Studying abroad is like a dream come true for millions of aspirants. It’s a life changing event in student’s life. Right from his or her experiences, understanding traditional and cultures, achieving successes in their desired field of education and then further attaining a prime position in foreign countries or starting a revolutionary phase of business with a global touch. The success you get cannot be measure but the amount of money that parents have to fuel in is definitely a major concern. When it comes to overseas studies even the richer section of the society has to think twice before sending their kids. Definitely, this is bound to me a major hurdle for upper middle class and a middle class segment of society. Also, arrangement education finance involves a focus and a lot of money to prepare for the future right from the cardinal. But gone are times when parents had to take a major burden and run from pillars to post to borrow necessary finance when overseas education loan is there to rescue you.
Overseas education loan or international student loans as generally termed are basically tailor-made finance offered by leading private finance companies and banks to students in India for studying abroad. These loans are offered to those individuals who are preparing for a higher education in the fields of engineering, medicine, science, managements studies, etc. It offers a huge financial support to deserving students for pursuing higher professional or technical education in India and abroad.
The interest rate of overseas education loan depends on the course you apply for, loan amount and the tenure. Students getting admission to highly rated institutions are offered loans with a lower rate of interest. There are some leading private finance firms offering a loan 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 design student loans without setting any upper cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens.
Of course, once the student banks upon a successful overseas education loan it’s the repayment concern that will bother your minds. Relax! For repayment, these banks or private finance firms have come up with flexible payment options such as EMI payment course, Interest servicing during course & partial interest servicing during the course, EMI repayment Post-Holiday /Moratorium period and Step Up repayment facility. The repayment will start after the course completion. A grace period of 6 months after completion of your course or 3 months after getting a job is offered termed as moratorium period. Here are some tips to save up towards the monthly installment of your overseas education loan:
Learn to budget
Budgeting in everything will help you manage your money abroad. Even if you’re moving somewhere with a low cost of living, you can still find yourself short of finances if not handled very well.
To take advantage of this, depending on the country you study you will get students discounts for tourist attractions, transportation, shopping outlets, library and hostel accommodation, etc. So, avail it wherever applicable to save money.
Find part-time work
Of course, this will directly help you to deal in cash savings. Look for jobs such as part-time call centers, local newspapers, or café jobs, visit the college or university sites for part time jobs for vacation jobs, etc
An overseas education loan is the best finance when you wish to study in the foreign country and in your dream university. These loans help you be self-independent without being a cause of burden on your parents for your educational finances. You can plan well ahead right from the start of higher studies on getting a part time job, achieving a degree and finally working professional to clear the loan as soon as possible. Living a sedentary lifestyle will also help you to save enough towards your installments.