Overseas study loan: An easy way to fund your higher studies

Today, more and more children are willing to pursue best of the education, and therefore the number of students embarking on their journey to overseas studies is increasing exponentially. With the growth of the internet-based services and leading private finance companies having tie-ups with top-notch universities acquiring an admission in these institutes/universities are closer than never before. You can see students, visiting seminars venues and overseas education expos along with the friends, parents or relatives to find a suitable course that will fit in their interest and aspirations.

But most students who are highly positive about planning for abroad studies will drop the plan because of the high costs attached to it. Higher education is way too expensive in foreign countries and parents of many aspirants are not in a position to give the entire funding. But thanks to a study abroad loan you now don't have to end your education dream for the paucity of funds.

These loans are a boon for many aspirants across the nations who are willing to fly overseas to fulfilling their dreams. Since, these loans are offered to children they come at low-interest rates, flexible repayments and with tenure of around 8-10 years for repayment. Thus, you can be self-independent and fund your own dreams instead of putting your parents/guardian's future investments at risk.

Every lender whether is private or public has its own well-defined criterion for sanctioning the loans and getting aware of this can help you reduce the pain and hassles you have to go through the loan application process, especially the manual process.

Here are some basic criteria for a candidate to apply for overseas study loan:

• He or she should be a citizen of India
• He or she should have secured admission to professional/technical course through an entrance exam or selection process
• The student should have secured admission in foreign university/institute along with admission letter
• Parents/guardian should have an exceptionally good credit score
• And the type of collaterals you can keep mortgaged with the lenders

Private lenders are keen on offering customized and affordable solutions for students and therefore come up unique and friendly solutions such as a pre-admission loan, pre-visa disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc. You can consider private lending bodies to avail a study abroad loan with interest rates as low as 11-15% and a mere processing fee of 1-2% on the loan amount. To land on best lender site, you can conduct a little bit of research on the internet and compare between various lenders across India.

Shortlist at least 4-5 alternatives that fit in your requirements so as to save yourself from getting duped with exorbitant interest rates charges. After a thorough research apply for the one that you find the best out of the lot. With proper documentation, good academic score, a credit score of co-borrower it will take not more than 24 hours for your loan to be sanctioned. A customer rep. will be there to come to your doorstep to collect your documents and guide you through the entire loan structure, interest rates, processing fee, monthly instalment, etc. The online team is always at your assistance to clear the doubts on terms and conditions, policy, etc. It usually takes a fortnight for the loan to be disbursed into the university/institutes bank account.

Compare quotes online and apply for overseas study loan, now!

A few important factors that determine student loan eligibility

The numbers of students pursuing higher education have increased tremendously in the recent years. Students can no longer afford to shell out the exorbitant amount of money needed to pay for their education. Even after exhausting their life worth saving, parents are still unable to accumulate the amount of money needed in order to support their children’s education. But, thanks to the various financial institutions like banks and NBFC’s (non-banking financial companies), students can make use of an education loan provided by them; and self-finance their education. Thus, students can fund their own education and take away the looming pressure over their parent’s minds. The education loans provided by these banks and NBFCs (non-banking financial companies) are way easier to procure and way lower interest rates when compared with the traditional financiers. However, students need to fulfill certain student loan eligibility in order to become a successful receiver for the loan amount.

Education loans provided by financial institutions take care of all the money required by students in order to finance their education. These study loans take care of the various miscellaneous as well as other expenses incurred by the students such as college fees, tuition fees, cost of books and other study material, travel fees as well as the residential fees. The biggest advantage of these loans is the fact that they have flexible repayment options and cover a wide array of courses such as science, arts, commerce, business management, economics, engineering, medicine, etc.

The factors that determine your student loan eligibility are as follows:

• In order to be eligible for an education loan in India, you need to be an Indian citizen and be part of the age-group of 18 to 35 years. Other than that, you also need to have an earning member of the Indian society, who is willing to become a co-guarantor for the loan amount. This co-borrower shall be the primary debtor and he or she could be your parents, relatives, siblings or any other family members. You can procure a higher amount of education loans by presenting more number of co-borrowers.
• You need to present a certain amount of collateral in order to fulfill student loan eligibility This collateral could be any of your non-agricultural land, fixed deposits, residential property, as well as your life insurance policy. The collateral that you present to the banks and NBFCs (non-banking financial companies) should be equivalent to the loan amount that you wish to procure. These are exceptional cases when meritorious students are given special discounts.
• The course that you wish to opt for also plays a major role as it decides whether or not you are eligible for the loan amount. The reason why banks and NBFCs (non-banking financial companies) scrutinize your study course is that; they want to ensure that you will be able to repay the loan amount after landing a job- after completing your educational course.

The student loan eligibility is also determined by your academic record of the past. The reason being, these study loans are mostly given to the meritorious students who seem potential re-payers for the loan amount given by the financial institutions.

Here’s Why You Should Use An Education Loan Eligibility Calculator.

Have huge further education plans but lack the funds to turn them into a reality? Don’t worry! You’re not alone.

There are thousands of other students just like you who have big plans in mind but lack the funds to materialize them. This is mostly due to the cost of education these days which is increasing exponentially every year; so much so that most students cannot afford to finance their studies solely on their savings and income. This is where an education loan can come in so handy.

Most lenders will provide you up to 100% financial aid and even offer to cover other education related costs such as your living expenses, the cost of a laptops, books, etc. The best part is that these loans are geared keeping in mind the need and requirement of student. This means they have easy repayment processes, low interest rates and long tenures to ensure you get out of debt quickly.

However, the loan amount you apply for plays an important role in deciding whether or not your student loan is approved on rejected. Apply for too high a loan amount and your study loan application will be rejected; apply for too low an amount and the funding you receive won’t be sufficient enough to cover the cost of your education. Basically, it’s a thin line and going too far on either side of this line will see you further education plan being hindered.

This is where an education loan eligibility calculator comes in handy. It gives you a fair idea of the loan amount you are likely to be eligible for depending on factor such as your monthly income, expenses, the interest rate of the loan and the tenure.

Just key-in these simple numbers, hit enter and before you know it and through the use of multiple algorithms, the calculator will throw up the loan amount you are eligible for; simple right?

It’s the best way to know the loan amount you are eligible for and armed with this knowledge you apply for a loan with confidence knowing you’re borrowing within your financial capabilities.

You can find numerous education loans eligibility calculators on the internet. Most lenders will have one that you can use on their website. Moreover, most education loan aggregator sites will also have a calculator you can use. The best part is that these calculators are free to use and open to all.

So before you apply for a student loan, remember to use an education loan eligibility calculator. It will ensure you apply for a loan amount that is within your financial reach. Seeing that you’re planning to borrow within your means, most lenders will approve your education loan application without much of a hassle.

We hope this article has made for an informative read, good luck and all the best!