A chance to develop a global outlook

Studying abroad is an experience of a lifetime that offers you international exposure, which is essential to developing a global outlook. This experience helps you stand out with shinning credentials on your CV. But did you know that tuition fees in international universities have increased by 16% since the last decade? Studying abroad can be an expensive affair. But what if we tell you that your dream to study abroad is within your reach? Here are some incredible tips to be financially ready to fulfil your academic aspirations

1. Costs you must consider

If you plan to study abroad, you have to consider several costs other than tuition fees that you will incur while studying abroad. Airfare, accommodation costs, study material cost, cost of learning devices, living expenses, university application fees,  etc., are some of the costs that you must be prepared to pay.

If you have a rough estimate of the total cost of education, it will assist you in taking the right amount of the student loan. Also, it is advised to use Education Loan EMI Calculator, an online tool to know the approximate EMI amount that you will have to pay. This will give you a clear picture of the amount you can borrow and the margin money that you need to arrange.

2. Prepare yourself to avail education loan

Imagine this, you worked really hard to get good grades to have an impeccable student profile so that you can secure a seat in your dream university to study abroad. However, your student loan gets declined simply because you misplaced a few important documents. Therefore, we advise you to keep all your important documents in place before applying for an education loan. Also, you need to obtain a letter from your university that confirms your admission. Please ensure you meet the eligibility criteria as prescribed by your education loan provider.

3. Secured or unsecured loan

You will have to determine if you want to opt for a secured or unsecured loan to study abroad loan. If you are planning to opt for the latter, ensure that your lender accepts the collateral you want to offer as a security against your education loan.

4. Find the right education loan provider

Ensure you don’t go ahead with the first education loan provider that offers you the lowest interest rates to study abroad. Conduct elaborate research to know about the benefits and services that it offers you. You should also know about the customer reviews, if the app/education loan provider is credible and if it meets your financial requirement, before selecting the lender.

5. Plan to pay during the moratorium period

An education loan for study abroad comes with a moratorium period where you are exempted from paying EMIs against your student loan. However, we advise you make a small contribution in the form of simple interest or partial interest even during the moratorium period since interest starts to accrue as soon as you get an abroad education loan. So, plan ahead by saving some amount to pay during this grace period.

6. Save for an emergency

Did you know that if you fail to repay the education loan EMIs, it will have a negative impact on your credit score? Hence, it is best to spend judiciously and save for the contingencies. This will enable you to continue with education loan repayment even during an emergency.

So, these are some amazing tips that will allow you to be financially ready to study abroad. At Avanse Financial Services, we believe in empowering students like you, and hence we offer an educational loan for abroad studies that cover the holistic cost of education, including tuition fees, airfare, accommodation costs, study material cost, cost of learning devices, living expenses and other education-related costs. If you have any queries,  please feel free to connect with us. We are just a call away. All the best!