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How Can I take a loan for my studies abroad after my 12th

Personal Loan
16 August 2024
Manya Ghosh
843

Table of Contents

Here are Some Key Features of Education Loans for Abroad Studies
Types of Abroad Education Loan
Benefits of Education Loan for Higher Studies Abroad

Completing the 12^th grade in college in any stream of study makes the student eligible for higher studies in India or abroad. There are many professional courses in world-class colleges and universities that are sure to build a great career. Practical education with campus placements guarantees the best jobs in the industry. Who will not want to level up their academic profile after the 12^th to make a bright future! But, for middle-class households and several other households who cannot afford higher studies what is the way out to achieve the path of success!

The answer definitely is taking an education loan for higher studies abroad once you pass your 12^th. An education loan is a type of personal loan that is of great help in securing your child’s future in the long run. Do not waste years of achieving academic excellence just because of a lack of funds. Education loan for studying abroad is quite flexible to repay. The repayment term states an education loan can be repaid in EMIs after the course completion or once the student starts earning.

Several financial institutions support education loans that covers – travel costs, accommodation expenses, tuition fees and even healthcare insurance.

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Here are Some Key Features of Education Loans for Abroad Studies

Education loan requires a co-applicant
Applicant/student should be an Indian citizen
Confirmation of admission is mandatory
Loan amount can also be used for foreign entrance exams such as GMAT, IELTS etc.
Open to different collaterals against the loan, not restricted to assets, property, savings etc.

Types of Abroad Education Loan

Pre-Visa Loan

This loan is approved after the student submits the offer letter from the foreign university. A pre-visa loan is required to show that the student has enough funds for education and in no case the student will become a liability to the nation.

Pre-application Loan

An education loan not only supports the actual course of studying abroad but also helps with pre-application expenses. This covers the cost for examination, interviews and conveyance.

Comprehensive Loan

This is a complete education loan that takes care of initial deposits, travel, accommodation, and educational book/equipment, offering you the convenience of an instant personal loan online to meet your urgent financial needs.

Benefits of Education Loan for Higher Studies Abroad

It is a secured loan with a lower rate of interest
Flexible with types of collateral required for loan approval
Tax benefits guaranteed on education loan sanction
Minimum processing fee
Flexible repayment in EMIs after the loan tenure is over

Hero FinCorp educational loan is an unsecured and collateral-free loan that does not require any kind of security against the loan amount. It is designed to help with various expenses covered in personal loan for education, making it easier for students to manage their financial needs. Instant loan apps provide 24/7 access, whether you are traveling, in the office, or at home.

The interest rate may differ if compared with public and private financial services. The rate of interest and concessions are levied as per the RBI rules. Public financial organizations have a low rate of interest as compared to private banks and financial services. Most importantly the interest rate remains the same and does not fluctuate in education loans.

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About Hero Fincorp

Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.

Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.