The cost of education in a foreign land can be expensive, but that should not stop you as a student aspiring for world-class studies. You can easily plan your educational journey with an abroad education loan. It will provide you with much-needed financial assistance. However, knowing the essential features of an education loan will help you make an informed decision.
1. Interest Rates
The interest rates on your student loans depend on your creditworthiness, chosen institution, loan tenure, collateral, and more. Make sure to choose an education loan that offers student-centric loan terms and affordable interest rates.
2. Repayment Terms
The repayment terms of your education loan will help you set your financial goals and streamline financial planning. Different loan providers have different loan repayment terms, so it is best to review them carefully before making a final decision. These terms include the repayment tenure, grace period, prepayment and more.
3. Eligibility Criteria
To get an education loan for studying abroad, one has to pass the eligibility criteria set by the loan provider. Typically, the eligibility criteria include your academic performance, financial stability, creditworthiness, and reputation of the selected course.
4. Loan Amount
Many students overlook the importance of the loan amount they are borrowing. Education loans provided by some lenders cover all the expenses, including tuition fees, expenses for books, and accommodation prices. This helps students fund their education easily. However, it is important to take a loan amount that you can pay back without getting financially burdened.
5. Forex Cost
Forex cost can be a big concern for students who are planning to finance their studies abroad. Many loan providers apply forex cost when you will be repaying the loan amount in your domestic currency. This can be financially burdening as it increases the overall loan repayment cost. However, there are a few lenders that allow repayments in dollars. Make sure you look for a lender, like Avanse Global, that offers an education loan without any forex costs.
By carefully considering these key features, you can select an education loan that aligns with your financial goals and academic aspirations. Don't let financial constraints deter you from pursuing your dream of studying abroad. Start your journey towards a brighter future today.
