Now that you have secured merit score, obviously your next concern would be taking an admission in the dream college. But if it’s in abroad your train of higher ambition gets a sudden brake of finances and it comes at a standstill. Your major concern will be determining the source of fund for your educational and personal expenses while studying abroad. While sending their kids to foreign countries, these days even the richer section of the society has to think twice as the costs for studies has pitched around five to six folds. So, obviously middle class people are going to face a big finance crunch to fulfill their child’s dream of foreign study abroad.
Relax! India’s leading private finance companies and government banks have introduced higher education loan scheme for education in abroad. While taking admission in foreign university and institute it’s important that students display enough proof of funds. Every student will have its own problem to manage funds, visa clearance, slow loan process, incomplete finance, etc. Therefore, these leading private finance companies have come up with unique and friendly solution for customers such as Pre-Visa Disbursement loan, Pre-Admission Loan, Certificate of Availability of funds, GRE score based loan, fast track loan, Bridge loan, etc. that will cater exclusively to students particular requirements and set them free from any form of hurdles in their road for successful career development.
Although, some banks might sanction the loan against the margin money costs, but there are few who providing students with complete financial solution. Students will be offered 100% education finance at interest rates as low as 12.75% and mere processing fee of around 1-2 % depending on case-to-case basis.
Educational loan for abroad studies are offered to those Indian students who have secured admission in any of the bank or private finance companies lists of approved courses/universities. They have simplified the application process so that every student can take advantage and apply for foreign higher studies. The main endeavor of these banks and finance companies is to grant privilege to meritorious student who wish to pursue higher education outside the country.
Generally they will be not collateral security for loans upto 4 lakhs. However, for loans ranging between 4 to 7 lakhs, banks will require collateral in the form of a satisfactory third party guarantee. For loans above Rs. 7.50 lakhs, collateral in any of the form of residential property (house/flat/apartment), Fixed Deposits, Life Insurance with surrender value equivalent to loan amount, Existing house mortgaged and Non-agricultural land can be considered.
Now, that you have a bit understanding of your educational loan for abroad studies, it’s important you get started on the right foot. Don’t wait until the last minute to start saving up for your higher studies. Ask people, friends or family members who have gone through the financial process for proper guidance. Availing a loan involves lot of logistical and technical loose ends which might create the unnecessary confusion. So its better to understand the loan process, repayment strategies, interest rates incurred and then go for suitable loan. Educational loan for abroad studies are a boon for those needy students who wish to fulfill their dreams of study abroad. These youngsters can shape up a good future with better amenities, lavish lifestyle and possibly get an opportunity to make a mark of India on global platform if they opt to live abroad.