6 FAQs about Study Loans for Colleges Abroad

1. 6 FAQs about Study Loans for Colleges Abroad

2. Presentation Outline :- I. Introduction II. What expenses are covered by study loans for abroad education? III. Do these study loans require collateral? IV. Is it possible to get a study loan for my pre-admission expenses? V. Does a student need to be extremely good at studies to get their study loans for abroad education approved? VI. Do study loans for abroad have high rates of interest? VII. How difficult is it to repay a study loan? VIII. Social Links

3. INTRODUCTION Thanks to the easy availability of student loans these days, it has become easier for young individuals to follow their dreams. Students can pursue education abroad, at the University of their Dreams without any worry of funding. With lenders increasingly offering appealing features, many are now opting for these loans. Even as the market for student loan increases, there still remains a lack of concrete information.People still have lots of questions regarding study loans for abroad education. In this article, we attempt to answer some major FAQs to provide much-needed correct information.

4. What expenses are covered by study loans for abroad education? Not many people may know this, but an abroad study loan can take care of all their expenses when they go to a foreign destination for studies. Apart from paying your academic fees, it also covers expenses such as housing, travel tickets, study material, and so on. Such holistic coverage ensures that you get to get to live comfortably while you study.

5. Do these study loans require collateral? No, it is optional for you to provide collateral. There are some lenders that might ask for collateral if the loan amount is above a certain limit. However, NBFCs especially are willing to provide unsecured loans to students without any upper limits. 

6. Is it possible to get a study loan for my pre-admission expenses? Yes, it is possible. When applying for some courses, the expenses for admission applications, consultations, entrance exam fees, and so on can get quite high. There are some lenders in the market who are willing to provide students with funding for these expenses as well.

7. Does a student need to be extremely good at studies to get their study loans for abroad education approved? Not really. While your past academic record makes a considerable impact on your student loan application, there are many other things that can affect the overall decision. It is advisable to have a good academic record along with a sincere passion for your future studies.

8. Do study loans for abroad have high rates of interest? Currently, the rate of interest for study loans in India ranges from 10% to 16.50%. Depending on your lender and several other factors, you may be offered with an interest rate anywhere between the given range. It is always recommended to choose a lender that provides study loans for abroad colleges at competitive interest rates. 

9. How difficult is it to repay a study loan? Repaying a student loan is not as difficult as it may seem. Lenders offer flexible repayment features that can ease the repayment process for you. There may be options to make part-payments or pre-payments as well. However, these may come with heavy penalties. Make sure that you are aware of all these penalties before you go ahead.  Related Blog:- 3 effective ways of getting a lower interest rate for your study loan

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