Benefits of opting for an overseas education loan in India.

Education is of pivotal importance in the modern times; thus, students are trying everything in their limit to obtain a quality education. The new-age students visit foreign lands to pursue higher studies and make a name for them. However, obtaining education from a premium institution in a foreign country costs a lot of money- something that many middle-class citizens are unable to shell out from their wallets. Thus, at such times, they choose to borrow money through either a loan shark or a traditional financier; however, opting for an overseas education loan through a bank or NBFC (non-banking financial company) is a better option. The reason being, financial institutions charge way lower interest rates than the ones given out by traditional financiers and loan sharks. There are a variety of benefits of opting for these loans, and a few of them are here as follows:

• The best thing about opting an Education Loan for Study Abroad for your higher studies is that you get to self-finance your educational journey. Therefore, you don’t have to depend on your parents or siblings for financial support. After all, more than often, parents often exhaust all of their resources in order to fund their child’s education.
• Education loans take care of all your study-related expenses. The various expenses covered by the study loans range from the costs of tuition fees, living expenses, travel expenses, college fees; as well as all the other miscellaneous expenses incurred by the students while pursuing higher studies are taken care off under these loans.
• The repayment of an Overseas Education Loan is done in the flexible form of EMIs (equated monthly installments); these EMIs are calculated on the basis of the principal borrowed amount, interest rates charged by the financial institutions and the repayment tenure opted by you.
• There are a number of tools provided by the financial institutions such as an EMI calculator. An education loan EMI calculator is an online tool that is available free-of-cost for your use. Thus, you can simply visit the online websites to make use of this easy tool.

However, before you decide to opt for an Overseas Education Loan, you need to remember that there are a few eligibility criteria set by the financial institutions. Hence, the eligibility criteria given out by the financial institutions are here as follows:

• Make sure that you have a good academic background before you apply for an overseas education loan. The financial institutions check your merit, letter of confirmation from the university, your documents, etc.
• You need to be an Indian citizen in the age group of 18 years to 35 years (for a few financial institutions). There must also be an earning member of the Indian society who is willing to co-sign the loan amount and become the primary debtor. This primary debtor can be any of your parents, siblings, etc.
• The financial institutions also check the credit history, income and a credit score of the co-borrowers. You can also make use of the multiple co-borrower facilities, and increase your chances of getting higher loan amount.