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May 21, 2019

Overseas Education Loan Advisor - How essential?

The number of Indian students opting for Higher Education Overseas has increased exponentially in the past two decades although the cost of overseas education is much higher. Many a times, it is indeed difficult for most of the parents to support their children in taking the plunge keeping the financial aspects in mind. But they also realize that studying abroad is indeed a life changing decision, as such they inevitably think of taking an Overseas Education Loan.

However, there are multiple factors to be considered. Most parents do not know about the country-specific financial requirements nor the best financial institutions to approach. In such a case it is advisable to consult an Overseas Education Loan Advisor to be assured of consulting the right financial institution and to avail the essential amount of loan with lower rate of interest. The Loan Advisor facilitates the entire process and becomes a great support in relieving the financial stress.

Benefits of consulting a Loan Advisor

There are multiple benefits of consulting a loan advisor and the best part is the loan experts streamline and expedite the process so well that the loan gets disbursed in no time.

Student’s Profile Assessment

A thorough study of the student’s profile is done, taking into consideration the various factors considered while scrutinizing the loan applicants. The profile assessment is to get an in-depth idea about:

  • The student’s academic record and standardized test scores (GRE, GMAT, SAT, ACT, TOEFL, IELTS, PTE etc.…)
  • Employment history of the borrower and the co-borrower

Financial Assessment

Most students and parents do not have an idea about how much money is required and how much do they need to borrow from the bank. The Overseas Education Loan Requirements can be accurately assessed considering the currency exchange rates for the specific country, city-wise living expenses, and other ancillary costs. This task is also performed by the Loan advisor. After this analysis the advisor provides a thorough financial structuring and an accurate estimate to apply for the student loan for studying abroad.

Country-Specific Counseling

Foreign education loans also have an added dimension in the form of visa regulations. Not all organizations and not all types of loans are acceptable in every country. Visa requirements of certain countries like Australia, New Zealand, the U.K. etc. have a criteria of secured loans from nationalized banks. Such country-specific visa requirements regarding financial rules and regulations can only be provided by an expert with updated, country-specific knowledge.

Options of Multiple Financial Institutions

There are different kinds of financial organizations and numerous banks, as such parents applying on their own may find it difficult and confusing to choose the Best Bank for Education Loan. Each financial organization has its own policies and unique selling points. However, not all may be suitable for every student. The advisor has a thorough knowledge of each institution’s functioning, procedures, benefits and shortcomings. Owing to the industry exposure and years of experience the advisor suggests the best option suiting the candidate’s profile and financial requirements.

Pre-Disbursement Criteria

The Loan Advisor performs the most important task of guiding the borrowers/co-borrowers on advantages and drawbacks of financial institutions, especially regarding important criteria such as pre-disbursement, which plays a vital role in the visa process. Visa authorities of certain countries demand disbursement before the visa application is processed. However, the problem lies in the fact that only certain banks have the facility of granting pre-visa disbursement. The Loan Advisor can effectively match the financial institution as per the student requirement thereby ensuring compliance to visa regulations and other guidelines.

Other Benefits

  • Lower Rate of Interest: The education loan advisor can negotiate on the rate of interest charged on the loan amount. Owing to tie-ups with major banks, the Advisor knows which bank to approach so that the student can avail a loan on the lowest possible rate of interest.
  • Income Tax Benefits: The borrower or co-borrower can get income tax benefits based on the loan being taken for higher studies overseas. But there are certain essentials to be kept in mind about which only the loan advisor can guide the borrowers better.
  • Evaluation of Property Papers: The loan expert also evaluates the property papers to ensure compliance and suggests for any additional documentation that may be required.

Other Financial Options

If in any case the candidate is found to be non-eligible for an education loan, the loan advisor suggests other financial options such as loan against security, top-up loans etc. The advisor also provides information on various scholarships for which the student is eligible in order to ease the financial burden.

To sum up there are umpteen benefits in consulting an Education Loan Advisor. Apart from the benefits, what is also essential is experience and expertise in dealing with financial aspects. As such we suggest every study abroad aspirant to consult the Education Loan Advisors of E’lan Overseas Education Loans and avail free end-to-end assistance Pan India.


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