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Top 5 Things to Consider Before choosing best loan to Studying Abroad ?

Top 5 Things to Consider Before choosing best loan to Studying Abroad ?

Whether you can afford to study abroad or not, is a kind of decision that has the ability to change the entire course of your career and financial life. It is considered as one of the prominent factors while deciding to pursue your education abroad. Availing loans for students studying abroad is a decision that parents can take based on their financial well-being and the sincerity, ability, and talent of their children. However, this shouldn’t be a random decision just because everyone in your kids’ peers is going abroad to study.

1.Interest rates – Interest-rate are the most important matrix for choosing an education loan abroad. The range is between 8% to 14% depending on the type of loan. Generally, mortgage loans from nationalized banks are the most economical form of loans for students to study abroad.

2.Moratorium period – moratorium period is defined as the period where you do not need to repay the principal amount nor the interest accrued for loans for students studying abroad. Nationalised banks offer complete moratorium period until study however other lenders do not. This is an important parameter as he would not want to burden your parents to start repaying the education abroad loan before you get a job.

3.Margin money -Margin money is the percentage of the total cost of education which the lender is ready to finance. This varies based on the lender's criteria and becomes an important parameter for deciding the loans for students studying abroad. Hence in case you are looking to finance 100% of your overseas education loan you have a limited set of lenders.

4.Security available – There are mainly 3 criteria or credit aspects for an education loan to study abroad. The student profile, parent profile, and mortgageable property are considered to sanction loans for students studying abroad. Different lenders have different criteria and require different securities to sanction education to study abroad.

5. Point of service – We have lenders who are completely online, provide home service or the student needs to visit the branches. The time required to sanction an education loan abroad depends on the point of service so for example, a completely online lender will be far more efficient and faster then somebody which will require you to visit the branches.

We at Edu loans understand your requirement and provide you the most suitable education loan based on your eligibility cost and convenience. We have a dedicated team of over 10+ councilors who have a detailed knowledge about education loan and can help you get the best deal among all the financial providers. We are the largest marketplace for lenders and have over 15 lenders on the platform.


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