When it comes to finding the best education loan for your overseas study plans, you have quite a few options to choose from. This wide spread of choice is a blessing and a curse at the same time. On one hand, more choices will be better for you since you have more to choose from. Further, the competition between lenders benefits you as they will do all they can to attract borrowers. However, with so many good deals out there, making a final selection can be extremely difficult. Keeping this in mind, we have provided you with some simple tips to help you find the best solutions for your overseas education.
1. Look for 100% financing.
Most public sector & some private sector banks will require you to pay some margin money. This can be a troublesome demand when you’re looking to secure your admission, score well on entrance exams & make arrangements for your overseas education. It means you have to suddenly juggle all this whilst also arranging for the margin money. However, most leading non-banking financial companies will offer 100% financing – a real boon that ensures you can focus on other important things.
2. Cover for all cost & expenses.
The best education loan will ensure all your financial needs are taken care of. If you need to pay entrance exams fees, they’ll have your back. If you’re falling short on any deposits, they’ll offer to pay them for you. Need funds for your visa approval, done! The cost of books, your travel & living expenses, the purchase of a laptop - check, check, check; the best lenders will cover it all!
3. Good reputation.
The best education loan will have the reputation of one. Other borrowers will regard it as the best; they will suggest it to other borrowers and to get a good idea of the reputation of a loan, all you have to do is read reviews. You could visit loan aggregator sites as they will have real & unbiased reviews from real lenders. If possible, try speaking to other student borrowers.
4. Lower charges.
The best education loan for your overseas studies will have the least possible charges. Though all loans will have a set of fees, the extent and number of fees payable will differ from one lender to the next. This is why it is so important to compare the charges of all loans before finalizing - especially the processing fees, late payment fees, cheque bounce fees & prepayment charges as these are fees you are most likely to encounter when an education loan.
5. Lower interest rates.
Once you’ve compared all the loans based on the factors mentioned above, you are sure to have a few loans that are worth considering. The best way to find the best education loan among them is to finally compare their interest rates. This will help you find a loan that checks all the above boxes and is provided to you at the least possible cost.
Hope this has been help, good luck and study hard!