Study Abroad Loan: Benefits and Insights by Delhi Consultants

Delhi is the largest commercial centre in the north of the country. Lately, there has been a rise in the number of aspirants wanting to study abroad. However, when planning to do so, one of the hurdles that they face is the amount of money needed. This is where a study abroad loan can come in handy. Curious, to know how, then read this article to find the answers. This article will explore the types and benefits of a study loan along with insight from the experts at study abroad consultants in Delhi city.

Types of Study Loans for Abroad Studies

Studying in a foreign institute can prove to be quite costly for students. However, a study loan is a way for Indian students to finance their journey. These loans usually cover the amount required for tuition, travelling, living and other expenses. So, the following are the two types of loans that you can choose from when planning to study abroad:

Secure

These are loans that require students to furnish a guarantee for borrowing money. This further allows them to borrow a greater amount at a lower interest rate. Moreover, the time to repay the study abroadloan is also longer.

Unsecure

These are loans that you receive without providing any collateral. These further have higher interest rates as the lender is at risk. Other than that, borrowers need a stable financial profile to procure such types of loans.

Next, let’s take a peek into the perks of study loans.

Pros of Education Loan to Study Abroad

Many wish to get their degree abroad, but only a few have the means necessary to achieve this. However, as per Delhi agents at the best consultant for study abroad, a study loan can pave the path for them to realise this wish. Other than covering the tuition fee for the course, there are several other advantages of getting a study loan. The below are a few of them:

Financial

The amount you receive as a study loan helps you to cover the college tuition fee. It means that you can choose an institute that you like without worrying about the finances.

Subsidy Schemes

Some countries have schemes that assist students by reducing the study abroad loan interest rates. These can also include loan forgiveness programs or direct monetary support.

Interest Rates

The interest rates of study loans are usually lower. This means that the monthly repayment is also less as compared to a personal loan.

Tax Benefits

When paying for studies abroad, you need to pay a TCS of 5%. However, in the case of a study loan, you get a concession of 0.5% on this tax.

Easy Repayment

As per study abroad consultants in Delhi, students are not required to repay the study loan while they are still studying. It further allows them to focus on their studies.

Procedure to Apply for the Study Loan

As per Delhi experts, the process for a study loan can be a bit tedious for students and their parents. Therefore, to assist them, they have given a step-by-step review of the procedure:

• Firstly, research and compare the different kinds of loans available.
• Next, review the criteria set by the lender for a specific type of study loan.
• Calculate the total amount you will require for your study abroad venture.
• Collect the records, which are crucial to apply for a loan.
• Complete the application form for a study abroad loan and submit it to apply.
• After the loan is approved, accept the offer once you review the terms.

Tips to Apply for a Study Abroad Loan

If you want to increase your chances of getting approval for your loan application, then you can take the help of the following tips:

• Firstly, you need to begin the process to apply earlier. This way, you will have enough time to resolve any issues that may arise.
• A good credit history can also enhance your chances of getting a study loan.
• Make sure to keep copies of all the papers that you are submitting with your loan application.
• As per study abroad consultants in Delhi, review the details in the application form.
• Be aware of the terms, interest rates, etc., related to study loans.

Conclusion

To sum up, getting a study loan will greatly reduce your financial burden. Other than that, it is essential to take into account all the options available before finalising a loan. To find out more about the different loans offered for studying abroad, contact experts at Gradding.com. It is the best consultant for study abroad that provides accurate and reliable details. Further, it can serve as your one-stop solution for getting entail on different kinds of study loans. In addition, you can utilise their cashback and free flight ticket offers.