Key Education Loan Features for Overseas Studies

The cost of education abroad can be expensive for a deserving Indian student like you, but that should not stop you from starting it. You can easily plan your educational journey with an abroad education loan with or without collateral. It will provide you with that much-needed financial assistance, but make sure you know these essential features of an education loan for studying abroad before taking it.


Interest Rates

Interest rates for overseas student loans vary based on market conditions. Your loan's interest rate is influenced by factors such as yours or the co-applicant's creditworthiness, chosen institution, loan tenure, and collateral. To minimise repayment costs, opt for an education loan with competitive and affordable interest rates.


Repayment Terms

Understanding the repayment terms of your education loan is crucial for effective financial planning and goal setting. Key factors to consider while taking an abroad education loan include repayment tenure, EMI structure, grace period, and penalties.


Eligibility Criteria

To secure an education loan for studying abroad, you must meet the eligibility criteria set by the lender. These typically include academic performance, financial stability, creditworthiness, and the reputation of your chosen course. Meeting these criteria may also help you qualify for a lower interest rate on your loan.


Loan Amount

Many students underestimate the significance of the loan amount they borrow. Some lenders offer education loans that cover all expenses, including tuition fees, books, and accommodation, making it easier to finance your education. However, it’s essential to borrow only the required amount to avoid financial strain during repayment.


Forex Cost

Forex costs can be a major concern for students planning to study abroad. Many lenders impose forex charges, meaning you will repay your loan in your domestic currency, which can significantly increase the total repayment amount. To minimise financial strain, consider choosing a lender that offers education loans without forex costs.

Loan providers like Avanse Global are new-age, leading, and education-focused NBFCs, ideal for taking an overseas education loan on lower interest rates, flexible repayment options, easy loan process, and zero forex cost. Therefore, by carefully considering these essential loan features and choosing a reputable lender, you can confidently embark on your international education journey and achieve your academic aspirations.

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