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Tips for Securing a Low-Interest International Education Loan   

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Table of contents

Exploring the 6 Tips to Secure International Educational Loan
Plan and prepare for international education loan
Building a strong academic foundation
Types of lenders you could opt from
The deal with negotiation and your lenders
Look beyond loan application
Beyond the Loan: Additional Considerations

Conclusion

The world of knowledge is a vast ocean of possibilities, and often, the best courses offered by reputable universities are situated abroad. However, the downside here is the thought of bearing the financial burden. It is not as exciting as the thought of pursuing higher studies internationally. This is where an international education loan with lower interest rates comes in as a blessing, where it blends your aspirations with affordability.

Exploring the 6 Tips to Secure International Educational Loan   

Are you wondering if this is even possible? Qck Loans are here to share the tools for securing a loan with favourable terms. Read on to unlock the key steps in securing a low-interest international education loan.

1. Plan and prepare for international education loan 

  • Do your homework on various lenders:

While starting your loan journey, check for different lenders who offer international education loans for abroad studies with a hassle-free process. Understand the various aspects such as their interest rates, repayment conditions, eligibility criteria and processing fees. This initial research will lead you to make informed decisions.

  • Proceed your interaction with lenders with transparency:
Collate all necessary paperwork from your side, beforehand. This typically consists of your academic transcripts, generalized test scores if any, an acceptance letter from the university of your choice, and an approximate evaluation of living expenses abroad. Being ready with an organized set of documents streamlines the application process faster. 
  • Convincing creatively:
However diligently you present your documents, ensure you add a creative way to present them. Become a storyteller and weave a story out of your achievements. Showcase your thought process of your future goals, and how your chosen program aligns with those goals. This presents your seriousness and potential for success to the lender and may be convincing enough to approve your loan application. 
education loan for abroad studies

2. Building a strong academic foundation 

  • Academic excellence and its importance:
Many lenders check your academic scores and offer better interest rates to students with a strong academic record. The academic scores are a plus with higher numbers as it becomes a qualifying factor to process your application and offers lower interest rates on study loans to study abroad. 

3. Types of lenders you could opt from 

  • Government lending programs:

Government-backed lenders offer education loans for abroad studies with low interest rates. Go through various websites that suggest such lenders in your home country, as they often come with attractive interest rates and flexible repayment options.

  • Private Banks as lenders:
Private banks offer different schemes for study loans to study abroad. With the increase in private banks, you need to be mindful of the credibility of these banks before applying for international education loans. Compare the different interest rates, processing fees, and repayment options and tenure offered by each bank to find the most suitable option according to your capabilities.
  • International Lenders:
You can broaden your search horizon by choosing international lenders as an option. Several international lenders who tie up with your chosen universities specialize in education loans for international students. Stay on such lookouts as you may land with options that yield competitive rates and terms. 
study loan to study abroad

4. The deal with your lenders 

  • Consider a Fixed Interest Rate:
While a variable interest rate might seem appealing initially, it can fluctuate and increase your repayment burden in the long run. A fixed rate of interest offers stability and firmness when budgeting for loan payments.
  • Leverage with a Co-signer:
A co-signer or a guarantor with a stable income and a strong credit history can significantly up your chances of getting your loan application approved. This individual is now a guarantor for repaying your loan in case of default.
  • Seamless Customer Interaction:
Be wise to opt for a lender who offers seamless customer service, while you are away from your home country. Be mindful of the distance and be sure to expect an immediate response to your queries, if any.

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Education Loan for Study abroad

5. Look beyond loan application 

  • Scholarships and Grants:
These added benefits reduce your burden of finances for studying abroad, these grants and scholarships can significantly reduce the amount you need to borrow. Actively researching scholarships and applying for these facilities helps you borrow a small amount which is the difference of the scholarship or grant amount minus the approximate expense needed.  The less you borrow, the lower the overall interest you’ll pay.
  • Explore part-time or internship options:
Many nations allow you as international students to work part-time to gain experience and support financially to reduce your reliance on loans.
  • Repayment plans
You must think and develop a strong strategy for repaying your loan post-graduation. Consider factors like your expected initial salary. 

6. Additional factors complimenting the Loan 

  • Hidden charges to be aware of:
It is important to review loan offers to understand all the processing fees, prepayment or late payment penalties. Include this calculation in your overall loan comparison. 
  • Holiday period:
Check for the availability of the grace period offered by the lender. This is the timeframe after graduation completion before you’re required to repay the loan principal.
  • Tax Benefits:
Research potential tax exemptions associated with international education loan interest payments in your home country helping to reduce your overall repayment burden 

Qck Loans is here to help choose the best option for student loans for studying abroad!

Reach out on +91 9448113666 or write to us at qckloans@gmail.com to let us know our process now!
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Conclusion: 

Studying abroad can be a metamorphosis for students as they gain experience like no other, opening doors to umpteen career opportunities and personal growth anywhere in the world. By following these strategies and approaching the process meticulously, you are sure to secure a low-interest international education loan that equips you to pursue your academic pursuits with the utmost financial confidence.

At Qck Loans, we understand the importance of education and the tremendous power to transform the world’s perspective by studying abroad. We offer competitive international education loan options with flexible repayment terms and seamless customer assistance even after going abroad to help you achieve your academic goals.

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