An Insight into Education Loans for Students

Studying in a graduate school in a foreign country will be a smart decision for your career. However, affording it takes a lot of time and effort. In situations like this, education loans for students come to the rescue. This post helps you understand education loans for studying abroad and their benefits.

What is an education loan for studying abroad?

A student loan for abroad is introduced specifically to help students in paying for post-secondary education and the associated fees tuition, classroom materials, and living expenses—to study abroad.

Benefits of education loans for studying abroad

A family's wages and resources may not always be enough to support the expense of a student's education. In these circumstances, a student loan from a bank or a non-banking financial corporation (NBFC) is required. A student loan can pay all or part of the expense of the university. As a result, an education loan for study abroad assures that a university degree can be completed without financial restraints.

Important things to know before applying for an education loan for studying abroad

Firstly, the bank or NBFC will not grant a loan for the full amount instead they can issue up to 90% of the amount. The students are required to arrange the funds for the remaining 10%. Secondly, check the moratorium period. The moratorium period is the period where the borrower is not liable to pay the amount. After the end of the moratorium period, the bank or NBFC can demand monthly payments of the loan from the aspirant.

About Avanse

Avanse Financial Services is an NBFC that helps students to fulfil their educational aspirations by providing different student loans at affordable interest rates.