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Best Education Loan for Abroad Studies

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Frequently Asked Questions

Which banks provide the most affordable education loans for studying abroad?

Public sector banks, such as SBI and Bank of Baroda, offer the lowest interest rates on education loans for foreign studies compared to private banks and NBFCs. Bank of Baroda, especially for institutions listed in their premium list of colleges, is considered one of the most cost-effective options for education loans for studying abroad.

Can I apply for multiple education loans from different banks for studying abroad?

Yes, students can apply for multiple education loans from different banks for studying abroad. However, it is essential to manage multiple loan repayments responsibly to avoid any financial burden in the future.

How is the interest rate calculated for an education loan for abroad studies?

The interest rate for an education loan for abroad studies can be either fixed or floating. It is usually determined based on the loan amount, tenure, and the applicant's creditworthiness. Some lenders may offer special interest rates for specific courses or institutions.

Are there any additional charges or hidden fees associated with education loans for studying abroad?

Yes, there may be additional charges and hidden fees associated with education loans for studying abroad. These charges can include processing fees, forex margin, credit life insurance, and other administrative fees. It is important to inquire about any such charges and understand the complete cost of the loan.

Is it mandatory to have a good academic record to be eligible for an education loan for abroad studies?

Academic record is essential, but not the only factor for an education loan for studying abroad. Financial stability, repayment capacity, and credit history of the applicant and co-applicant are also considered. Meeting the lender's criteria and providing the necessary documents increases your approval chances.
Lakshmi Lavanya Pagallu

Lakshmi Lavanya Pagallu

Sr. Content Marketing Specialist

Lakshmi Lavanya Pagallu has been working as Content Marketing Specialist with GetGIS since 2022 and has been extensively working to help candidates’ career transitions. Her experience spans across multiple industries in the fields of Sales and Marketing. Her core competencies include communication and research, which enable her to create and deliver in-depth guides as a Subject Matter Expert

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