Are Loan Products Different for Different Countries for Study Abroad?

If you look at the recent trends, countries like the United States, Canada, the United Kingdom, Germany, and France are turning out to be the largest recipients of international students. 

As the flow of Indian students to these overseas colleges increases, sizeable transformations are brought out to the domestic economic market. With many students from middle-income sections opting for overseas education, student loans are turning out to be the most popular loan service in commercial banks.

Educational Loans and Overseas Education

Students are drawn to financing their overseas education with an educational loan for many reasons.

1. Easily accessible: At present, there are several credible loan providers with attractive loan options to help students realize their international study plans.
2. Tax Benefits: while the principal amount of a loan is taxable under Indian law, student loans get reductions, making them a cheaper financing option.
3. No need for collateral: In most cases, the collateral required to gain a student loan is smaller than the one needed for a personal loan. Certain loan providers provide Unsecured student loans without the show of collateral as well.  
4. Interest Rate: Student loan interest rates start at a lower bar than credit cards, personal loans, or home loans. Moreover, banks only charge simple interest rates over the Moratorium Period for student loans.

Apart from these, credible loan providers are also providing Prime rate options and attractive deductions on student loans based on implicit conditions like : 

1. GRE Score: With higher GRE Scores, students have a better chance of gaining admission to a well-reputed educational institution abroad. Accordingly, it opens up the possibility of getting suitable loan services.
2. Credit History: Credit history determines a student’s worthiness as a creditor. Hence, it is a crucial factor in getting a lower interest rate.
3. Course type: With job-oriented professional courses, students can access more attractive loan services.

Different Loan Products 

Based on the type of overseas education program selected, students can find suitable loan options. In this regard, there are different options before them.

1. Unsecured Loans: These loans do not ask for collateral. However, they compensate with a higher interest rate. Hence, students have to be highly cautious while choosing this option.
2. Loans from Specialist Lenders: Credible loan service providers like HDFC Credelia help more students realize their educational goals with attractive student loan packages. In this regard, the holistic coverage of reputed colleges from selected countries makes these lender services popular.
3. NBFC Lenders: Credible lenders like Avanse that fall under the Non-Banking Financial Corporations also makes up attractive lending options catering to the custom needs of Indian students traveling abroad for their studies.

So whether you want to learn Data Science from the United States, Public Health from Canada, or Engineering Management from the United Kingdom, it is always best to start planning with the right loan providers and loan type.

Fund your Education Right with EduLoan

Students on their way to realizing their ardent ambition of Overseas education have always trusted the credible name of EduLoans over several years. Our team is constantly working to keep up with this trust and help students reach new heights with their dreams.

Register today to find the most suitable loan options for your program. Contact us at  +91 7045997710 / 7045864794 for further details.