Thursday, October 11, 2018

5 features that make for the perfect study abroad loan.





A study abroad loan is like a god-sent financial tool for those who have their eyes on an overseas education but lack the financial backing to cover the cost on their own. These financial aids offer to bridge the funding gap, so you can take the leap and fulfill your further education dreams.

You don’t have to sell or liquidate any of your assets or those of your parents, nor do you have to depend on family, friends or relatives for the funds. Just apply for a loan, get the funds you need and focus on your education. This makes the choice of going for an education loan for abroad studies a wise decision. But to ensure you get the perfect financial tool, this article will highlight some vital features of a comprehensive overseas study loan.

1. 100% financing.


The first thing you should look for in a study abroad loan is 100% financing. The loan should take care of the entire course fee and no require you to provide any margin money or down payment. This allows you focus on more important things than arranging the token amount to pursue your dream education.

2. Study abroad loans with ‘proof of funds’ feature.


Some countries and universities require you to have a minimum balance amount in your bank account. This amount is usually a sizeable sum of money and arranging for this can become quite difficult. However some education loans come with the ‘proof of funds’ feature that can be very useful in such a scenario.

It provides you the required amount in your account to provide proof of funds when you are applying for visas or a certain universities. This ensures all the formalities move on smoothly and don’t get stuck due to lack of funds.




3. Bridge loans.

Apart from the main loan itself, some lenders offer what’s known as a bridge loan. The amount provided under this loan can be used to take care of expenses related to GRE/GMAT/SAT entrance exam fees, the cost of applications to universities abroad, living abroad expenses, the cost of books, computer and other educated related expenses. It ensures you never fall short of funds and never have to worry about arranging funds during your course.

4. Score based benefits.


If you have a good academic record, you should look for a study abroad loan with score based benefits. Most lenders provide preferential rates, higher loan amounts and unsecured loan options if you have a good academic record or a high entrance exam results.

5. Fast track loans.

This can be especially useful when quick funds are required for your admission process. The last thing you want is for your admission process, which is going smooth, to get hindered due the lack of funds. These loans ensure you are never left waiting for sanctions when time is of the essence.

6. Low interest rates & charges.

Some students look for low interest rates right at the onset, ignoring all else. However, you should first look for loans that provide you the financing you need and then compare them by the interest rates. While comparing rates, also compare the number of charges and their extent. Most importantly, compare the processing fees, some charge up to 2% of the loan, some waive of the cost all together.

So there you have it, 6 features that make for the perfect study abroad loan. We hope you found this article helpful, good luck and all the

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