Students can apply for education loans as a form of financial aid to help pay for their studies overseas. Students may now afford higher-quality education thanks to the competitive interest rates that various banks and financial organisations are offering on these loans.
Attending esteemed universities, particularly overseas, provides access to a wealth of opportunities. But such education might come at a hefty price. Education loans for studying abroad are extremely helpful in bridging the financial gap and allowing students from all backgrounds to follow their goals at prestigious universities all over the world.
Selecting the best option can be difficult because there are so many banks and lenders offering student loans for overseas study. Teachwell Overseas can serve as a beacon in this situation. We assist students in locating the most suitable education loan for their study abroad requirements, customised to suit their individual profiles, guaranteeing a smooth and trouble-free loan approval procedure.
Types Of Education Loans For Abroad Studies
There are two types of educational loans: secured loans, which are taken out with security, and unsecured loans, which are taken out without it. Prior to selecting the best option for you, you must be aware of the differences between the two.
These loans are given based on the borrower’s ability to provide collateral, such as real estate, savings accounts, insurance policies, etc.
- Lower rate of interest.
- There is a good possibility of approval.
- An extended payback duration.
- A larger loan amount is available.
- There is no payback while you are studying.
- Approval is not contingent on parental income.
To be eligible for this loan, the borrower does not have to provide any collateral.
- A higher interest rate compared to a secured loan, typically by 1.5% to 4%.
- Is a riskier prospect for the bank, making it more difficult to get a loan from them without collateral.
- Repayment time that is comparatively shorter.
- A portion of the loan paid back while studying.
- To get approved, parental income must be provided.
Types Of Lenders That Provide Education Loans For Studying Abroad
There are three primary types of lenders to select from when looking into student loans for study abroad: banks, non-banking financial companies (NBFCs), and foreign lenders. The following are the financing options within each category:
Banks: Traditional financial institutions, including both public and private ones, that provide education loans to students studying overseas.
Non-Banking financial companies, or NBFCs, are financial organisations that function without a banking licence but provide a range of financial services akin to those provided by traditional banks.
Foreign Lenders: These are financial institutions that are situated abroad and focus on providing loans for overseas education to students from other countries.
Education Loan Application Process
- Validate eligibility with our loan coordinator
- Choose the best bank for your educational loan
- Send the loan applications to 3-4 banks to check loans prices
- Follow with Documentation & Application procedures
- Talk to your loan professional for the latest information
- Get approval in 12-24 Days
- Get an easy, quick and hassle-free dispensation procedure
Our Trusted Loan Partners
How Teachwell Overseas Supports you with Education Loans
- Lowest Interest Rates: We do an in-depth analysis and compare, and then we haggle loan solutions from andll as private and public banks to helpgettting the best interest rate.
- Timely Approvals: Our number one goal is that you get your college applications/emissions done in time! We are here to make sure your loan approval is done before you start getting worried about your deadlines.
- Simplified Documentation: The role of our experts is to deal with any issue connected with the documents or the process of application, establishing a dialogue of you throughout the process.
- Pre-Approval Options: Get pre-approved for your education loan for international education depending on your foundation (for the US).
- No-Collateral Choices: We have a partnership with the leading NBFCs and private banks that offer us both collateral and non-collateral loan options for your studies abroad.
- Effortless Management: Our specialists initiate straight dialogue with the banks and stay close to you simultaneously during the entire process, thus enabling a trouble-free channel of online banking.
Best Study Abroad Consultants in Delhi
TEACHWELL is a leading institute with over 25 years of experience, specializing in school coaching, entrance exam preparation, career counseling, study abroad assistance, and immigration services. We have successfully mentored over 70,000 students and offer top-tier coaching for IELTS, SAT, PTE, and GRE exams. As your trusted advisor for studying abroad, we provide guidance for destinations including Canada, the UK, USA, Australia, New Zealand, Ireland, and Europe. Our team of Study Abroad Advisors can help you with the application process for Study Abroad in Canada, Australia, New Zealand and more. Our target is to offer the best service at all time being the only shop for all overseas education needs.
