According to the data collected by the Ministry of External Affairs in 2017, approximately 5.8 lakh Indian students study abroad. This number has increased by 5 times in the last 20 years from 1998 to 2017. This increase can be owed to the easy availability of financial aids that has facilitated students to finance the expenses of their higher studies in foreign universities.
Now, there are multiple types of help that students can avail of to cover all their education-related expenses. However, very few of them are as easily accessible as an educational loan against property. However, before knowing “what is education loan”, take a look at the other financial aids students can avail to fund their higher studies abroad.
Various Types Of Financial Aids Available For Students
Studying abroad can come with hefty tuition fees as well as additional cost of living. That is why without proper financial aid it can become difficult for most students to pursue their studies abroad. Following are a few types of financial aids that can help students to cover the expenses of studying in the top colleges in the world –
- Merit-based Scholarships
These scholarships, or fellowships as they are more commonly known, are awarded to students based on their academic performance and achievements. These fellowships can help to cover the university tuition fees as well as other education-related expenses. However, a scholarship comes with several stringent eligibility criteria that make them quite difficult to avail.
- Student Grants
Student grants are aids that don’t need a repayment. Unlike scholarships that are awarded based on a student’s merit, grants are mostly need-based. However, even grants are awarded to students who satisfy some specific eligibility criteria.
- Education Loan Against Property
One of the most accessible financial aids for students; financing your education with a loan against property comes with several benefits that can make it easier for students to pursue their higher studies abroad. Considering the amount of funds required to study abroad, it is vital to know what is an education loan against property and how you can utilize it for your child.
Features And Benefits Of Educational Loans Against Property
It is a secured loan that comes with no end-user restriction. You can utilize such funds to cover your tuition fees for top universities in USA, but also other expenses like travel expenses, accommodation costs, etc. Note that a regular unsecured education loan will not be able to cover such additional expenses.
Following are a few of the benefits and things you should know before you apply for a loan against property for education –
- Substantial Loan Amounts
With this advance, you can avail a loan amount of up to Rs. 1 Crore if you are a salaried individual and Rs. 3.5 Crore as a self-employed applicant.
- Easy Loan Disbursal
If you fulfill the eligibility criteria to avail the advance and furnish all the required documents, you can enjoy instant approval of the loan amount. Also, the process of loan disbursal is hassle-free and you can receive the amount in your account in under four days, once it is approved.
- Flexible Loan Repayment Tenor
One of the important loans against property things you should know is that it comes with a flexible tenor that you can choose according to your convenience. Financial institutions provide tenor of up to 20 years for salaried individuals and up to 18 years for those who are self-employed.
- Minimal Documentation Requirements
The advance comes with minimal documentation requirements. With only a few stipulated documents, you can avail of the advance quite easily.
Apart from these, financial institutions also provide balance transfer facilities and top-up loans with their Loans Against Property. They also provide several pre-approved offers that can make availing advances faster and easier. These offers are available on several financial products, including home loans, business loans, personal loans, etc. You can check your pre-approved offer by providing your name and phone number.
Now that you know what is education loan against property, you may consider it as a comprehensive advance that can help students cover all education-related expenses abroad. So if you are looking for an aid to cover the expenses of your higher studies abroad, look through the eligibility of your loan against property to determine whether you can avail the advance.