On our last post, we looked at how easy it is to travel abroad to get a good education. Thanks to a personal education Loan from Loan Singh, you can enroll into the course you feel is best for your career.
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Planning Overseas Education
Getting higher education is essential for a complete and successful life. Many see the completion of courses abroad as a fantastic tool to enhance their career. Our parents might not have had an opportunity to educated themselves abroad, but they will leave no stone unturned to get us the best education possible.
Salaried couples start planning for higher education of their wards well in advance. Some invest their money in instruments such as mutual funds or fixed deposits, hoping that they will have enough to someday send their son or daughter abroad for higher studies. But in this world of inflated prices and competition it gets hard for parents to save for a house, purchase a car, beautify the home and pay their bills.
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The cost of education is increasing at an average of 18% per annum. The cost for pursuing a MBA degree abroad is almost touching 25 lakhs. Despite saving each month, a couple would probably fall short to save enough for the program. With parents unable to fund for foreign education, the child figures that he/she can apply for an education loan from banks and travel overseas to study.
The program applied for can either be part-time or full-time. The fields that are generally covered are management, engineering, medical, hotel management and architecture. Banks look at your nationality, college appointment letter (again, the expenses to apply, give entrance exams etc. is not included in the education loan), HSSC certificate etc.
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Some banks do hark upon an upper age limit to apply. As parents serve as co-applicants, their ITR documents and salary slips are also mandatory. For studying overseas, 15% of the loan amount has to be paid by the applicant. A third-party guarantee is also requested by the bank for loan amount exceeding 7.5 lakh.
The education loan from banks cover the basic course fee along with added expenses such as exam fees, accommodation costs etc. 5-7 years is the tenure to repay the loan. This is great but what if for some reason the student applicant needs to change his/her university due to any unforeseen circumstance? What if the only university left to attend does not offer a sponsorship course? This could leave the student stranded in a foreign country. The parents will have to send some emergency cash during times of crisis.
Personal Education Loan
Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried parents to fund their ward’s further education. The attractive EMIs and interest rates at Loan Singh, make education personal loans affordable to repay back. Your child’s career can get a massive boost with quick online funds.
The advantages of a personal education loan over a bank education loan are aplenty. Firstly, you don’t have to apply for the education loan in your ward’s name. You apply for the loan based on your salary, your credit score and your EMI repayment promise. This will avoid an undue stress on your son or daughter’s life. Let them focus on their education. You can apply for a loan between Rs. 50,000 to Rs. 5,00,000.
Loan Singh’s easy EMI calculator can help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month.
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6 Reason Why Studying Abroad is Best
Studying abroad is one super cool experience for any student. Studying abroad provides you with loads of opportunities to understand a new culture, make new friends and test yourself among some of the best students around. Now that you know how easy it is for a salaried parent to apply for a quick online personal education loan, let’s check out 6 reasons why doing so is beneficial to your promising ward.
- Academics
The most important of reasons is the obvious chance to test your academic threshold. The style of education offered abroad is different. Its effectiveness can be gaged by how well you adapt yourself to it. Getting yourself completely immersed in the visiting country’s education system can help you understand their culture and traditions better.
- Outlook
Another great reason to travel abroad for your studies is to see the world differently. Newer outlook towards the visiting country can help you get rid of any misconceptions. Explore new terrains, witness world heritage sites and learn more at landmarks and museums. Also, you get a closer opportunity to visit neighboring countries as well.
- Language
Embracing a new culture means trying our new food, understanding their traditions and participating in their social atmosphere. Being a foreign country gives you an opportunity to study a foreign language. Plus, studying abroad also lets you take up a new language course.
- Career
When you finish your abroad program, you return home with a degree and new found confidence. You have a willingness to execute what you learnt. Your future employers will find a foreign degree on your CV very alluring.
- Interests
There are new activities to partake and newer interests to build on. There is a chance you can get interested in playing golf. You could get involved in djing or skiing or join a classical orchestra. You might also generate an interest in dancing at late night parties or attending concerts. You also test your ability to become acquainted to diverse situations.
- Friends
Lastly, pursuing an education program abroad allows you to make lifelong friends from various backgrounds. You learn from them, observe their traits and build a strong circle for life.
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About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal finance loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.10,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Smartphone loan
- Travel loan
- Festival loans
- Gold jewelry loan
- Shopping loan
- Lifestyle loan
- Short term loans
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
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