by Shyamoli Shah
Published Wed, Feb 1st 2017, 16:01 | Education
Pursuing your dream studies abroad is highly expensive. At times, it can go as high as five to six times the cost compared to the course pursued in India. Hence planning is essential to ensure that adequate funds are at disposal. However, not matter how much an individual plans the rising inflation costs, family responsibility, and other prior commitments will act as a hurdle to financing your higher studies. Therefore, the best way is to borrower finance but on your own creditability and capability.
Overseas study loan could be an ideal solution that will help your finance your studies in best of the foreign universities and institutes. Your overseas education loan will not only cover your tuition fees but also other fees like library charges, hostel and mess charges, a cost of books and equipment, maintenance, caution fund/building, fund/refundable deposit and cost of passage (for studies abroad), etc.
Education Loan is the key to professional success. You can build your own empire; attain peak position in government or private sectors in India or abroad. You can get all the luxurious and lifestyle amenities in life. In recent years, education has been globalized which has increased awareness of the best universities/institutes worldwide.
But studying abroad means you have to prepare from every front such as entrance test, finances, visa, quick funding, fund approval, etc. But thanks to the leading private finance firms who have come up with unique and friendly solutions for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan etc. that will cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development.
Government banks might demand margin money costs of around 15 to 20% of the loan amount to approve student loan overseas, but some private finance firms give overseas study loan at no margin money costs. Interest rates offered are as low as 12.75% and the processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis. They fund overseas studies without setting any cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens and leaving them freely to pursue education.
The collateral security is required for loans ranging from Rs 4 lakh to Rs 7.50 lakh; collateral in the form of a satisfactory third party guarantee is required. For loan above Rs 7.5 lakhs, collateral in any of the forms of Residential property (house/flat/apartment), Fixed Deposits, Life Insurance with a surrender value equivalent to the loan amount, existing house mortgaged and Non-agricultural land can be considered.
Today, more and more Indians prefer going abroad for a higher education as foreign education not only grooms an individual but also promises a higher return in terms of remuneration and a far better lifestyle as compared to that in India. Overseas study loan involves a lot of logistical and technical loose ends which might create the unnecessary confusion. It is necessary to understand student loan in terms of fund allocated, expenses covered, interest rates applicable, discount or concession available, loan tenure, repayment options, strategy for repayments and other costs they’ll have to incur on their own.