Study Abroad Loan in India: Global Education Made Possible

Study Abroad Loan in India: Global Education Made Possible

Always dreamt of studying abroad? But is it out of reach because of financial constraints? Well, money cannot be something holding you back from achieving your goals. Stepping out of India to study can be life-changing. So, shun the idea of giving up on your ambition and look for solutions to it.

Study Abroad in India is a one-stop door that can put it right. Therefore, candidates who are willing to study abroad but find it difficult to fund it can simply apply for education loans.

Types of Loans One Can Utilise for Funding the Study Abroad Dream

Funding the dream of studying abroad can be a significant financial commitment, and many students explore different types of loans to support their education expenses. Here are some common types of loans that students can consider:

1. Personal Loan:  If you have a good credit history or can provide collateral, you may consider applying for a personal loan from a bank or lending institution that could be sanctioned within one to seven working days. Personal loans generally have higher interest rates (ranging from 8 to 8.5%) compared to student loans or educational loans, so explore this option carefully. The repayment schedule begins as soon as your loan is sanctioned.
    
2. Educational Loan: Many countries offer student loan programmes or financial aid schemes for students who wish to study abroad. Education loans without collateral are offered by both public and private banks. These loans often come with favourable terms, lower interest rates (of even 0% under Government subsidy schemes) and flexible repayment options. These loans may cover tuition fees, living expenses, travel costs, and other related expenses. Coming to its approval time, it just takes 15 days to be sanctioned. Usually, the repayment of educational loans starts 6 months or a year after the completion of the course, making it easier for the students. 

Depending on the type of loan, it can be:

• With/Without Collateral: Secured loans require borrowers to pledge assets (collateral) as a form of security for the lender. If the borrower defaults on the loan, the lender can take possession of the collateral to recover the outstanding debt. Unsecured loans do not require any collateral. These loans are granted based on the borrower's creditworthiness, income, and repayment ability.
• With Coapplicant or Guarantor: A loan with a co-applicant involves applying for the loan with another person, typically a family member or spouse, who shares equal responsibility for repaying the loan. On the other hand, a loan with a guarantor involves a third-party individual who agrees to take responsibility for the loan if the primary borrower defaults.

Types of Repayment Schedules

The repayment schedules for personal loans can vary depending on the lender and the terms of the loan. Here are some common types of repayment schedules:

• Fixed Monthly Payments
• Graduated Repayment
• Balloon Payment
• Interest-Only Payments
• Flexible Repayment

Benefits of Study Abroad Loan in India

Studying abroad can be a transformative experience, providing students with exposure to diverse cultures, world-class education, and global opportunities. To make this dream a reality, study abroad loans in India offer several benefits that make pursuing education overseas more accessible and affordable:

• Financial Assistance: Study abroad loans provide the necessary financial support to cover tuition fees, living expenses, travel costs, and other educational expenses while studying in a foreign country.
• Competitive Interest Rates: Many banks and financial institutions offer study abroad loans at competitive interest rates, making it an affordable financing option for students and their families.
• Flexible Repayment Options: Study abroad loans often come with flexible repayment options. Some lenders offer repayment moratoriums, allowing students to start repaying the loan after completing their education or finding employment.
• No Collateral Requirement: Some study abroad loans may be available without the need for collateral or security, easing the burden for students who may not have significant assets.
• Easy Application Process: Applying for a study abroad loan in India is typically straightforward, with many banks and financial institutions offering online application facilities and streamlined procedures.
• Coverage for Diverse Courses: Study abroad loans usually cover a wide range of courses and programs, including undergraduate, postgraduate, and doctoral studies across various disciplines.
• Study Destination Flexibility: Students have the freedom to choose their preferred study destination, as study abroad loans can be used for education in countries around the world.
• Bridge Currency Gap: Study abroad loans help bridge the currency gap between the home country and the foreign study destination, providing students with financial stability during their education abroad.
• Build Credit History: Successfully repaying a study abroad loan can help students build a positive credit history, which can be beneficial for future financial endeavours.

Overall, study abroad loans in India serve as a vital financial aid tool, empowering students to pursue education overseas and achieve their academic and career aspirations on an international platform.
 

Eligibility for Study Abroad Loan in India

The eligibility criteria for a study abroad loan in India may vary slightly depending on the bank or financial institution offering the loan. However, some common eligibility requirements are as follows:

• Indian Citizenship
• Confirmed Admission Letter to Recognized Institutions.
• Age criteria between 18 to 35 years.
• Good Academic Background
• Co-borrower/Guarantor to take responsibility for the loan repayment. 
• Course Eligibility
• Loan Amount Limit
• Collateral Requirement
• Documentation including admission offer letter, academic records, income proof of the co-borrower, and other relevant papers.

It is essential for students and their families to check the specific eligibility criteria and terms and conditions of different lenders before applying for a study abroad loan. Proper planning and research will ensure a smooth loan application process and help students fulfil their dreams of studying abroad.

Acelot Academy - Making Study Abroad Loan Procedure Seamless

Acelot Academy is an institution that helps you build your global career seamlessly. With AI-assisted career solutions and highly qualified and experienced experts, it provides a platform for non-stop growth from your youth till retirement.

In association with a plethora of universities globally, Acelot Academy invites students to register for academic upskilling. Registered under Govt. of India, the academy helps you study abroad without worrying about anything, including your education loans.

How Does Acelot Academy Help Students?

Acelot Academy helps Indian students at every stage of their study abroad dream:

• Psychometric-based Career Counselling
• Customised Course Recommendation
• Exam Preparation
• Admission Support
• VISA Assistance
• Loan Assistance
• Fact Check and Recommendation
• LOR/SOP Suggestion

How Does Acelot Academy Help Students with Loan Assistance?

The loan assistance programme makes it easier for students to travel and study abroad by connecting them with reputable financial organisations that offer simple loans, guaranteeing that they have the money they need to pay for all of their expenses. 

Therefore, studying abroad can be a life-changing experience, opening doors to new cultures, knowledge, and opportunities. Acelot Academy understands that financing your international education is a crucial aspect of your journey. That's why it is committed to providing a seamless study abroad loan application process, ensuring that financial barriers do not hinder your pursuit of knowledge. Our dedicated financial aid advisors will guide you through the entire process, offering comprehensive information on available loan options, scholarships, and grants.