How to Fund Your Study Abroad Journey with an Educational Loan
- First Edu India
Are you looking for an educational loan for higher studies in abroad?
If yes, then keep reading!
Deciding to study abroad can alter a person’s entire life. Some individuals want to attend a higher education institution abroad but need help with the necessary finances. Funding your education has become easier with the aid of student loans. Many candidates have achieved their aspirations by using student loans to study overseas. One can pursue a high-quality education at overseas universities with a simple education loan.
Students can pay for further education in India and overseas after high school. Not just tuition fees but other expenses are covered under the loan, which includes equipment purchases, dormitory rates, and additional course-related costs.
Numerous financial institutions and banks in India offer educational loan for higher studies in abroad. However, the range of products and services offered by each lender varies. Some terms that differ from bank to bank include the processing charge, interest rate, repayment terms, moratorium period, payback duration, and tax advantages. Therefore, one should consider the following factors before choosing a specific loan provider.
It is essential to decide how much funds you require beforehand. Would your funds be sufficient, or would you still need a student loan? Only apply for the amount you need after giving it some thought
Process of Attaining Education Loan For Higher Studies in Abroad
1. Do your research and choose your lender
Before you begin the loan application process for educational loan for higher studies in abroad, you must obtain a conditional offer letter from the school of your choice, choose the lender, and then visit them online or in person.
2. Fill out the loan application form
Once you have chosen the institution from which you will take the loan, fill out the online application form with your details and other necessary information.
3. Appear for the interview round
The interview round is the next step in obtaining an education loan. Whether you apply for the loan in person or online, the bank may contact you to schedule a personal meeting.
4. Provide the documents
The next step is to provide the necessary documents required.
- Proof of Identity
- Proof of Residence/ Address (Any-one): Passport mandatory in case of Studies Abroad
- Academic Records
5. Loan approval
Your student loan may be authorised when your qualifications have been verified. Furthermore, the applicant must sign a promissory note and other loan paperwork, certifying the bank that the loan will be returned within the specified time frame.
Who doesn’t want to study abroad, but with the high education cost, it restrains many candidates from studying abroad. But, with the help of student loans, one can choose their desired country and university to pursue their studies.
For better guidance and educational loan for higher studies in abroad or to get your documents assembled, First Edu India is your one-stop solution in fulfilling your dream to study. With years of expertise and practical knowledge, our counsellors edge one step closer to approving your application process.
So, with no further due, contact our professional and astute First Edu India counsellors.