Take an Education Loan for Studying Abroad: Fulfil Your Academic Dream!

Take an Education Loan for Studying Abroad: Fulfil Your Academic Dream!
4 min read

The education ecosystem is expanding at a fast pace. With many new courses and career prospects coming up, students and professionals are committed to continuing their learning. Education loans have become their best allies for honing skills and getting exposure to world education. With the help of NBFCs, education finances can be simplified for dream chasers.

The global education ecosystem is more connected than ever before. Students from any nationality can pursue their desired course at their preferred university across the globe. However, studying abroad requires meticulous financial planning. This means financial readiness is elemental in securing a seat in a foreign university. Nowadays, students can take education loans to study abroadand get assistance with the paperwork from non-banking financial companies (NBFCs).

 

The Cost of Studying in a Foreign Country

Cost Breakup

Primarily, tuition fees, housing, and living expenses contribute to the cost of abroad studies. According to recent research, the Indian student mobility analysis showcases that the cost of studying is expected to touch US$70 billion by 2025.

Variables

If you look from another angle, the education cost depends on the country, course program, and university. Usually, it is seen that the total loan amount is utilised 50% for the tuition fees and 50% for supporting aspects (living cost & transportation). It is needless to say premier educational destinations have higher costs of studies. This is where NBFCs help by providing the required loan amount in just a few days.

Do the Math: Use an Online Calculator

Education Loan Calculator

You can use an online education loan calculator to understand the total payable amount (principal & interest amount). It helps in budgeting your monthly expenses after college to repay the loan amount.

Course Expense Calculator

Playing with numbers can help you be future-ready. A course expense calculator is used to find potential college expenses. It gives you an indicative cost of education to help in deciding the loan amount.

Eligibility Calculator

As the name suggests, an education loan eligibilitycalculator is used to get a better understanding of finances through an online loan eligibility checker. It gives you an approximate loan amount that you are eligible basis your CIBIL score. You need to feed in monthly income, expenses, interest rate, and estimated loan tenure to get an approximate value.

 

Take an Education Loan for Studying Abroad: Fulfil Your Academic Dream!

Top Benefits of Taking an Education Loan from an NBFC

1.     Curriculum Flexibility

NBFCs understand that the educational dreams of an individual are not restricted to a few course options. These days, students have diverse interests such as arts, science, fashion, and business. NBFC offers education loans for a wide range of courses giving great flexibility to students.

2.     Loan Coverage

Leading NBFCs offer up to 100% financing solutions to students. This gives courage to scholar students to explore the academic world without worrying about financial burdens. They can not only fulfil their academic dream but also earn self-made badges.

3.     Easy Loan Procurement

NBFCs have user-friendly terms making it easier to get quick loan sanction. These platforms have transparent processes making it easier for students to apply for loans. Customised loans and flexible repayment options are added advantages.

Top NBFCs offer different types of education loans for abroad studies. Different lenders have different eligibility criteria for the same. With a simplified loan application process, these platforms are bridging the gap in world education one step at a time.

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Ankita Kumari 2
Joined: 4 months ago
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