Many students go for education loans to support the expenses of foreign education. In situations like these, it's important to have some information about the basics like-
- Finding out about expenses that bank loans cover and don't cover. Most banks cover tuition fees, living expenses, health insurance and cost of study material for education loans. Whereas many banks also cover airfare, cost of laptop, stationery and any other expenses required for students to complete the course, including study tours, project works, thesis, etc. What most banks don't cover is the cost of external tuition.
- What is the better source of funding?
After much research students have
Found that interest rates of a state
owned banks are much less.
- Collateral submission is another aspect you must keep in mind. In return of the loan money you have to submit a collateral.
- The time of loan repayment is also essential. Some banks require you to pay back the loan as soon as you are down with the degree while some give you a lot of time.
- You can make your application for a loan stronger by showing your earning potential in the application.
