Don't break the bank: Discover the best loan to study abroad now

Are you looking forward to the exciting abroad experience of studying overseas? Before you take off, consider a vital aspect that will help you fulfil your dreams – selecting the perfect loan. An education loan to study abroad can provide the necessary financial support to make your academic dreams a reality. By covering everything from interest rates to repayment terms, this article will ensure that your path to education abroad is smooth, affordable, and truly unforgettable.

Get ready to turn your aspirations into reality!

Understanding education loans for studying abroad
 

Education loans for studying abroad, also known as foreign education loans, are specialised financial products designed to support students' academic pursuits in international universities and colleges.

These loans typically cover tuition fees, living expenses, travel costs, and other related expenses during your study period abroad. It's essential to comprehend the key features of such loans before proceeding further.

Also read - Education loan eligibility for students: Challenges and solutions ​​

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Questions to ask when choosing an education loan
 

• Will the loan require a guarantor?
• What is the repayment tenure?
• Will I get any tax benefits?
• What percentage of the total cost will be given as a loan?
• What are the documents required for the loan?

Things to consider to go abroad for studies
 

Embarking on education abroad is an exciting opportunity that can shape your future. However, the financial aspect can be a significant concern. When exploring how to study abroad, there are several things to remember as you select an education loan to study abroad.

Here are some important factors to consider while looking for an education loan to study abroad –

• Identifying the right course and college 

Course and college choice impact loan eligibility for education abroad. Evaluate reputation, accreditation, employability, and ROI. Research market demand to enhance loan approval chances.

• Academic history of applicant 

Lenders assess academic track records to gauge commitment and potential. Maintain a good academic record for higher loan approval.

• Age of applicant 

Check the lender's age limit for education loans to study abroad. Meet specified criteria before applying. Some lenders offer options for older students or postgraduates.

• Valid and comprehensive documentation 

Submit required documents for smooth loan approval. Common documents include admission proof, academic records, passport or visa, income proof, and collateral documents (if applicable).

• CIBIL score and credit history 

Maintain a healthy credit history for a loan to study abroad. Lenders assess your creditworthiness through your CIBIL score. Pay bills on time and maintain a low credit utilisation ratio to improve your chances of approval.

• Repaying capacity and loan tenure 

Assess your repaying capacity before finalising your education loan to study abroad. Consider future career prospects and potential income after studies. For example, IDFC FIRST Bank offers loan tenures of up to 15 years.

• Collateral requirements 

Lenders have varying collateral requirements for education loans to study abroad. While some offer collateral-free loans, others may require property or fixed deposits. Assess your collateral availability accordingly.

• Fulfilling income criteria 

Evaluate repayment capacity before taking a loan to study abroad. Compare estimated future earnings with loan amount and interest rate. Ensure comfortable repayment to avoid financial burdens later.

• Avoid making multiple loan requests 

Limit loan inquiries to avoid harming approval chances. Each application affects your credit report. Research lenders and submit a few loan applications to avoid rejections.

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Why choose an IDFC FIRST Bank Education Loan? 
 

• Attractive student loan interest rates
• Collateral-free loans of up to Rs 50 lakhs*
• 23k+ courses funded globally across 3200+ universities
• Faster loan sanction via a seamless application process

*Terms and conditions apply

How to apply for IDFC FIRST Bank Education Loan?
 

To apply for an IDFC FIRST Bank Education Loan, follow these steps -

• Visit the IDFC FIRST Bank website or a nearby branch
• Gather all required documents like academic records, admission letters, ID proofs, etc
• Fill out the loan application form accurately
• Submit the necessary documents along with the application
• Wait for the bank's approval and verification process

Also read - Save tax with your study loan: Section 80E deduction of income tax act ​​

Your dream career awaits you
 

If you are contemplating how to study abroad or how to go abroad for studies, it is crucial to select the right loan to study abroad. By doing extensive research and evaluating all key factors, you can make an informed decision and secure the necessary funds to pursue your dream of studying abroad.

Apply now for an IDFC FIRST Bank Education Loan and step into a world of limitless possibilities!



 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.