Get The Best Education Loan For Overseas Education, Hindi

In this video in Hindi, we discuss the various things that you need to look for when you take an education loan for higher education abroad There will be a disbursal of the education loan only when you have evidence of a confirmed admission in a higher education institution One needs to also remember an online application process for education loans The maximum amount of the loan can go up to Rs 80 lakh and even Rs 1.5 crore in some cases. Much depends on factors like reputation of the education institution Education loan for higher studies overseas covers tuition expenses, examination and travel to the institution and back. You need to check out the coverage of the loan The loan amount depends on the course and the area of the study besides the reputation of the institution besides the repayment capacity after the completion of the course A co-applicant is also sought for education loans which is typically one of the parents Loan amount disbursed is also dependent on the age of the co-applicant since the lending institution would like to be secure about the repayment prospects Education loans are typically provided for regular courses in established institutions Education loan for overseas education is given in rupees and has to be repaid in rupees too Education loan for overseas education is disbursed in instalments and to the education institution directly or to an appointed agency Education loans require collateral typically when the loan amount exceeds Rs 4 lakh Residential property, non agricultural land and fixed deposits assigned to the lending institution is popular as collateral for education loans Close relatives may also be allowed to provide collateral or “third party collateral” There is no margin requirement for education loans below Rs 4 lakh and 10% for education loans above Rs 4 lakh The tenure for education loan can be 12-15 years The loan repayment begins after the end of the study and period and another additional period of 6 months to a year

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