Today, more and more children are willing to pursue best of the education, and therefore the number of students embarking on their journey to overseas studies is increasing exponentially. With the growth of the internet-based services and leading private finance companies having tie-ups with top-notch universities acquiring an admission in these institutes/universities are closer than never before. You can see students, visiting seminars venues and overseas education expos along with the friends, parents or relatives to find a suitable course that will fit in their interest and aspirations.
But most students who are highly positive about planning for abroad studies will drop the plan because of the high costs attached to it. Higher education is way too expensive in foreign countries and parents of many aspirants are not in a position to give the entire funding. But thanks to a study abroad loan you now don’t have to end your education dream for the paucity of funds.
These loans are a boon for many aspirants across the nations who are willing to fly overseas to fulfilling their dreams. Since, these loans are offered to children they come at low-interest rates, flexible repayments and with tenure of around 8-10 years for repayment. Thus, you can be self-independent and fund your own dreams instead of putting your parents/guardian’s future investments at risk.
Every lender whether is private or public has its own well-defined criterion for sanctioning the loans and getting aware of this can help you reduce the pain and hassles you have to go through the loan application process, especially the manual process.
Here are some basic criteria for a candidate to apply for overseas study loan:
- He or she should be a citizen of India
- He or she should have secured admission to professional/technical course through an entrance exam or selection process
- The student should have secured admission in foreign university/institute along with admission letter
- Parents/guardian should have an exceptionally good credit score
- And the type of collaterals you can keep mortgaged with the lenders
Private lenders are keen on offering customized and affordable solutions for students and therefore come up unique and friendly solutions such as a pre-admission loan, pre-visa disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc. You can consider private lending bodies to avail a study abroad loan with interest rates as low as 11-15% and a mere processing fee of 1-2% on the loan amount. To land on best lender site, you can conduct a little bit of research on the internet and compare between various lenders across India.
Shortlist at least 4-5 alternatives that fit in your requirements so as to save yourself from getting duped with exorbitant interest rates charges. After a thorough research apply for the one that you find the best out of the lot. With proper documentation, good academic score, a credit score of co-borrower it will take not more than 24 hours for your loan to be sanctioned. A customer rep. will be there to come to your doorstep to collect your documents and guide you through the entire loan structure, interest rates, processing fee, monthly instalment, etc. The online team is always at your assistance to clear the doubts on terms and conditions, policy, etc. It usually takes a fortnight for the loan to be disbursed into the university/institutes bank account.
Compare quotes online and apply for overseas study loan, now!