How Can I take a loan for my studies abroad after my 12thCompleting the 12th grade in college in any stream of study makes the student eligible for higher studies in India or abroad. There are many professional courses in world-class colleges and universities that are sure to build a great career. Practical education with campus placements guarantees the best jobs in the industry. Who will not want to level up their academic profile after the 12th to make a bright future! But, for middle-class households and several other households who cannot afford higher studies what is the way out to achieve the path of success!
The answer definitely is taking an education loan for higher studies abroad once you pass your 12th. An education loan is a type of personal loan that is of great help in securing your child’s future in the long run. Do not waste years of achieving academic excellence just because of a lack of funds. Education loan for studying abroad is quite flexible to repay. The repayment term states an education loan can be repaid in EMIs after the course completion or once the student starts earning.
Several financial institutions support education loans that covers – travel costs, accommodation expenses, tuition fees and even healthcare insurance.
Here are some key features of education loan for abroad studies:
- Education loan requires a co-applicant
- Applicant/student should be an Indian citizen
- Confirmation of admission is mandatory
- Loan amount can also be used for foreign entrance exams such as GMAT, IELTS etc.
- Open to different collaterals against the loan, not restricted to assets, property, savings etc.
Types of Abroad Education Loan
Pre-Visa Loan:This loan is approved after the student submits the offer letter from the foreign university. A pre-visa loan is required to show that the student has enough funds for education and in no case the student will become a liability to the nation.
Pre-application Loan:An education loan not only supports the actual course ofstudying abroad but also helps with pre-application expenses. This covers the cost for examination, interviews and conveyance.
Comprehensive loan:This is a complete education loan that takes care of initial deposits, travel, accommodation and educational book/equipment.
Benefits of Education Loan for Higher Studies Abroad
- It is a secured loan with a lower rate of interest
- Flexible with types of collateral required for loan approval
- Tax benefits guaranteed on education loan sanction
- Minimum processing fee
- Flexible repayment in EMIs after the loan tenure is over
SimplyCash educational loan is an unsecured and collateral-free loan that does not require any kind of security against the loan amount. Instant loan apps give 24/7 access whether you are travelling, in the office or at home.
The interest rate may differ, if compared with public and private financial services. The rate of interest and concessions are levied as per the RBI rules. Public financial organizations have a low rate of interest as compared to private banks and financial services. Most importantly the interest rate remains the same and does not fluctuate in education loans.