Important features to look for in an overseas education loan.

Studying in a foreign country comes with amazing prospects. You could find a great job after completing your education and even settle abroad. If that doesn’t happen and you return back to India, and a foreign education & any work experience abroad will open doors to much better jobs.

However, like all good things, studying abroad comes at a cost. Fortunately, students have the option of taking an Overseas Education Loan to overcome this obstacle. They are the best way to overcome the cost of foreign education and achieve your dreams.

Therefore, if you are looking to study abroad but lack the finances to do so, we suggest you opt for a student loan for abroad studies. Further, when comparing your options, of which there are many, remember to look for these features.

1. 100% financing.

Though there are many student loans available, not all of them will offer 100% financing. Some of the lenders out there will request you to make a down payment or provide some margin money. If you’re fine with this, then that’s great, if not, we suggest you focus on finding lenders that offer 100% financing. These days, there are quite a few non-banking financial lenders that offer this feature and will cover the entire cost of your course, no questions asked.

2. No collateral.

Again, some lenders will require that you pledge some sort of asset to secure you the loan. If you don’t mind this, then again it’s perfect. However, if you do not have anything to pledge, you can look for lenders that do not require any sort of collateral to provide loans. There are several NBFCs that will come to your aid and provide loans without collateral/security.

3. Rewards for academic excellence.

There are a number of overseas Education Loans that offer benefit such as lower/waived-off processing fees, higher loan amounts and even lowered interest rates if you have a good academic track record. Some lenders will provide these benefits even if you manage to secure good results in your entrance test. These rewards can go a long way in making your life easier.

4. Quick financing.

One of the biggest attributes of a quality overseas education loan is fast turnaround times. Some lenders boast same-day approvals and sanctions as well. This is can be very helpful in case you’ve got admission deadlines to meet.

5. End-to-end finance, at the least cost.

The best overseas education loan will handle a majority of the costs involved. They’ll help out with everything from the course fee to the proof of funds for the visa and even the travel and living expenses. Some will also provide for study material, purchase of a laptop, deposits payable, etc. This leaves you very little to worry about financially, and allows you to figure out your admission process and focus on your studies.

These were of the most important features to look for when in search of a good overseas education loan. We hope this information helps you track down the best finance solutions for your needs. Good luck and all the best!

Related Article: Important features to look for in an education loan for abroad studies.

Why Student Loan Eligibility is So Important for Study Abroad.

Higher education in a reputed international university is a dream for many students in India. The new country, the independence, and the exposure to various cultures is all very appealing to students. However, higher education has become incredibly expensive, both internationally and domestically. Student loans help fill the void between the amount required and the funds available. A student loan is used to pay for university costs, mainly abroad, and is paid off over a period of time with an extra fee called interest. Most student loans cover costs such as tuition, living expenses, books, etc. For those who want to study in a reputed university abroad for their bachelors, Masters, PhDs, or even vocational courses; student loans are like a gift sent directly from heaven.

Student loans are provided by both federal and private banks and private entities called non-banking financial companies (NBFCs). Most students prefer student loans that are provided by federal banks because of the lower interest rate, flexible repayment options, and convenience. However, non-banking financial companies (NBFCs) also offer lower interest rates depending on the Student Loan Eligibility. The student loan money that is borrowed from federal banks is sent directly to the university and the student loan money borrowed from private entities is either sent to the borrower or directly to the university, depending on the student’s needs.

What is student loan eligibility and why is it so important to study abroad?

As in the case of other loans like car loan or home loan, one needs to have student loan eligibility. Student loan eligibility is basically the criterion on which a student is judged on when taking a student loan. The criterion is as follows:

• According to age- In India, there is a minimum age limit as to when you need to start that particular course, but there is no maximum age limit to complete it. In the case of Education Loan, students need to be from certain age brackets to have student loan eligibility. For example, to start an undergraduate course, one needs to be in the age bracket of 18-27, to start a post-graduate course, one needs to be in the age bracket of 21-35, etc. This ensures that the student is capable of paying off the student loan.

• According to the course- Student loans are available for courses such as undergraduate degree/diploma, postgraduate degree/diploma, PhDs and doctoral programs, and certificate courses that are more than six months. Some banks also give student loans for some specialized courses like computer certificate course, engineering diploma, data entry operator course, etc.

• According to the financial background- If the parents of the students have a strong financial background and can provide relevant financial information such as bank statements, proof of income, home ownership documents, etc., then the student has student loan eligibility.

The students who have the most knowledge about student loan eligibility, the documents required to acquire a student loan, and student loan interest rates are the students who get the best deals on student loans and are easily able to pay them off as well in the future. Education is very important in this day and age. You can’t get a well-paying job without proper and higher education, especially if you go abroad. Thus, student loan eligibility is very important. We hope this article helps you out with your future endeavors and we wish you the best of luck!

Related Article: 4 Brilliant Points about Education Loans without Collateral

The various features of education loan EMI calculator

The numbers of students pursuing higher studies have increased greatly in the recent years; however, even the cost of education has increased. Thus, there are many meritorious students who are unable to obtain an education of their choice. But, now there are a lot of banks and NBFCs (non-banking financial companies) which have started providing education loans to students. The students can make use of these loans in order to apply for a course of their choice.

The various reasons why students are opting for education loans are as follows:

• The banks and NBFCs (non-banking financial companies) charge lower interest rates than that of traditional financiers. These financial institutions also provide tools such as an Education Loan Emi Calculator to simplify the consumer’s lives.
• All the study related expenses are covered by education loans. The various expenses covered by the education loans are the cost of study material, college fees, tuition fees, travel expenses, etc. Even, all the other miscellaneous expenses incurred by students, while pursuing their studies are included under the study loans.
• There are numerous courses included under the study loans. The different types of courses included are arts, science, commerce, engineering, medicine, etc.

However, sooner or later, one has to repay the loan amount to the lenders. An Educational Loan Calculator helps soothe the overall process for the consumers. It is the tool provided by most of the financial institutions on their online websites. The only catch is that you need to have a few details with you in order to make use of this tool. You have to put in details such as the tenure you to wish opt for along with your loan amount. In return, it will give out the interest rates, as well as, the monthly installments you will be paying to the banks and financial institutions. Thus, it helps you to plan out all of your future repayments in advance. This not only helps you to maintain a good credit history but also ensures that you never default on your repayment.

The features of an education loan EMI calculator are as follows:

• In order to make use of these calculators, all you need to have is a good internet connection and a feasible electronic device. The tools are available to students of every corner of our country. Thus, you can use these calculators in your spare time or even when you are busy.
• The biggest advantage of an EMI calculator is the fact that it is completely free of cost. You can make use of these calculators by simply visiting the company website or by making use of the various applications provided by banks and NBFCs (non-banking financial companies).
• An education loan EMI calculator helps you gain an insight into the overall loan procedure. Thus, you can make use of these tools, in order to compare the principal amount, tenure, and interest rates of multiple financial institutions.
• These tools are user-friendly and available with multiple options. Thus, you can calculate and get different outputs for different data inputs.

Thanks and Cheers!!

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Banks or NBFCs, which is better for student loans in India?

When it comes to Education loans in India, you have two options – visit a bank or borrow from a non-banking financial company. Both have their advantages but NBFCs hold the edge in certain areas. This article will discuss the same to help you make the right choices between the two.

1. Loan amounts.

NBFCs usually provide higher loan amounts. Some lenders in this segment will offer Educational loans of up to Rs. 40 or 50 lakhs. Banks on the other hand will require you to provide margin money & collaterals to provide higher loan amounts. And even after doing so, it’s highly unlikely that banks will provide such loan amounts to students. NBFCs will provide such loan amounts as long as you are a bright student or come from a strong financial background.

2. 100% financing.

As mentioned earlier, banks usually require you to provide some margin money for student loans that exceeds a certain amount. This can be an issue for students who do not have the means to cough-up the required amount; the loan might not be provided to them. However, NBFCs will provide 100% financing for eligible students.

3. Easy to apply.

Bank student loans, especially public sector banks, can be a real ordeal. They usually entail multiple trips to the bank, strenuous paperwork and complicated documentation. Moreover, the process can take a lot of your time and leave you drained. However, applying through an NBFC can be a real cake walk. Just apply online, it could be from your home or office and even on the move. You’ll get instant approvals and disbursals over the next few hours. Some lenders also promise a turnaround time of just 48 hours.

4. Scope to negotiate.

Banks are usually rigid when it comes to their student loans. What they offer is what you get and there’s very little leeway for you to negotiate a better deal. However, with most NBFCs, you can bring down the rates & ask for higher loan amounts if you have a good credit score or amazing grades, a good financial backing, stellar entrance exam results, provide collateral, etc.

5. Courses accepted.

Banks, mostly public sector ones, will have certain reservations when it comes to your choice of education. They will be more willing to offer financial help if you are planning to study at a reputed college and if the course has good prospects. However, NBFCs are more flexible in this regard. They will offer students loans for courses on music, animation, theatre, etc.

These were some of the reasons why NBFCs are a better choice when it comes to student loans in India. With a loan from such companies, you are bound to enjoy smoother, more comprehensive financing. It will ensure you are able to pursue your dreams with ease. We hope this article has been helpful for you and will make it easier for you to choose between the two options. Good luck and all the best, study hard!

Why it’s a must to use an education loan eligibility calculator.

Ever heard of an education loan eligibility calculator? If you haven’t, you aren’t alone. There are probably thousands of students who have no clue what these tools are, and go through the entire education loan journey without every using one. However, there are a few students who wish they used one of these calculators before applying.

Why? Well, because, these calculators tell you the loan amount you are eligible for. If you apply without using one of these calculators, you could apply for a loan amount higher than your eligibility. This could result in the disappointment of a rejected application. Moreover, it could also result in a lost processing fee – this could be a huge loss considering the fact that processing fee is usually 1 or 2 percent of your loan amount.

What does the calculator do?

An education loan eligibility calculator tells you the loan amount you are eligible for. It does this by factoring in your monthly income & expenses. Some calculators will add interest rate of the loan to provide more accurate computations. Just give the calculator these details and hit enter – it should provide you a ball park eligibility amount before you have time to blink!

Educational Loan Calculator

Where do I find these calculators?

More lenders and aggregator websites should have an Education Loan Eligibility Calculator that you can use. The nest part is that these tools are free to use. You don’t need to pay any fees and in the best cases, you won’t even have to provide your personal details to use these calculators. It is best you use the calculator available on your lender’s website – you can then quote the eligibility amount provided when applying for your loan.

What happens if I don’t use this calculator?

Well, you are applying blindly. You could be applying for a loan amount that’s below your eligibility. This is alright if you are happy with the loan amount you’ve applied for. However, not using a calculator becomes a problem when you apply for loan amounts beyond your repayment capacity. As mentioned earlier, this could result in rejected applications and loss of processing fees. So save yourself from the disappointment, the lost processing fee and the hassles of reapplying – just use an eligibility calculator before you sign your name along the dotted line.

Are there other such calculators?

Besides the education loan eligibility calculator, you could also use the Education Loan EMI Calculator & the repayment calculator before applying. The EMI calculator provides a repayment break-up you can bank to chalk-out your ‘get out of debt’ plans. They calculate every single EMI payable towards your education loan so you can budget your finances better and breeze through the repayments. The repayment calculator helps you find ways to repay your education loan before time, making it another must us tool before applying for an education loan.

The education loan eligibility calculator is a must use before you make any concrete decisions regarding your student loan. Along with it, you should also make it a point to use the other calculators available. In combination, they make it extremely easy to plot a comfortable path out of debt and into a bright future.

Good luck and all the best!

Education Loan Calculator: A quick and easy tool to calculate the EMIs

Due to the skyrocketing high price of further studies, more and more students are opting for education loan. The cost especially in reputed universities/institutes and for specialized courses has become very expensive and now it’s almost impossible for parents to bear such huge expenses. Rising inflation has also added to the worries and put the cost of higher studies out of reach for middle-class people.

Therefore, you can opt for education loans from top banks and financial institutions with an easy online procedure and at attractive interest rates. However, there are a lot of parameters such as principal loan amount, interest rate, processing fee and most importantly what would be your loan EMI. In prior days, individuals used to sit with the financial experts and spend hours to pick the best possible rate and EMI option.

However, with internet facilities, you can now compute EMIs in a few seconds. There are education loan calculators online which will help you easily calculate the equated monthly instalments as per your financial strength and requirements. All you have do is key in few details such as required loan amount, the preferred interest rate, loan tenure and hit the 'Calculate' button. Within a couple of seconds, the Education Loan Calculator would provide the complete break up your loan. Stating your principal amount + interest rate and the final EMI that you would pay every month to the lender.

These education loan calculators are extremely simple to use and quick. You save several hours in doing the tedious calculations and you get a guaranteed solution. You get instant results and thus, build repayment strategy for comfortable EMI payments. If you're worried that you would have to pay money to use them, then you're mistaken. There are absolutely free of costs and you can use them 24 X 7 to calculate your EMIs, interest rates and eligibility at the comfort of your homes or colleges.

Education Loan Calculator

Another great advantage of Educational Loan Emi Calculators online is that you can easily customize your monthly instalments as per repayment capability and set the repayments accordingly. You can try out different combinations of loan tenure, principal amount, interest rate and see how the EMI options fluctuate as per your inputs. You can pick the one that would be affordable on your wallets.

Education Loan calculators are made available as self-help tools to the borrowers that will help them to understand the loan requirements, their eligibility, how much their payment will be based on the interest and tenure of the loan. It helps the borrowers to stay well prepared and cut down the unnecessary expenses to make comfortable loan repayments.

Some study loan calculators would recommend you with a few tips that can help you plan out and pay off your instalments quickly. For instance, if you make a pre-payment, it will simultaneously show how much you would save on the interest rate. On the other end, even if you opt to make payments on the interest rates, it will show how significantly you can save on your total loan costs.

Study loans: Your resources to fund your higher education

• If you want to succeed and attain new zeniths in life then pursuing quality higher education is a must. There are premier institutes in India and across the globe that offer top-notch facilities to an individual to pursue studies. However, along with this comes the fee structure which is skyrocketing high. And there are a lot of middle-class people who aren't able to fund the studies and thus give up on their educational dreams. Even if their parents manage to borrow finance from traditional lenders, it’s not necessary that it will meet the entire funding. In fact, the lack of money is a major hurdle between you and your dream education. In such a dire situation, it’s the study loan that comes to the rescue of millions of aspirants each year. With Study Loans, you can pursue in premier universities/institutes in India or abroad. You can pursue educational programs such as engineering, doctorate, management studies, Master's, post-doctoral programme, civil aviation, architecture, etc.
• Student loans are offered by reputed banks and non-banking finance companies in India. Since these loans are offered to students, the interest rate is mere 11-15% and a special concession of 0.5% is given to the women applicant. It ensures you get complete educational funding which covers your tuition fees, entrance exam fees, living expenses, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects, thesis work, and study tours.
• With Educational Loans, parents don't have to break their retirement funds or keep their property mortgaged for arranging funds. It's the self-funding way and gives an opportunity for students to be responsible for their financial requirements. The loan helps you preserve your family asset as well as your future investment plans.
• There are reputed private finance companies who offer a collateral free loan up to Rs 50 lakhs and instant loan approval in one day. Many reputed finance institutes are well known for their transparency and customized loan solutions. Doorstep service is provided by these top private finance companies which save your valuable time and lets you prepare for your entrance exams or other preparations to fly abroad.
• Your Study Loans eligibility is based on your age, academic history, entrance score, your co-borrower's credit history, income details, country, university grade, job prospects, and collaterals if the loan amount is more than 30-40 lakhs. A good academic score and an excellent credit score will help you negotiate with the lenders for low-interest rate deals.
• You don't have to start making the payment immediately towards your student loan. Instead, you can start repayment after six months to one year of your course completion. You can repay the loans in small sums especially towards the interest rates and it will significantly reduce your tension of being in huge debt.
• With online facilities, you don’t have to run pillar to posts to get study loan quotes. All you need is a sturdy internet connection and computer, laptops or smartphone. You can compare quotes from top lenders, choose your preferred interest rate and make an application online. You can avail a study loan without even stepping out of your homes. In fact, you can pack your bags and set off to a remarkable journey to shape your future!

  

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