Funding Abroad Education through Education Loan

Embarking on a journey of overseas education often comes with financial challenges, hindering the aspirations of many students. Despite possessing commendable academic credentials, the dream of studying abroad at prestigious universities remains unattainable for numerous individuals due to financial constraints. There is a solution that can transform this dream into reality – Education Loan

Serving as a lifeline for students and their families, education loans have emerged as a boon, making overseas education accessible to a wider audience. While there's a common misconception that education loans only cover tuition fees, many private financial institutions consider the overall expenses associated with studying abroad.

Let's delve into some essential insights about education loans:

  • Providers- All sort of banks (Nationalized/ Private/Co-operative) and Private institutions (Avanse/ HDFC Credila etc.)

  • Rate of Interest- Differs (with institute) between 9.15% to 14%. An additional 0.5% concession is provided to female students by certain banks.

  • Repayment tenure- Mostly varies between 10 to 15 years (can differ with individual institute)

  • Repayment terms- Parents usually pay the interest amount during the study duration of the student. Post completion of degree, once a student gets a job, student pays off the loan in equal installments.

  • Amount sanctioned under education loan- Majorly the tuition fee requirement of the university or 80% of the total requirement. (*There are certain institutions that do provide education loan for total expense)

  • Mortgage requirement- As the amounts are relatively high, for the purpose of security, most of the banks or even the financial institutions ask for some collateral property for mortgage. Collateral property can include flats, bungalows, company setup, NA plots etc. Agricultural land (farms) cannot be used as collateral property. 

  • Factors that influence education loan- For the students having excellent academic records, good test scores and offers from top-ranked universities can help you avail concessions in interest rate. Particularly, for the students having offers from top-300 universities as per the QS world ranking can attract additional benefits in the education loan sanction.

  • Right time to apply- As the university offer letter is the most crucial document for sanctioning the education loan, you should start the process immediately after receiving the offer-letter as it will help you to get the sanction letter within 1.5 to 2 months which is the ideal time period for visa application.

 

In conclusion, education loans have revolutionized the landscape of overseas education, making it accessible to a broader spectrum of students. At Akshay Study Abroad Consultants, we understand the significance of financial support in realizing your study abroad aspirations. Our experienced team is dedicated to assisting students in navigating the intricacies of education loan applications, ensuring they find the best-suited options to fund their overseas education journey. Don't let financial constraints hinder your dreams – with the right guidance and support, your path to studying abroad can be smoother than ever before. Contact us today to explore your options and embark on your educational adventure with confidence!

 

Ms. Sayali Khandetod

Center Manager