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5 important features of an education loan for abroad studies.

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5 important features of an education loan for abroad studies.
10 oktober 2018 14:16

Looking for an education loan for abroad studies ? Well, you have a plethora or options to choose from. Both public & private sector banking and non-banking companies offer a range of loan products. However, this variety of choices presents a unique problem for potential borrowers; how do you choose the right financial product for your needs?

If you have a similar dilemma, you should first know that you are not alone - almost every student goes through a phase of confusion when choosing the right lender and loan product. Secondly, the internet has brought you five important features to look at when comparing your options. Armed with this knowledge, selecting the right loan should be a breeze!

1. Nature & extent of funding.

The first thing you should look for is the nature of the funding. Look for loans that provide complete (100%) funding. This reduces your upfront costs as you do not have to scrape up a down payment. Next, you should look for loans that go further than just 100% course fee funding. There are a number of lenders that will sacrifice the burden of entrance fees, deposit fees, travel & living expenses, etc. upon themselves. This allows you to pay more attention to your studies, rather than being preoccupied trying to arrange funds for the same.

2. Rewarding loan products.

Some of the better people who have worked hard by providing them a number of benefits. This is especially helpful for students who have an exceptional record or have a noteworthy entrance exams results. If you are a student, you should look for lower-than-current rates and higher loan rates based on your meritorious academic history.

3. Proof of funds.

You need to prove your financial backing when applying for a visa to study abroad. In most cases, this financial backing usually refers to a significant amount of money parked in an account with your name on it. Now, with some lenders, you can avail yourself of education loan for abroad studiesthat offers these funds to ensure your visa is approved.

4. Charges of education loan for abroad studies.

 You should know that all education loans come with a list of charges. However, the number of charges and their extent varies from one lender to the next. This is why it is extremely important to ask for a list of charges. This will give you a better idea as to which loan has a higher price tag.
5. Interest rates.

After all the above features, the last one you need to look into is the interest rate of education loanfor abroad studies. Most people look at this feature first and end up getting lower prices at the cost of a poor financial product. Usually, rates applicable on such loans ranges between 10 and 16 percent.

These were 5 of the more important features you need to look into when looking for an education loan for abroad studies. We hope this information has been helpful, good luck and all the best!

 
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