Even today availing an education loan via government bank is the most-proffered option to finance an overseas education. Popular Indian government banks like State Bank of India, Bank of Baroda, Central Bank of India etc are the first choice of students. In this blog post, we are going to discuss about some of the perks of availing foreign education loan via government banks.
Perks of Overseas Education Loan via Government Banks in India
We have enlisted the top perks of availing an overseas education loan. Give it a read!
1. Low Rate of Interest: Unlike private banks, NBFS and private banks, government banks have the lowest rate of interests which is one factor that attracts study overseas aspirants to avail a foreign education loan via government banks. To be precise, the interest rates of the government banks go around somewhere between 8.35% - 9.30%. So, it is always lucrative for study overseas aspirants to avail an education loan via government banks.
2. Maximum Repayment Tenure: The Repayment tenure of the government banks is up to 15 years whereas when it comes to the private banks, it is of only 10 years. Maximum span allows students to repay the overseas education loan at the minimal rate of interest on the education loan amount.
3. Serving Simple interest is optional: Serving simple interest even after the moratorium period is yet another reason for students turning to the government banks for overseas education loans. For both the kinds of overseas education loan i.e., Secured and Unsecured Loan, students have the open of paying the simple interest even after the moratorium period.
4. For all Study-Level Programs: Government banks provide an education loan for all the level of courses to pursue higher education overseas. Right from graduation, diplomas, masters to PHD level programs, for almost all the area of studies, education loan is offered by the government banks.
5. Girl Child Concession: Government banks provide girl child concession of up to 0.50% on the Rate of Interest in order to encourage girls to pursue higher education overseas. Hence, it is strongly recommended to the female students to apply for an overseas education loan via government banks.
6. Accepted by Top Universities: All the leading universities from across the globe accept an overseas education loan offered by the government banks. So, there is no issue at the time of admission as well. Infact, government banks are the most proffered ones when it comes to financing overseas education.
So, this was a brief guide of availing an overseas education loan via government banks. Education Loan for Higher Studies Abroad is a huge step, hence we recommend aspirants to take guidance for the same. At ELAN Loans, we provide end to end guidance and assistance for the education loan process.
Right from selection of the suitable financial institution to sanctioning and disbursement of the loan, our expert counsellors provide end to end assistance. Book a free appointment today at www.elanloans.com and be rest assured.
Here’s the first step towards fulfilling your dream of studying overseas.