Applying for a Loan to Study Abroad

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STUDY LOAN OVERSEAS
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Read this before Applying for a Loan to Study
Abroad
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Compare Banks

• Most leading banks offer study abroad loans to
  students at varying rates of interest. State-run
  banks offer loans at a lower rate of interest
  when compared to privately-owned banks. 
• Read the article on top Indian banks offering an
  education loan for studying abroad to have a fair
  idea of the numbers for some of Indias leading
  banks.
• Note that once you start earning and begin
  repaying your loan, you can save income-tax on
  the loan repayments that you make. Focus on
  tenure, pre-payment charges (if any), varying
  interest-rates before you make your final
  decision.  
• Always remember to apply to multiple banks so
  that you have a back-up in case one bank rejects
  your loan application.

study loan overseas
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Loan Eligibility

• Most long-term courses are covered by
  student-loans - always double check with the bank
  about eligibility criteria and then apply for a
  loan. Typically vocational study and English
  language training courses are not covered under
  student-loans.

study loan overseas
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Repay on Time

• Please be very prompt in your loan repayments.
  When you apply for a loan - make a conservative
  estimate of what your pay-package would be once
  you secure a job. Structure your loan
  requirements appropriately. Non-repayment of
  loans on time leads to your credit-ratings being
  affected and at a later stage when you apply for
  some other loan this is sure to come back to
  haunt you. 

study loan overseas
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Loan Guarantor

• Usually for a loan amount greater than Rs 5
  lakhs the bank may ask for a guarantor usually
  your parents would sign on as a guarantor for the
  loan. Think very carefully about this and factor
  the burden that you impose on the earnings and
  savings of your parents.

study loan overseas
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Understand the clauses in your loan

• As mentioned earlier - take time to go through
  the fine-print in your loan agreement. Check for
  information on pre-payment, possibilities of an
  extension on the repayment schedule in-case you
  do not secure a job immediately after completing
  your studies, the interest-structure, etc. Please
  speak to your bank advisor to clarify any doubts
  that you may have.
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study loan overseas
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Scholarships Matter

• Irrespective of you receiving a student loan or
  not - remember that applying for scholarships,
  which you are eligible is always a good thing to
  do. Any bit of financial help that you receive
  will help you ease your monetary burden.
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• This is a great time for students to consider
  study loan overseas. What was once the sole
  luxury of the super-rich is now within grasp of
  the regular working-class. If you have a good
  academic score to back-up your loan request
  banks are ready to offer student-loans.
  Additionally special schemes are on offer for
  students from economically challenged families.
  Contact your nearest bank for more details. All
  the very best for your study abroad aspirations!
• Source http//www.hotcoursesabroad.com/india/fun
  d-your-studies/how-to-get-education-loan-for-abroa
  d-studies/guidelines-to-note-before-applying-for-a
  -study-abroad-loan/

study loan overseas
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Read more on Study Loan Overseas
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Thank You..!!!