Pursuing an international degree in an overseas university surely requires a strong academic criterion. However, it is a misconception that studying overseas requires a strong financial background in order to fund an international degree. There are multiple ways of funding an overseas education degree in a foreign institute. Read on to know what those are:
Self-Funding: Study abroad aspirants belonging to financially well-off families consider this option to fund their international degrees. In this option, students fund their entire course by themselves ensuring they do not have any financial liabilities. However, this option cannot be the best one as the students have to constantly ensure the presence of money for all their personal expenses and in time of emergencies.
Scholarships: Students having a strong academic record with participation in extracurricular activities are found eligible for fully funded scholarships to study overseas. However, these scholarships are awarded to only a limited number of students and it’s quite a challenge to find the right scholarship that is applicable to the student’s field of study.
Education Loan: Availing an education loan for abroad studies is another option that studies abroad aspirants can consider in order to fulfil their international degrees. There are various financial institutions in India that offer an overseas education loan and multiple benefits as well. However, a lot of students are doubtful while applying for an education loan due to its repayment. But if students plan the education loan repayment properly, there are no issues to be faced by the students.
4 Benefits of availing an overseas education loan:
A loan for higher education abroad offers multiple benefits to the study abroad aspirants that are as follows:
1. Income Tax Exemption under section 80E
As per section 80E of the Income Tax Act 1961, applicants or the co-applicants become eligible to avail a certain percentage of exemption on the yearly income tax payment depending on the salary bracket of the student and the co-applicant.
2. Moratorium Period
During the moratorium period, applicants are not expected to make any repayment of the overseas education loan. The interest rate will be charged for the entire duration based on the simple interest by government banks. After the completion of the moratorium period, loan applicants may begin their interest and EMI payments.
3. Wide range of expenses covered
Study Abroad Loans cover not only the tuition fees but also the overall expenses, right from travel, living, study materials and other required expenses for the completion of the program. Hence, it allows students to focus on their education without having to worry about finances.
4. A chance to build on one’s CIBIL scores
Applying for an overseas education loan is a great opportunity for the students to build on their CIBIL scores. It not only allows them to repay the expenses of their own education loan but also provides an opportunity to built on good credit history.
There are various financial institutions and best bank for overseas education loan in India that offer financial assistance for pursuing an international degree. To know more visit call Elan loans.