Every year hundreds of students decide to take out a loan in order to study abroad. While doing so, you'll see that there are a lot of options available. There are different types of loans from different institutions. It is very obvious to get confused between all of them. Generally the two major kinds of loans that are considered to study abroad. One is an education loan and the other is a personal loan. Both of these had their own advantages and disadvantages.
A personal loan allows you to spend the amount that is given by the lending institution as per your own wish. On the other hand an education loan will not offer you all the sanctioned money at once. You will be given money as per your requirement over the period of your education. In the case of a personal loan no collateral is required whereas for an education loan you will need a collateral. You need to pay back the personal loan immediately whereas the educational loan can be repaid once you start earning.
