Is there a substitute for quality education? MIT, Yale, Oxford, BYU are just some of the illustrious overseas universities that not just provide quality education but also introduce the students to new cultures and make lifelong friends. Dreams and ambitions lay abandoned. How many of us know of heard of individuals who forsake their dreams of educating abroad due to lack of funds?
Planning Overseas Education
Getting higher education is essential for a complete and successful life. Many see the completion of courses abroad as a fantastic tool to enhance their career. Our parents might not have had an opportunity to educated themselves abroad, but they will leave no stone unturned to get us the best education possible.
Salaried couples start planning for higher education of their wards well in advance. Some invest their money in instruments such as mutual funds or fixed deposits, hoping that they will have enough to someday send their son or daughter abroad for higher studies. But in this world of inflated prices and competition it gets hard for parents to save for a house, purchase a car, beautify the home and pay their bills.
The cost of education is increasing at an average of 18% per annum. The cost for pursuing a MBA degree abroad is almost touching 25 lakhs. Despite saving each month, a couple would probably fall short to save enough for the program. With parents unable to fund for foreign education, the child figures that he/she can apply for an education loan from banks and travel overseas to study.
The program applied for can either be part-time or full-time. The fields that are generally covered are management, engineering, medical, hotel management and architecture. Banks look at your nationality, college appointment letter (again, the expenses to apply, give entrance exams etc. is not included in the education loan), HSSC certificate etc.
Some banks do hark upon an upper age limit to apply. As parents serve as co-applicants, their ITR documents and salary slips are also mandatory. For studying overseas, 15% of the loan amount has to be paid by the applicant. A third-party guarantee is also requested by the bank for loan amount exceeding 7.5 lakh.
The education loan from banks cover the basic course fee along with added expenses such as exam fees, accommodation costs etc. 5-7 years is the tenure to repay the loan. This is great but what if for some reason the student applicant needs to change his/her university due to any unforeseen circumstance? What if the only university left to attend does not offer a sponsorship course? This could leave the student stranded in a foreign country. The parents will have to send some emergency cash during times of crisis.
Personal Education Loan
Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried parents to fund their ward’s further education. The attractive EMIs and interest rates at Loan Singh, make education personal loans affordable to repay back. Your child’s career can get a massive boost with quick online funds.
The advantages of a personal education loan over a bank education loan are aplenty. Firstly, you don’t have to apply for the education loan in your ward’s name. You apply for the loan based on your salary, your credit score and your EMI repayment promise. This will avoid an undue stress on your son or daughter’s life. Let them focus on their education. You can apply for a loan between Rs. 50,000 to Rs. 5,00,000.
Loan Singh’s easy EMI calculator can help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal finance loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.10,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
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- Job relocation loan
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- Short term loans
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
Loan Singh’s Online Presence
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