4 Reasons Why Your Child May Want to Study Abroad

Studying abroad is a global phenomenon. The desire to study in other lands is not something which you’ll find students in your own country willing to go for; almost everyone around the world wants to do the same too! They want to cross continents and countries to get the best possible education for their future.

That being said, why did studying abroad become so popular?

There are many fantastic benefits. It can set you up for a global career and can give you an amazing social life. Here are some reasons why you should be picking studying abroad.

But before we start, remember that you may need an education loan to do so. If you do want an education loan, just get in touch with mymoneykarma, and we’ll connect you with some of the best and biggest loan providers in the country.

Studying abroad is a challenge

Studying abroad is a challenge in most cases. Once you are once that plane to the university, you are on your own. Yes, you’ll have help, but you’ll have to manage your affairs in most cases. You’ll have to find your own lodging at times, make your own food, and maybe even have to get a part-time job. The challenges are unique, but that’s where all the fun comes from. Having concerns from travelling abroad is very normal and natural. Make your trip worthwhile by moving out of your comfort zone. Experience a whole new world, and you’ll have wonderful memories and friends for the rest of your life. Studying abroad makes you self-sufficient.

Experience a new culture

One of the biggest benefits of studying abroad is that you get to experience a new culture. Living in a completely different environment and surviving there with your friends is an exhilarating experience. Studying abroad lets you experience a different culture from a unique viewpoint.

You get to know about their language more, meet locals, make friends and acquaintances, learn about their culture, traditions, and so much more. It also allows you to see how others view your country and culture from their viewpoint. Living in a cosmopolitan culture certainly has its benefits.

Get a world class education

Regardless of where you study; you always want to have a top class education. And that is studying abroad. But remember, getting a world-class education requires you getting into a top college or university. Getting into a community college and expecting Harvard-level education just won’t do. It’s not possible. But in most cases yes, studying abroad increases the level of education.

Career opportunities

When you study abroad at top universities, you can know and network with people with solid connections. Besides, passing out from a top institution brings you a lot of career opportunities since they offer courses which you don’t get anywhere.

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.