The frequency of Indian students opting to study abroad is growing exponentially every year. The key reasons are exposure to internationally acclaimed education platform, better opportunities to learn while exploring a different culture, improved career opportunities, and amazing life experiences. No matter why you want to pursue your education abroad, the major concern that arises is how to manage the cost of education there.
Of course, as compared to education in India, the cost of education in countries such as US, UK, Canada, Australia is higher, that can even burn a hole in your pocket. In this scenario, a scholarship or an education loan can turn out to be a great help to students who really want to go ahead in their career. Since most of the internationally known universities offer a limited number of scholarships for students getting an admission there, many students have to rely on the option of education loan for pursuing their studies abroad.
Getting an education loan
Most of the financial institutions available in India offer education loans not only to study in India but also outside. Being a student, you need to know about all the possible aspects of study abroad education loans including the application process, the list of documents to be submitted, the rate of interest, the leading institutions offering education loan to study abroad and more.
Once you are aware of everything about the education loan, you can pursue your dream career abroad of your choice without any financial constraint. Here’s what you can do to get an education loan –
What does it cover?
An education loan to study abroad prominently covers the following:
Also Read: Top banks offering education loans
Before you head on to apply for a study loan to acquire an education abroad, you need to ascertain that you have sufficient funds or resources to repay the loan as well. Of course, every financial institution which lends an education loan expects that all the borrowers are capable of repaying the loan with interest on time. Also, they approve a loan only if they find the applicant competent enough for the repayment.
In this scenario, here are the few considerations that you need to make –
Also Read: How to repay your education loan?
Since the education loan covers most of your expenses abroad, you just need to carry all your belonging with you to pursue your aspirations. Having said that, it is advisable for you to make prior arrangements before taking off to a new destination.