Pursuing academics abroad has the potential to open doors to various job prospects globally. However, the steep expenses put this dream out of reach for several Indian pupils. But imagine if suitable students could gain entry into highly ranked international colleges and tailored courses without straining their finances. Financial assistance in the form of an abroad education loan enables academically proficient learners to achieve their goals of overseas education.
This article explains how these loans can facilitate access to premier global learning for deserving young minds in India.
Accessing World-Class Education Through Affordable Financing
They could now afford premium education overseas, once out of reach, as financial aid through student loans makes reputed global universities increasingly accessible.
1. Making Quality Education Accessible
The steep tuition fees and cost of living at foreign universities often hold back many aspiring students. In addition, expenses such as travel, medical insurance, textbooks, and application fees can pile up.
Education loans assist in covering these costs fully or partially, making top-class education more prioritize
- Loans cover up to 100% of academic expenditures with adaptable repayment plans.
- Specialized loans cater to international studies with higher loan amounts. Students can finance costs at leading global institutions.
2. Flexible Repayment Options
Education lenders offer tailored repayment plans for international loans to ease the pressure. Students have adequate time to find jobs and begin repayments.
- A moratorium period of 6-12 months after course completion allows students to search for jobs.
- Repayment tenures extend up to 15 years after the moratorium period. Longer tenures keep EMIs affordable.
- Customizable repayment schedules allow for convenient repayment dates for monthly pay cycles. This facilitates disciplined financial planning.
An education loan EMI calculator can help students better plan their repayments by forecasting monthly installments based on the loan amount, interest rate, and tenure. This tool also allows students to evaluate scenarios and select terms that suit their projected income and financial goals.
3. Tax Benefits for Borrowers
Borrowers can save on interest expenses by claiming income tax rebates under Section 80E of the Income Tax Act.
- The complete interest amount paid is tax-deductible without any upper cap, decreasing taxable income.
- Tax savings reduce the effective interest cost, lowering the repayment burden.
4. Minimal Collateral Requirements
Leading lenders offer collateral-free loans to boost accessibility. Students from middle-class backgrounds can also avail of these loans.
- A co-applicant signature or assets like property or FDs are required for higher loan amounts as security.
- Low foreclosure charges allow flexibility in switching lenders to access better interest rates.
5. Specialised Schemes and Incentives
Many lenders offer special incentives to reward meritorious students and empower female applicants.
- Concession of 0.50% on interest rates for securing over 70% marks in graduation.
- Further rate discounts of 0.25% for female students boosting their study abroad plans.
- Fast-track approval in 7-specialised applicants securing admits at QS Top 100 global universities.
6. Encouraging Career Growth
International exposure and specialized skills gained abroad open doors to lucrative opportunities worldwide.
- Employability improves as globally accredited degrees enhance credibility with recruiters.
- Overseas alumni networks connect students to key industry players in India and abroad.
- Higher earning potential makes loan repayment more manageable. Education loans are a long-term investment in career growth.
Conclusion
Funding overseas education through loans can seem intimidating initially. However, tailored loan options, reasonable collateral needs, and flexible repayment terms make the process smooth and accessible for deserving students. Availing tax benefits and incentives further eases the financial journey. With education loans, students from middle-class backgrounds can also access the best global learning opportunities for a brighter future.
