Here are 5 features to look for when comparing study loans for abroad.

Opting to study abroad is one of the best decisions you’ll ever make. It will help you pole-vault your way into better paying jobs and a higher standard of living. The only hurdle you need to overcome is the cost of an overseas education. Well, this is where study loans for abroad can lend a financial helping hand. They will plug your financial gaps and ensure you can pursue your dreams without any monetary worries.

However, there are several options available to you as far as lenders and loan options are concerned. While a wide spread of choices is always good, choosing one loan from all available options can be trickier than you expect. Keeping this in mind, the following article will list 4 important features to watch out for when looking for a good overseas education loan.

100% finance for course fees.

This is one of the most important features you should look for when comparing study loans for abroad. Course fees in foreign universities can be extremely costly. They are also slowly increasing every year. Keeping this in mind, it is best you look for a lender that is offering 100% finance for course fee. Some lenders will ask you to provide some margin amount and this can become a hassle to arrange.

Covers travel & living expenses as well.

Another very important education-related expense is travel & living. Flights tickets can be very expensive. Further, high currency rates can make living expenses extremely costly as well. Fortunately, some study loans for abroad will help you cover travel & living expenses as well. This can be a huge help with pursuing an overseas education.

Look for a loan that will help with the visa as well.

It might not strike you at first, but a visa is also a huge expense that needs to be covered. Firstly, you need to handle the processing fee. This can depend on the study destination you have chosen – a student visa for US can cost as much as Rs. 25,000. Besides the actual processing fee, you might also have to provide proof funds that can run into lakhs of rupees. Fortunately, the better study loans for abroad will help you cover these costs with ease.

Cover for miscellaneous expense.

There are several other education-related expenses you might have to cover. These might not come to mind when planning your finances but they will crop-up as you go about your course. These include library deposits, examination fees, the cost of study material, or the purchase of a laptop. Individually, these expenses might not seem worrying. However, they can add-up to a very large amount of money. Fortunately, the best study loans for abroad will cover these expenses as well.

Look for preferential benefits.

Do you have an outstanding academic record or done exceptionally well in your entrance exams? Well, you should opt for study loans for abroad that will reward your academic excellence. Yes, some lenders will offer lowered interests, discounted processing fees, higher loan amounts and even extended tenures.

We hope this article has been helpful, good luck and all the best with your studies!