Everything You Need to Consider Before You Take

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Everything You Need to Consider Before You Take an Overseas Education Loan :

Everything You Need to Consider Before You Take an Overseas Education Loan

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The cost of education is increasing exponentially day by day especially in the international market which is why most students are opting for an overseas education loan to finance their higher education. Unfortunately, an Overseas Education Loan is the only way most students can carry out their dream of studying in universities outside their home countries. Students who study in a top educational institution usually get pretty high salary jobs post the completion of their course and are in a position to repay the loan. However, it is important to remember that an overseas education loan has the ability to put you in debt if not repaid on time. That is why we have outlined everything you need to consider before you take an overseas education loan.

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An overseas education loan comes in two forms- An Education Loan comes in two forms: federal loans which are directly funded by the government of your home country and private loans from individual lenders like banks or non-banking financial companies (NBFCs). Federal loans usually have lower fixed interest rates and flexible repayment options. However, if you do proper research, you could find a private loan that has a low interest rate. Pick the one that is perfect for you and don’t fall for gimmicks and offers. Know your moratorium period- Most loans come with a moratorium period which is a grace period in which you can make your first loan payment. However, there are a few lenders that do not offer a moratorium period so you need to be clear about the due date of your first estimated monthly investment (EMI). You can also start repaying the loan during the moratorium period to lessen the burden of the interest rate.

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Check the tenure- If you opt for a longer tenure period, then you will have to pay a lesser EMI but pay more interest over the years. If you opt for a shorter tenure period, then the EMI you pay will be more but the interest rate will be less. Choose a shorter tenure only if you are positive you will be able to pay it off in time. Do not depend solely on an overseas education loan- Yes, an overseas education loan will help you with your finances; but it is also important to gather a significant amount of money for your education leading up to taking admission in an international institution. If you pay out of your own pocket, you do not have to depend only on an overseas education loan which will lessen the burden overall.

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We are not trying to discourage you from taking an overseas education loan because it can be highly beneficial; but it is incredibly important to decide whether you actually need one or not. For example, if you choose a course that does not have high returns, then there is no point taking an overseas education loan because you might not be able to pay it off in a timely manner. To avoid this, pick a course that will guarantee you a high-salary job and then opt for an overseas education loan so your education and your money do not go to waste over the years. We hope this article helped you. Good luck!   Related Blog: Want to study in a foreign nation? Opt for an overseas study loan

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