123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Education >> View Article

5 Points To Keep In Mind When Applying For Educational Loans To Study Abroad

Profile Picture
By Author: Amit Dhakar
Total Articles: 45
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

A large number of students are opting to complete their higher education abroad. The reason is not far to see. A foreign degree offers greater value in terms of career growth and faster mobility.

Additionally, the dearth of educational institutions that meet world class standards in the country makes the idea of studying abroad very attractive. Despite the unmatched advantages that a foreign degree has got to offer,a weak financial foundation usually stands in the path of a student and his dream. Moreover, not all students are able to get their hands on a scholarship.

Under such circumstances, applying for an educational loan is the most preferred option for many learners. An educational loan covers a wide sphere, from book supplies to tuition fees, boarding fees, living expenses, and transportation fees amongst others. But before one gets down to the business of applying for an education loan,certain points must be kept in mind:

1. Apply once you receive the acceptance letter
It is best to apply for your educational loan after you receive the acceptance letter from your chosen university. The time ...
... period between receiving the letter and submission of application can be spent on researching different loan options, especially interest free education loans.

2. Spend time on research and comparison
While researching on the different loan options offered by banks, you will come across varying education loan interest options that may overwhelm you. Adequate time must be invested in comparing the different options that you find. Points like interest structure, grace period and pre-payment details must be thoroughly researched.
Many people prefer state –run banks to private ones as they offer low interest rates. Most importantly, it is better to apply to more than one bank in case your loan application gets rejected.

3. Keep in mind the eligibility criteria
Apart from focussing on the education loan interest rate of a bank, the eligibility criterion is another point that you must keep in mind when picking out banks. Many banks provide loans for long-term educational programmes. Certain vocational courses and short-term programmes are not covered by banks.

4. Co-signer consideration
Deciding on your co-signer is a task that you also must make with great care. A co-signer is usually a parent who agrees to clear your debt. The general rule that is followed with regards to a co-signer is that only loans above 5 lakhs are required to have one.

5. Be prepared with the necessary documents
Once you have shortlisted the banks, get your hands on a checklist so that you are prepared with the required documents at the time of application.

Whether you are looking for interest free education loans or simply loans that come with low interests, you need to spend considerable amount of time on reading the different clauses of the loan agreement before signing it.

Author Bio :- Dr. Amit Dhakar, Ph.D. in education, is an expert in the education sector. But, he is driven to help students from all classes accomplish their fullest potential. It is no wonder that, in spite of his busy schedule, he writes useful articles about interest free education loans, higher education strategies and more.

Total Views: 253Word Count: 520See All articles From Author

Add Comment

Education Articles

1. Which Books Have Been Published By Iiag Jyotish Sansthan Founder Dr. Yagyadutt Sharma?
Author: Yagya Dutt Sharma

2. Sap Sd Training In Bangalore
Author: VITSAP

3. Agile Scrum Methodology Explained In Simple Terms For Beginners
Author: Learnovative

4. Blue Wizard Liquid Drops 30 Ml 2 Bottles Price In Hyderabad
Author: bluewizard.pk

5. How Java Skills Can Open Doors To Global It Careers – Sssit Computer Education
Author: lakshmisssit

6. How Digital Marketing Can Help You Switch Careers
Author: madhuri

7. Ryan Group Of Institutions Partners With Royal Grammar School Guildford, A 500-year-old Institution - To Launch Premium British Curriculum Schools In
Author: Lochan Kaushik

8. Join Site Reliability Engineering Training Hyderabad | Visualpath
Author: krishna

9. Top 7 Tips From An Mbbs Admission Consultant In India
Author: Rima

10. An Ultimate Guide To Mbbs In Russia; An Ideal Destination To Study Mbbs Course!
Author: Mbbs Blog

11. A Complete Overview Of Mbbs In Nepal!
Author: Mbbs Blog

12. Affordable Online Mba’s With Global Recognition...
Author: University Guru

13. Induction Training: Building Strong Foundations For New Employees
Author: edForce

14. Dynamics 365 Training In Hyderabad | Online D365 Course
Author: Hari

15. Why Aima Leads In Post Graduate Diploma In Management Excellence
Author: Aima Courses

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