Top Effective Ways To Fund Your Education Abroad - Loan Trivia

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Monday, 14 October 2019

Top Effective Ways To Fund Your Education Abroad

The cost of education has exponentially increased over the past few decades globally. The average cost of pursuing a higher education course in any of the top universities in the US and the UK can cost around Rs. 20 Lakh and Rs. 18 Lakh respectively. On top of that, there are various associated expenses to cover, such as accommodation and travel. 

Hence, to fund such expenses, there is a massive requirement for an effective source of financial aid for an individual. Student loans and scholarships are the most effective ways to fund such expenses. Hence, you must be aware of how to get a student loan and apply for scholarships to avail of the benefits.

The methods to fund your study abroad are described below – 

1. Education loan 

A loan against property for education has emerged as one of the most availed financial products to fund the expenses for higher education abroad. It comes with no such end–usage restriction and can be used to fund any of the required costs including tuition fees, accommodation costs, travel costs, and more. 

Benefits of availing an education loan 

# High loan amount 

Pursuing a higher education course in any of the best colleges in world can turn out to be extremely expensive. Hence, a student loan is a wise option. It offers a high loan amount of up to 75% of the collateral value. It will suffice all your financial requirements, and you are not required to avail of multiple credits to fund such expenses. 

# Competitive interest rates 

The interest rates in case of an education loan against property are competitive compared to other financial products. Hence availing such credits will ensure that the total cost associated with your credit is lower. Thus, financing your education with a loan against property can be beneficial for you.

# Flex-loan facility 

It is a challenging job to determine the entire amount required to complete a higher education course. To address this situation, financial institutions like Bajaj Finserv have introduced the Flexi-Loan feature on loans against property for education. 

It enables you to withdraw the sanctioned loan amount in parts according to your requirements. Also, you can pay interest-only EMI’s throughout the tenor and pay the principal at the end of it.  

They also-provide pre-approved offers against such credits to ensure that the time required to avail them is minimum and the process is straight-forward. These offers are also valid on a plethora of financial products including home loans, business loans, personal loans, etc. Provide only a few essential details to check your pre-approved offer. 

# Extensive range of tenor options 

Financial institutions offer a broad range of tenor options with an education loan against property. Multiple tenor options help borrowers to set loan repayment terms as per their financial capability and plans. 

How to get a student loan against property? 

To apply for a student loan against property, you are required to visit the website of the lender. You must submit an application form mentioning your details. After verification of the details you provide, a representative from the lender will contact you. You are required to submit a few essential documents. 

After the successful verification of your loan documents, the sanctioned loan amount will be disbursed into your account. 

2. Scholarships 

Scholarships are funded by the Government or by foreign institutions based on the eligibility of a candidate. There are also various private institutions that offer scholarships to students who are looking to pursue their higher education in any of the best colleges in the world. Some of the types of available scholarships are mentioned below – 

* Merit-based scholarships – Offered to students with an excellent academic record. Targeted 
* Scholarships – Offered to students belonging to specific strata of the society. 
* Sports Scholarships - Offered to students possessing extraordinary talent in the field of sports. 

The competition for earning these scholarships is particularly high. Hence, you are required to conduct thorough research when you decide to take admission. The most effective methods to fund your education abroad are mentioned above. Unless you are able to qualify for a scholarship, compare the benefits offered by various lenders before you apply for an education loan to make the most out of it.

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