Students aspiring to pursue higher education abroad is becoming a global phenomenon, offering fantastic academic as well as professional benefits. It’s like a dream come true for students to get a chance to acquire the best education in their desired study destination.
The concept of studying abroad is gaining ground among the teenagers and youngsters due to the umpteen advantages of global education and global exposure. It definitely comes with a cost which is surely a little high when compared to education in one’s own country but comparatively far more beneficial in terms of returns in future.
Just to make sure that the financial restraints do not create an obstacle in accomplishing the academic ambitions of students, innumerable banks and other financial institutions offer funding options for overseas education loan.
The country-specific financial requirements vary from country to country and if a student is interested in applying to different universities or institutions in different study abroad destinations then guidance from experts can surely ease the task. The Loan Counsellors also guide parents and students as to which financial institution would be the best based on their choice of study destination.
To make the task easier for you all we would like to give you an overview of the kinds of banks and financial institutions that provide loans for higher education abroad. Also check the long list of benefits you can avail by choosing the best bank for overseas education loan that suites your needs.
The numerous advantages of taking education loan through Nationalised Banks are:
The benefits of taking education loan through Private Banks are:
The benefits of NBFCs are:
But it’s not enough if we just focus on the benefits of taking the education loan from various banks or institutions. It is also essential to get complete information about the penalty charges or hidden charges if any, as these may become an unnecessary burden in future.
So, if you are able to get 100% funding for your overseas education, your sponsors are relieved of the initial financial burden of arranging the sponsors sharing.
Penalty Charges: It is important for you to check with the bank if there are any penalty charges in case you miss to pay the EMI for a month due to some reason. If there are some charges to be levied, then the exact extra amount that has to be paid must be clarified in advance.
Hidden Charges: Reading the loan document carefully is a mandatory step to be followed. As there might be few banks which would specify certain extra charges apart from those specified in the form. Every loan borrower must take care of not falling into this loop of hidden charges.
To get thorough information about these aspects you can contact the education loan advisors and it would be the best if you approach them through Study Abroad Consultants.
Having acquired an idea of the banks, financial institutions and the benefits you can avail, let’s move on to the factors that need to be considered before applying for the loan.
The below mentioned factors will help you in deciding the best bank to choose from.
All the banks have different criterion for education loans. As such it would be better if students consult Education Loan Consultants / Loan Experts who provide complete guidelines and assistance for overseas education loan process.
One of the best Overseas Education Loan Consultants providing end to end assistance is E’LAN. You can avail our services in person or online as we provide distant services too through our E’LAN Web Portal
So, don’t wait anymore, approach us at the earliest if you are looking for Study Abroad Loans and acquire information about multiple overseas education loan providers under one roof.