123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

How To Apply For The Foreign Education Loan

By Author: Neha Sharma
Total Articles: 108

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.

• Eligibility

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.

• Repayment

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.

Total Views: 65Word Count: 469See All articles From Author

Investing / Finance Articles

1. Download Free Forex Robot To Trade Like A Pro In The Forex Market
Author: johnsyanol

2. Trade12 Is The Platform That Will Give You A Free Lifestyle
Author: Trade12

3. A Guide To Proper Retirement Planning Servives In Richmond
Author: Danny McCarty is the author of this article

4. Why Invoice Invoice Factoring Financing Is Better Than Bank Overdraft Credit?
Author: Stephen Perl

5. Apoyos Para Negocios En 2017
Author: Martin

6. How Do You Master Mind Your Long Term Loans Without Collateral?
Author: Jenny Elmore

7. Algotrade Helps You Make Consistent Profits In Forex Market
Author: johnsyanol

8. The Guide To Choosing The Best Stock Trading Advisory Service
Author: Dharmesh Patel

9. What Should An Executor Of A Will Do To Get Grant Of Probate?
Author: Probate a Will

10. Trade12 Provides A Perfect Educational Experience For New Traders!
Author: Trade12

11. Home Loan Rate Comparison – Why Is It Important?
Author: Kimberly Ash

12. The Benefits Of Getting A Reliable Mortgage Broker Harrogate
Author: Brian Miller

13. All You Need To Know About Co – Signing A Loan
Author: Neha Sharma

14. What Are The Insurance Policies To Opt For In Your Early 30's?
Author: Neha Sharma

15. Multi – Currency Card: How To Pay Less For Foreign Currency
Author: Neha Sharma

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: