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.
- 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.
- 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.
- 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.
- 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.
- 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.
