Education loan for studying abroad
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Which bank is the best for an education loan for studying abroad?
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@shruti-rai
There is no one right answer to this question. The bank you choose will depend on your personal financial situation. But let’s look at the options you have-- Public banks: Public Sector Banks or PSB’s, like SBI, offer low-interest rates. Apply for a loan here at least 20-25 days in advance.
- Private banks: The good thing about private banks like HDFC and Axis is that they offer higher amounts of loans than PSB’s for unsecured loans.
- NBFC’s: NBFC’s are a great option if you want to get an unsecured loan in a very short period of time.
You can read all about getting an education loan here: Education loan for abroad studies
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Many banks offer education loans for various courses in India and abroad. However, you should select a bank or NBFC that provides larger loan amounts, attractive interest rates, the best moratorium period, and relaxed terms to repay the loan. When applying for a study loan for abroad, you should also ensure that the loan covers different expenses, including living expenses, tuition fees, the cost of devices, books, etc. Check whether the bank provides the customer with the ease of repaying the loan earlier or not. It is recommended to choose a bank that offers the best and most convenient loan terms.
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If you're looking for an education loan to study abroad, I can share some options with you. Public Sector Banks (PSBs) like SBI offer loans at low-interest rates, but it's important to apply at least 20-25 days in advance.
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You can apply for an education loan from Avanse Financial Services, a reputed education-focused NBFC (Non-Banking Financial Company) that provides customised financing solutions to all deserving Indian students. Here, you can apply for study loan for abroad education, higher education, and financing solution for short-term courses. Loans from Avanse to study abroad covers all costs related to the education of students, from travel costs to course fees and the purchase of books and learning devices. Also, students can get an education loan with or without collateral.
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If you want to study abroad, you should understand the purpose and why you should go for it. Many students choose to study abroad because they are looking for better educational infrastructure and highly experienced faculty in a reputed university. Secondly, you should identify which country will be the best option for your choice of course. For example, it is well-established that an MBA degree in the UK is one of the first choices of many students as it offers the best quality education. Thirdly, choosing the university that you want to study at and making it your goal to reach there is very important. However, I feel that this may not be enough. I suggest you keep your options open. Along with this, you should figure out the financial aid that you require to live in a foreign country. You can look for a reliable bank or non-banking financial company for taking to study loan for abroad.
