A Detailed Guideline on Education Loan for Abroad Studies

Education Loan for Abroad Studies

Quality education always leads students to a successful life. Going abroad for higher studies is not only a dream but it could be one of the biggest achievements for any student. But graduating from a top institution not only highlights your merit but can be pretty expensive too. The cost of education is increasing rapidly. In fact, the cost of studying abroad is already quite high. Financing for overseas education can be difficult and can be a burden too. If your savings fall short, then education loans for abroad studies are a savior as it helps in pursuing career ambitions which may not have been otherwise possible.

Student loan covers tuition fees, exam and library fees, traveling, accommodation, and all education-related charges. Are you looking for some help on education loans with good tenure and EMI? Well, you are at the right place. Scroll down to know more about student loans and interest rates so that you can plan accordingly!

What are the Eligibility Criteria for Applying for Student Loans?
  • You need to be an Indian citizen, age limit should be 18years and above, and should have admission in an authorized college. Good academic background also helps in instant loans for students.
  • Your loan can get easily sanctioned if you have a job while registering for an education loan. Otherwise, you have to add a co-applicant (parents/spouse/sibling) to apply for this instant student education loan
Empowering Your Dream with Buddy Loan Education Loan

In the last few years, the cost of all courses has increased rapidly. Whether you want to do specialization in a particular field or need certifications, you have to spend lots of bucks. If you are looking for an educational loan for abroad studies, then it is always advisable to start with a loan with lower interest rates

Buddy Loan is one of the biggest loan aggregators in India that payouts loans at lower interest rates starting at 11.99% p.a. You can also opt for customized EMI payments to ensure a good credit score. You can apply for up to 15 Lakhs or more upon the requirements and repay them from 3 months to 5 or 7 years as per your convenience. However, it can be extended. A proper repayment plan will make life easier for you. 

Education Loan for Abroad Studies: Documents You Will Require
  • Proof of admission
  • Original education certificates/mark sheets
  • Residential Proof of student and co-borrower
  • Identity proofs of student and co-borrower (PAN/Voter/Aadhaar)
  • Proof of income of co-borrower
  • Passport and photographs
  • Parents/co-applicants details

Check with the lender if you need to provide any other documents. 

How to Apply for Instant Education Loan for Abroad Studies?
  • Fill in the personal, financial, and employment details
  • Submit all the required documents including identity and income proof
  • Select the loan amount between 1000 to 15 Lakhs and tenure as per the need
  • Wait for the approval
  • If approved, get the money in your account within 48 hours
Personal Loan for Students: Few Aspects To Look for
  • There is a concession for Girls/Women/Meritorious Students. There will be special schemes and lower interest rates. Check all the details and know-how to apply for it.
  • Study loan also depends on the college/university the student is joining.
  • Education loan interest rates can be claimed for tax exemption under Section 80(E).
Repayment Tenure Policy: Education Loan for Abroad Studies

The term repayment refers to the time period when you need to make payments via EMI in order to repay the loan amount. Until the completion of the course, a generous interest amount will be charged. Repayment tenure starts after the completion of the education course. Usually, the tenure for abroad study is 5 to 7 years. And depending upon the compensation period, EMI is decided. 

Educational Loan EMI Calculator

You will get the EMI calculator for Education Loan online. Put the principal amount, applicable interest rate, tenure, and immediately you will get the EMI amount.  Reducing the tenure period will increase EMI while increasing tenure will lower the EMI. Education loan tenure can be maximum 5 to 7 years and interest rates can be 9.1% to 11.99%.

Don’t Forget to Read T & C Well

Before you sign up for a student loan, go through the terms and conditions section in the loan documents. Make sure you understand all the EMIs, late payment, charges, and processing fees. This will avoid future hassles. 

Wrapping Up!

Education loan for abroad studies is a great aid in building a successful career. Buddy Loan offers unsecured personal loans with lower interest rates and minimal documentation for students to complete their education successfully. Apply for the loan and make your dreams come true!