Going abroad to study is a dream for most students, isn’t it? But making that dream a reality is a difficult process for most of us, as it involves huge financial support.
This monetary support is often difficult for most families to bear so they opt for student loans for studying abroad from lending institutions. But sometimes we get confused by the technicalities of these loans and fail to understand which will be the suitable package for us. This difficulty is solved by many third-party mediators. If you are looking for such providers you can go through the details and apply now to get an idea about the procedure.
The Cost Impact of Overseas Educational Loans
Investing in the field of education is always beneficial in the long run. And if you can get a degree from a top university, it will uplift your career to a great extent. Therefore taking student loans for studying abroadis the right choice for you.
Many financial institutions will provide complete coverage for your course after matching your profile and the amount. But it often becomes a hassle to make the right choice, this is where the third-party lenders come to your help by analyzing your details and accordingly provide you with the suitable option. But if you are to do the loan comparison completely by yourself, keep in mind these factors:
Make sure you carefully go through the interest rates before you take student loans for studying abroad. As even if there is a 1% increase in the interest rate, it will have a huge effect on your entire amount.
Loans which have moratorium periods are always easy to go for as you don’t have to make any repayments during the particular period your course is going on.
There is often a margin of money associated when you take student loans for studying abroad. It is the money that the customers have to pay on their own. Although you can easily avoid going through these complexities if you opt for any third-party loan mediators.
If you are planning to take a loan for your higher studies abroad try to take loans from Indian banks. This will save you a lot of income tax by excluding the amount you will pay as interest.
If you are opting for student loans for studying abroad you need to be very careful in this regard. There are many hidden fees that your financial institutions can levy on you, thus increasing the total to a considerable amount. But don’t worry as the work of the third-party loan providers is to save you from this trouble. They analyze the package completely and will give you an idea about any hidden costs that might be present. These hidden fees can be of different types like Forex margin, processing fees, the interest rate in different currencies, and various others. Let us learn these briefly:
- Forex Margin: Forex conversion charge is charged by some financial institutions when the loan is sanctioned in INR but it is disbursed in some other currency. They can be quite high.
- Processing Fees: These charges can be quite tricky as it varies from as low as 0% to as high as 2% depending on the loan amount.
- Interest Rate in Different Currencies: This needs to be properly selected by the students or they can take the help of third-party providers to decide which interest rate in which currency will be economical for them.
Whenever you are planning to take a student loan for your higher studies abroad, always consider contacting these third-party lending agencies to make your loan procedure hassle-free. They will not only get you a suitable lender but also help you by providing necessary information about your chosen university. These include admission-related queries, scholarships, events and meet-ups, sending transcripts, and various other facilities. So now get your education loans in a hassle-free manner with the help of these mediators.