Every student wants to study abroad at a well-known college. Going abroad to study is a great option to achieve your career and goals. However, the tuition fee and the living costs can be much more expensive. Hence, education loans can become a great choice to take the first step towards your dreams. The education loan is designed to help students pay for tuition fees, books, and living expenses.
However, the process is complex and comes up with so many unexpected challenges. Hence, the study abroad consultants in Noida come into the frame. In this article, you will learn about the various loans and their requirements for application.
Types of Loans to Study Abroad
There are several types of education loans offered by different banks. In every field of study, you can get an education loan. Meanwhile, it is completely up to you to decide which type of loan is right for you. If you cannot do it yourself, seeking assistance from study abroad consultants Noida can be a smart move. Here in the given sections, you will find information on every type of loan:
Based on Collateral
A collateral loan is a type of secured loan where any property that is moveable or immovable is offered to secure aloan. So, now that you know what collateral is, let’s understand the various types of collateral loans.
- Secured Education Loan:Students obtain secured loans to finance their higher education. For this type of education loan, applicants need to show tangible or intangible assets like fixed deposits, policies, or non-agricultural land. These types of deposits are submitted to the lender as security. Generally, this type of loan takes time to approve until the lender verifies all the documents related to the collateral. This type of loan has a low-interest rate and longer repayment periods. In addition, it doesn’t need to be repaid during the study.
- Unsecured Education Loan:This loan is suitable for all those students who have no assets to offer as collateral. This type of loan charges a high-interest rate and is hard to get approved for. This education loandoesn’t have a longer time to repay, and sometimes you need to pay some of the amount during your studies. In addition, sometimes they also demand that you submit proof of the minimum income of your co-applicant in your family.
Based on Location
Based on your study programme location, you can find the loan. If you are applying for a course outside of the country, then the following course is suitable for you.
- Overseas Education Loan:This type of loan helps students realise their dream of pursuing education abroad. The loan covers major expenses apart from tuition fees for only those scholars who meet the eligibility criteria. Thus, oneshould have an offer letter from the college to approve the
Based on Course
The banks and the financial lenders offer education loans as per your courses. Below, you are going to understand which types of loans you can get as per your course:
- Undergraduate Loans:This type of loan is provided to those students who want to pursue their UG degree abroad. Usually, most of the degrees take 3 to 4 years to complete. This degree is good to start the basic earning process and take the job. Moreover, to get this loan, you need to complete your 12th gradeHowever, if you still struggle, seeking help from study abroad consultants in Noida is a better option.
- Postgraduate Loans:Most students desire to complete their PG degree. This type of course takes almost two years to complete. Moreover, to get this loan, you should have a UG degree.
- Career Development Loans:Many of the employees who worked for a few years in corporate and then want to take a promotion. Hence, these people take pause, pursue their studies, and then again join the company in senior positions.
Now you are aware of every type of loan for education. Although, most of the students are unable to complete the loan process by themselves. As, the loan documentation process is so complex. So, for a smooth transition, you can take the help ofstudy abroad consultants in Noida
Here below, you are going to understand the expenses that can be covered under the education loan.
Expenses Covered Under an Education Loan
In this section, you will be exploring all the expenses covered in the loan you take for education:
- Institution fees
- Examination, library charges
- Travel and other expenses
- Books, uniforms, and other study materials
- Purchase of a computer or laptop at a reasonable cost
- Insurance premium (if it is applicable)
- Any other expenses required to complete the course.
These are the expenses covered in the loan that students take for their education. Moving ahead to explore the documents needed for the same.
Documents Required
In this section, you will be exploring all the documents required in the loan you take for education:
- Identity proof.
- Proof of permanent residence, like your passport
- Mark sheets for 10th, 12th, and UG.
- Admission letter
- English proficiency test results like IELTS
- Two passport-size photos
Conclusion
In conclusion, now you are aware of every type of loan and its requirements. The loans are for all students who dream of completing their education abroad. This not only provides you with financial support but also kicks off your career. Moreover, it is a very complex process that takes time, so you can approach study abroad consultants Noida. Likewise, Gradding.com can assist you with any type of loan. They can help you in every scenario, from loan approval to the visa process. Moreover, they also offer a free counselling session, which can be helpful for you.
