Education loan is offered by various banks and non-banking institutions to meritorious students who wish to make their career in higher studies. The study loans cater to the costs of education and the required materials to complete the course. It is necessary to take up a loan because there has been a hike in the education cost in the recent past. You cannot completely rely on the salary for paying the fees. Going for traditional finances or personal loans will burn a hole in your pocket.
When you choose to study in abroad go for education loan for abroad studies as these loans cater properly to the needs of the education. Educational loans for abroad studies given by various lending institution are given at interest rate as low as 12.75 %. The processing and the admin charges over these loans are 1-2 % of the loan amount. Education loan for abroad studies is thus one of the best options a person can go for who is opting for studies in a different country.
Before opting for an education loan for abroad studies here are a few tips for the students which will help them greatly.
When a student is opting for education in the abroad, he needs to understand that the amount involved is high hence; the student should stick to a sedentary life style and cut down on unwanted expenses.
The banks and the non-banking institutions also provide counseling to the students about the career options which will get them a clear idea about the future. So that they don’t waste unnecessary time in investing for the wrong options
When a student goes off abroad studies he or she should look for a part time job which will help him cover the expenses. A part time job is necessary in a foreign country as the standard of living is comparatively high in these countries.
Hence, it is always better to go for a part time job.
Keep all the documents which are needed handy so that you don’t have to stress at the last moment. Keep the attested documents ready and also keep the KYC documents this will avoid the last minute confusion and you can easily avail for a loan
Some lending institutions have been providing loan on the basis of the score the GRE, GATE exam scores hence, if you have a good score you can always ask for concession in the interest rate.
Some of the banks and non-banking institutions have been providing loans which even cover the charges of the entrance exam test. Hence, it is better to know you your loan.
A student must away know his or her loan thoroughly to avoid last minute confusion. He should be aware if the principal loan amount and the interest rate at which the loan is availed and the mode of the repayment. Also know the charges that are covered in the education loan abroad for studies.
The charges that are usually covered are library fees, the tuition fees, the laboratory charges and traveling expenses. Some of the banks and the non-banking institutions also give living expenses as the standard of living is quite high in the abroad countries.