Top 3 Foreign-Education Loan Providers in India - Study Aboard

Indian students are getting more and more opportunities to study abroad with each passing year. Old favorite destinations are giving way to new ones like Canada. Studying abroad has, understandably so, been a romantic dream for many. Studying abroad means different things to various people, but mostly, it is all about experiencing a new culture, getting in-depth education on a chosen subject, getting world-class education, getting to see a new country, meeting new people and making new connections, and etc.

But for many, it remains a dream. This is generally due to a lack of funds. Studying abroad takes a lot of money. It includes tuition fees, travelling expenses, rent, and so much more. Not everyone can pay so much out of their pocket. Most require a loan.

And that’s why education loans exist, to give you the opportunity to have a great future which wouldn’t have been possible otherwise. And look, you can get these loans not just from banks these days, but from institutions and universities around the world. And that is apart from scholarships and grants.

Here’s a big reason why education loans are important nowadays: it directly affects the university, the type of course and the quality of education one can get! Thus, foreign study education loans are the best. You can get a wide variety of such loans and schemes from the various Indian banks. Most of these come with a flexible loan repayment option, which makes it much easier for you. Many education loans have a moratorium period as well, which is a certain period after the course completion, after which you should start repaying. Thus, you do get a lot of time to repay.

Features of education loans

• Anyone between 18 and 35 year of age is eligible for foreign education loans.
• One can choose management courses, medicine, engineering, graduate courses, graduate degrees, architecture, arts, pure science, hotel management, and so much more.
• Loan expenses include tuition fees, exam fees, caution deposit, lab and library fees, travel, equipment and books, projects, study tours, and more.
• Borrowers get 5-15% margin for foreign education loans.
• Loans can be paid through EMIs by ECS and post-dated cheques to the concerned bank.
• Banks give education loans with various tenures, inclusive of the moratorium period.
• One can get a co-applicant for full time courses, and they can be family members and spouse.
• Banks are willing to give 20 lakh max with moratorium and a max of 10 lakhs without moratorium.
• For loans till 4 lakhs, collateral is not needed. For loans between 4-7 lakhs, third-party guarantee is needed. For loans more than 7.5 lakhs, tangible collateral security is needed.