by anaya shroff
Published Wed, Aug 2nd 2017, 12:28 | Education
Dear parents, are you planning to send your child for overseas education? Then keep in mind that abroad studies are expensive and needs serious financial planning and intensive research on the interest rates and the repayment tenures offered by various available banks and non banking financial companies. I know one family who went for the overseas study loan from a financier who offered the lowest rates but had a tough time in getting the loan sanctioned with loads of documents and had to pay almost 20% of the loan amount from his own pocket. Here is a simple tip for you, never go with the enticing interest rate figures.
To stand out of the market many financers offer you the lowest rates with lot of ambiguity in their terms and conditions, instead of a hassle-free loan term, they force you to be dragged by the debt burden. Sounds kind of schadenfreude financer right? Yes there are few institutions like that after all they are providing the loan in order to earn profit from the customers and not doing any social service. Let me share some of the information which I came across the Google search engine to help you find a suitable partner for hassle-free loan tenure. You won’t believe that some financers exist in today’s competitive market who gives you 100% of the loan amount required for the education expenses without any fixed upper cap.
Overseas Study Loan are tailored in such a way that it caters to the entire requirement for enrolling your child in the foreign university from providing pre-visa disbursement loan, fast-track loans that expedite the admission in the abroad university, providing the certificate of availability of fund to offering pre admission loans. These institutes understand the academic requirement of the student and the importance of a burden free academic life and the financial burden is borne by the financer. The study abroad loan covers the tuition fees & other educational expenses along with living & lodging expenditures. Some financers even provide a portion of the travel expenses.
To motivate the students the financers provide concessions in the interest rates and no security loan to the meritorious aspirants. Trust my words that the sanction of overseas study loan is not a hard task anymore. Get the passport not only for the foreign land but also for the dreams of abroad studies of your child with the overseas education loan. The education loan is provided at a competitive rate for a maximum of ten years! Yes you read that right, the loan tenure can be as long as ten years. Let me advice you to go for short tenure, because a long tenure will increase the interest cost. So take the loan for the required amount, try to block the unnecessary outlets for the flow of money.
Repay the loan amount sooner with the various flexible repayment options; try to prepay the loan amount with other savings if possible. So do a little bit of online research and ground work by visiting the best financers according to your online research and then choose the financer. The research and comparison of various financers will help you to get a suitable education loan that will serve your child’s purpose of abroad study with hassle-free loan tenure. Oh I forgot to congratulate your child for getting an admission in the foreign university. All the best! For the bright future waiting for your child. Help her/him to outshine the clan by competing with the world.