With the rising cost of education parents are often worried, especially the middle class people. While they aspire to give their children the best education possible, the finances required often act as a hurdle for students to embark upon the glorious journey of success in life.
Today, the costs factor involved in attaining degrees in engineering, medicine, computer science, managements, law can costs anything between 5-10 lakh rupees. And if you foresee your child to take a degree in foreign university or institute the figures will triple. Even the riches of the society have to think twice when it comes to sending kids for foreign studies. Resultant is that in such situation parents often have to borrow from relative or friends. Else they might opt for traditional finances, personal loans, property mortgages, gold loans etc. However, traditional finances or borrowing is not easy. It involves very high rate of interest, immediate payments of loan amounts, limited timeframe for payments and no flexibility options for repayments.
The one good easy breather that has come across for students and parents is Study loan Abroad offered by leading private and public sector banks or companies across India.
Government and private finance firms has taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, they have come up with state-of-the-art facilities for Study loan Abroad scheme. So bank a suitable opportunity now and create own your world of successes by pursuing good and quality higher education in India or abroad.
The article offers some tips while taking loan for studies abroad:
While taking admission in foreign university students have to show sufficient proof of funds. Every student has its own set of problems such as getting a visa clearance, fund approvals, slow loan processing, incomplete finances etc. Some of the leading private finance firms 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, Bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development.
Government banks demand for margin money of around 15-20% of the loan amount to approve study loan overseas but few of the leading finance firms in India give foreign study loan at no margin money costs. The interest rates offered are as low as 12.75% and the processing fee is mere 1-2% of the Study loan Abroad amount being calculated on a case-to-case basis
Your student loan takes a complete care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc.
As an Indian national, for loans up to 4 lakhs no security is necessary, but above 4 to 7.5 lakhs, collateral security in forms of third party guarantee is compulsory. And, above 7.5 lakhs of loan, tangible security of desired value is required.
Understand your student loan in terms of fund allocated, expense covered, interest rate applicable, discount or concession available, tenure for loan clearance, repayment options & strategy and other costs they’ll have to incur on their own.
Disbursement of the loan amount is done directly to the institute or college to which the student has applied for admission. Other charges like mess and hostel charges are given to the concerned authorities. Banks or private finance firms verify the tenure of the course, and determine the cost of the entire course.
Parents & Families are often tensed on raising funds inorder to meet higher education fees for their children. Hopefully, increasingly attractive option of Study loan Abroad might come as guiding star for them to be able to successfully manage this complex process.