Parent wants their child to pursue a good education and live a successful life ahead. But most of the time it’s the money factors that comes in the way of their child’s dream. Personal savings are always insufficient in front of creeping cost of education and inflation. Besides, borrowing from friends and relatives, selling property or jewelry just doesn't seem to be a better option. The best way to manage finances for your child’s higher education would be taking a suitable study loan.

Study Abroad Loan in India provides the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level. It covers tuition and other fees, library charges, hostel and mess charges, the cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. Many times, the pupil who wish to pursue foreign studies are hindered across with various set of problems such as fund insufficiency,  visa issues, admission issues, slow loan processing, etc. This makes them more reluctant and worried about their future.

India’s leading private finance firms have, therefore, introduced some innovative and cost effective solutions for educational loan scheme. Study loans which are niche focused such as Pre-Visa Disbursement loan, Pre-Admission loan, GRE-based Loan, Bridge Up loan, fast track loan are some of the varieties that cater exclusively for individual needs of Indians for higher studies abroad. Be it public sector or private sector banks or finance firms, all are lined up to provide an education loan to the deserving aspirant. The innovative products offered by them have simple terms and provide the much needed financial assistance in a very short period of time.

Some leading private finance firms have designed study loans with interest rates as low as 12.75%  with mere processing costs of just 1-2% of the loan amount which is calculated on a case-to-case basis. These firms understand the value of education and come up with study loans at no margin money costs which mean you’re capable of getting 100% finance firms for fulfilling your dreams abroad.

Besides taking a loan for higher studies, another big concern that runs through minds of parents is about the repayment of education finances.

Relax! The most alluring part of student loans is that they can be repaid after the course completion. You get a relaxation time known as moratorium period under which you can repay the loan six months later of course completion if you get a job or one year later till the time you get a good job offer. So, it gives you ample time to get a part-time job during studies and start saving up in advance. 

Study loans are “Need of the hour” but it’s important that you compare loans in terms of interest rates and other processing charges applicable, moratorium period, fees and other costs, collateral security system and last but not the least flexible repayment options before taking your final decision. Comparing loans on these parameters will help you find a good student loan that will not only fulfill your educational dreams but will prove easier on your pocket as well.

Source: http://abroadeducationloan.blogspot.in/2016/12/why-is-education-loa...