The meritorious students are given out special discounts on interest rates by banks and NBFCs (non-banking financial companies). In order to empower women in our country, there are a number of banks and NBFCs (non-banking financial companies) which give out education loan abroad at lower interest rates. • The option of flexible repayments has helped the students to plan out their future in advance. There is also a moratorium period given to the students after completing their educational course. This moratorium period is around 6 months to a year and is given in order for them to find a job. The students cannot repay the principal amount; however, they can pay the interest rates and lessen the burden. • The choice of multiple co-guarantors which is provided by banks and NBFCs (non-banking financial companies) has proved to be an added advantage. By making use of this feature, the students can procure a higher amount of loan. This feature is available for the students who wish to study in India as well as the ones who wish to opt for an education loan abroad.

  5. Your loan approval depends on the following factors: • The type of course that you wish to pursue plays the deciding role in getting your loan sanctioned. The reason being, banks and NBFCs (non-banking financial companies) want to make sure that you can repay the loan amount after completing the educational course. • The collateral that you are keeping with the banks is also important in getting your loan approved. Any residential property, non-agricultural land, FD (fixed deposit) as well as your life insurance policy can be kept as collateral with the bank. • Your educational background. The banks and NBFCs (non-banking financial companies) will only approve your education loan abroad if you are a meritorious student with a good track record. • Whether or not, the institute has approved your admission and provided you with a letter of confirmation.

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