Studying Abroad? Here Is Why You Should Opt For An Overseas Study Loan
You have decided to take up further studies to strengthen your career’s wings. If you are taking up further studies out of India, there is a lot of chance that you will find the expense too much. You can either take loan from your friends or relatives or mortgage some property. But why strain relationships and fear losing your valued possessions? Look towards the financial institutions or banks to fund your education. You can not only benefit a lot from these loans but also take the burden off your parents and take the first steps towards shouldering responsibility. Below points highlight the various kinds of overseas study loan you can avail:
- Pre visa loan
This loan comes in handy when you have already secured admission to a foreign university. With this loan, you can get your visa approved with the help of proof of funds during your visa interview.
- Pre admission loan
If you are yet to secure admission, you can apply for this loan to stop your application from being rejected due to lack of funds. The amount will be immediately made available to you even before you have managed to grab a seat in the university. During the interview, you will have the funds by the financial institute as proof which will give you a green signal.
- All expenses covered
You can avail this loan if you wish the financial institute covers every expense of your education right from exam fees to books to transportation to living expenses. This will help you be free of smallest of things throughout your studying period as you know all of it is being handled by the institute.
- Score based loan
Apply for this type of overseas study loan if you are confident about your marks attained during any competitive or college exams. If you have high GRE/GMAT scores, then you get special benefits such as unsecured loan and desirable interest rates from the loan providers.
- Fast track loan
Apply for this loan, if the admission date in the university you have applied to is very near. In this, the loan application is processed and approved super quickly. This will save you from losing out on a good university due to delayed approval and disbursement of funds.
So when planning to study abroad, an overseas study loan is always a good option. The repayment procedure of these loans is quite hassle free and student friendly. You are exempted from making payments till the time you are studying. You only start paying once your course is over or when you have a job in hand.
The interest rates are also attractive and hence enable students to pay back the sum quite easily and quickly. The documentation process is also designed to be pro students. You just need to submit your KYC, educational documents, course and fee details, collateral documents and your co borrower’s KYC and income documents.