How to manage educational finances for studying abroad?
Studying
abroad helps students’ grove their personality, collect infinite memories,
create new ideas and build enriching experiences. But funding overseas
education is always a difficult task for any student. Even the richer section
have to give a second thought at times to send their kids to Foreign University
of their Choice, the costs attached to it, the living conditions and the other
factors associated for foreign education. Most of the times the average middle
class people face a huge dilemma between the financial shortage and their
child’s aspire to study abroad. But due to financial constraints they often ask
their children to sacrifice their dreams.
However,
today government and private sector finance firms understand such rising
concerns of students & parents in India. They have come up with study loan
abroad facilities that can give aspiring kids the desired wings of sufficient
finance to fly high in the success skies of higher studies abroad.
Inorder
to make sure that no student is denied of pursuing higher education, various
banks and private finance firms in India have come up with state-of-the-art
facilities for educational loan 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. These firms and banks have helped students with
their study loan abroad by offering loans at amazing rates and without much
hassle.
When
you secure an admission to your dream college abroad, your next concern would
be determining the source of fund for your educational and personal expenses.
When students apply for higher studies in foreign universities it is imperative
that they should show sufficient funds in their account without which they
won’t be able to pursue their studies.
Some
leading private firms understand students financial concern very well and come
up with unique and friendly solution for them 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.
In
India, almost all the major banks or private firms offer study loan abroad for
deserving students who wish to pursue foreign studies. While government banks
demand for margin money of around 15-20% of the loan amount to approve study
loan overseas, some private finance firms 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 loan amount being calculated on a case-to-case basis.
They design study loans without setting any cap on finance and provide 100%
coverage of education costs, making such young talents of India free from
unnecessary burdens and leaving them freely pursue their higher education and
thereby carve the path of their successes in life.
Generally
there is no collateral security for loans up to Rs. 4 lakhs. However, loans
ranging from Rs. 4 lakhs to Rs. 7.50 lakhs, require collateral in the form of a
satisfactory third party guarantee. And for loans above Rs. 7.50 lakhs,
collateral security of appropriate value or co-obligation of parents or
guardian would be required.
When it
comes to repayment these banks or private firms come up with flexible payment
options such as EMI payment course, Interest servicing during course &
partial interest servicing during course. You can look these options and then
decide the repayment as per your flexibility. However, repayment is also one of
the important part of study
loan abroad finance and you need to clear the debt associated with your
loan. As this is the best helping hand that you get during your rainy days of
searching finances for your higher studies.
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