Students choose to study abroad for several reasons, including impeccable education and the chance to develop a global outlook. However, the costs associated with overseas education can be overwhelming for students. This is where student loans come into the picture. Why should you compromise on your academic aspirations when education loans are available? Let's learn everything about a study loan for an overseas university.
Key highlights:
- Benefits of Studying Abroad
- What is a Study loan for an Overseas University?
- Makes You Atmanirbhar
- Access to Quality Education
- Preserve Family Savings and Assets
- Builds a Strong Credit Score
- Tools You Can Use Before Taking Student Loans
- What are the Eligibility Criteria for an Overseas Education Loan?
Benefits of Studying Abroad
Studying abroad will open the door to academic excellence and innovation. Most international universities offer advanced teaching methods, globally recognised programmes, and strong research-oriented curricula. You will be exposed to different academic perspectives, state-of-the-art facilities, and practical learning that will develop your skills.
Besides academics, there's the enriching cultural experience of living in your host country. You will learn new languages, adapt to a new lifestyle, and get to know peers from different countries, thus broadening your horizons and improving cross-cultural competence. This exposure fosters qualities such as adaptability, creativity, and emotional intelligence that are crucial in personal and professional life.
Studying abroad also provides good opportunities for being independent and self-disciplined. Managing everyday responsibilities in a new environment will create resourceful and confident students. Global exposure, coupled with an international network of peers and professionals, will open up great avenues to pursue successful careers across borders.
What is a Study loan for an Overseas University?
An overseas study education loan is an amount that you can borrow from a financial institution to study abroad. Student loans ensure that international education is within reach of every deserving Indian student. You can repay the education loan for an overseas university through simple interest (SI)/partial interest (PI) during your course and Equated Monthly Instalments (EMIs) after your course.
Benefits of an Education Loan for an Abroad University
Makes You Atmanirbhar
With a student loan for an overseas university, you can fund your education independently, which will empower you to take responsibility. By funding your studies, you can take pride in earning a self-made badge. Being self-reliant will boost your self-confidence, too.
Access to Quality Education
Many students are not able to pursue studies at top international institutions due to financial constraints. A study loan for an abroad university will remove this obstacle by facilitating the required funds for studying at global universities. With a student loan, you can secure a seat at your dream university recognised for its world-class research and pursue highly acclaimed education programmes taught by world-class experts.
Preserve Family Savings and Assets
With an education loan you will not be compelled to use family savings or liquidate your valued assets to fund overseas education. This will keep the family financially secure while allowing you to pursue your academic goals independently, with structured and manageable repayment plans.
Builds a Strong Credit Score
Repaying an education loan on time helps in developing a good credit score early in life. A good credit score acts as a very important and precious asset, which will unlock several benefits when opting for other financial facilities such as car loan, home loan or credit card. Repaying the student loan responsibly will also instill financially prudent habits in your student life.
Tools You Can Use Before Taking Student Loans
Taking an abroad education loan is no doubt a wise choice. However, before taking a loan, you must identify the amount you want to borrow and the tenure that is suitable, among other things. So, here are some tools that will help you make wise decisions.
- Education Loan EMI Calculator
With this online tool, you can try different combinations of tenure and loan amount to find suitable monthly EMIs. - College Course Expense Calculator
This online calculator is used to understand your potential college expenses so you can take the right amount of loan, not too much or not too little. - Eligibility Calculator
Confused about the approximate loan amount you are eligible to borrow based on your current finances? Try the education loan EMI calculator and find answers to your questions.
What are the Eligibility Criteria for an Overseas Education Loan?
Here are the basic requirements for your reference:
- Students can apply if they:
- Are Indian citizens who are 18 or older
- Have a confirmed admission before the final disbursal
- Have a co-borrower who earns in India
- Co-borrowers also need to meet the following criteria:
- Must be an Indian citizen and should be a parent, legal guardian, sibling or other blood relative
- Must have a bank account in India that allows them to sign cheques
- Must be the primary debtor
Please note that it is crucial to understand if your chosen lender offers a student loan for the university and course you have selected. If you meet the criteria of your education loan provider, the loan will be sanctioned.
Also Read: Expenses Your Education Loan Will Cover
Some Important Documents Required for Study Abroad Loans
- 2 colour passport-sized photos
- Photo ID
- Residence proof
- Date of birth proof
- Signature verification
- Academic documents
- Proof of admission
- Fee structure
- Income proof
- Collateral documents
- 8-month bank statement
- Relationship proof
At Avanse Financial Services, we offer student loans that cover the holistic cost of education, including tuition fees, accommodation costs, travelling expenses, living expenses, the cost of learning devices, and other education-related expenses. We offer education loans for overseas education as well as for studying in India.
With Avanse education loans, you can benefit from 100% financing, quick loan sanctions and flexible repayment options. If you have any queries about student loans, education loan interest rate or your academic journey, please connect with us.
