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How To Apply For The Foreign Education Loan
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Many individuals are perusing an education abroad, as it provides a better chance of career and lifestyle for these individuals. However, in order to achieve, you will require a high financial funds, which most students do not have. Thus, the loan for foreign education helps serves this purpose. In this article, we tell you how to apply for this education loan and the process to go about it.
First check with the institute if you application has been accepted before you start your process. Some institutes provide financial support through scholarships and personal financing programs. So if you can avail this, it will be to your financial advantage. You will need to calculate how much funds you need as it may or may not include the funds for accommodation and other expenses. Since the interest rates differ from a loan for Indian education and a loan for foreign education. With the amount of loan you are taking, you will need to planthe steps for repayment accordingly. Most foreign education loans also provide finance that covers tuition fees, books, transportation, room and boarding expenditures and personal budget. To apply for the Loan for Foreign Education, you should be an Indian citizen. Plus, you should have secured admission to professional/ technical courses through Entrance Test/ Selection process or admission to foreign university/ Institution.
• Amount of the loan
The Loan for Indian Education is limited for 10 lakhs, and the loan for foreign education is limited to 20 lakhs depending on the type of course. If the loan is less than 4 lakhs, there is no security required. But if the loan is more than 4 lakhs, then certain margin is specified for loan for Indian education and a relatively higher margin for loan for foreign education. Certain banks provide discounts and special offers to select students too.
Normally the repayment option for student education loans is flexible. Students can start paying the EMIs a year after the course is completed. Normally, the period of the loan is determined on the merits of each case of the individual and would not exceed 5 years. If the individual does not get a job immediately a grace period of 6 to 12 months is given. If the student has the right job and steady income, the repayment for the education loan can be accelerated, keeping in mind the earning capacity of the student. You must try to pay off the education loan as soon as possible to avoid a bad credit score in the future, to avoid further complications in your professional and financial life.
Author Bio :- Neha Sharma; a finance student, has learnt a lot about education loan and related topics. She has also gathered extensive knowledge about loan for Indian education as well as loan for foreign education.
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