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Students aspire to acquire education abroad, as it unlocks the pathway to access global careers and excel in life. Overseas education opens up the perfect opportunity to develop an international outlook, learn new languages & cultures and network with a vast student body. These days, students opt for education loans to access education abroad. So, let’s understand student loans better.
Key highlights:
- About education loans
- Some benefits of education loans you must know
- Types of education loans: A collateral and non-collateral education loan for abroad studies
- Does Avanse Global Finance provide an education loan for abroad studies
About education loans
Millions of students believe in financing their higher academic journey independently without depending on their parents. Therefore, they turn to student loans. Education loans act as a bridge between students and their educational aspirations. Students can opt for the education loan and pay it back after the moratorium period is over or after they commence their employment. However, at Avanse Global Finance, we advise our students to pay simple interest (SI)/partial interest (PI) during the moratorium period, which is like a grace period when students are exempt from paying EMIs. Please bear in mind that this is not an interest-free period, and interest begins to accrue from day one. Thus, paying SI/PI during this holiday period is beneficial and instils financially prudent habits.
Some benefits of education loans you must know
- Self-made badge: Do you want to be truly Atmanirbhar? You can achieve this with an education loan. When you opt for a student loan, you no longer depend on your parents to finance your studies. You can repay the education loan independently.
- Don’t liquidate your assets: Why should you have to liquidate your assets or savings for your higher education? You can let the savings be savings, which can help you a great deal during emergencies. Instead, you can opt for a student loan to embark on your study abroad journey.
- Quality education: Do you have a dream university in mind but find the educational costs too high? Well, you don’t have to compromise on quality education any more. With a student loan, you can get into that dream university of yours and access the courses of your choice.
- Credit score: As a student, you are at that juncture in your life where you will eventually need other financial products such as a car loan, home loan and credit card. By repaying your student loan, you build a healthy credit score, unlocking several benefits when you opt for other financial solutions.
Types of education loans: A collateral and non-collateral education loan for abroad studies
- Secured education loan meaning
When you opt for a secured (with collateral) student loan, you have to provide an asset that is considered collateral for the guarantee against the education loan. Some types of collateral are an independent house, non-agricultural land, and fixed deposit. - Non-collateral education loan meaning A non-collateral education loan is also known as an unsecured (without collateral) education loan. When you do not want to offer any collateral as security, you can opt for a non-collateral eduction loan.
Does Avanse Global Finance provide an education loan for abroad studies
Yes, we offer both secured and unsecured student loans for overseas education. At Avanse Global Finance, we offer education loans in USD. You can benefit from repaying the education loan in the same currency. With this study loan, you can avoid conversion costs, helping you save your moolah.
If you are concerned about a wide range of expenses, you don’t have to worry at all because we offer 100% financing. So, our student loans cover the holistic cost of education, including tuition fees, travelling costs, accommodation costs, study material, and other education-related expenses. If you want to learn more about education loans, please contact us. We will be glad to partner with you on your academic journey.
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