Studying abroad is the dream of many a person. Not only does it add value to one’s qualifications, it gives one the chance to travel in a new country, immerse themselves in a new culture and become a more well-informed individual. You could have this dream for yourself or for your child.
Studying abroad is rewarding…and expensive!
Having a degree from a foreign university adds value to your portfolio. A number of prestigious overseas universities and high schools offer degrees in a wide range of subjects, making it easier to secure quality employment both abroad and in India. It is a boon to have a foreign university degree under your belt because it opens up avenues for the best jobs, or even admissions for post-graduate studies in some of the most reputed educational institutions around the world.
However, while it is a dream of many a student to go abroad and get an education, it is also important to remember that it is quite expensive. One’s parents or legal guardians must spend years gathering the savings to be able to finance their ward’s foreign education, which can run into lakhs of Rupees. Often, many students take a student loan to pay for tuition and other on-campus expenses. However, other costs like food and commuting must be paid from one’s pocket. The costs of higher education rise exponentially in India and abroad every year, and by the time you get admission and are prepared to leave, the costs can be astronomically high indeed.
How to finance your studies abroad
- As mentioned above, several students choose to go on their overseas study mission with a student loan under their belt. The loan is repaid over several years either by the student’s parent(s) or by the student, or both
- The student’s parent(s) save money for years and also invest in insurance schemes like an education plan for their child
- The parents get a personal loan to shop for their child, arrange for their flight tickets and visa, shop for clothes, shoes and other essentials, arrange for luggage transport, etc.
Let’s focus on the last point mentioned above, i.e. ‘get a personal loan to shop…’ A personal loan is the most useful tool to get a large fund of money in your hands when you need it the most. You can use it to pay for:
- Your child’s clothes and other essentials required for their stay abroad
- Safe passage of their luggage, their visa and flight tickets
- Foreign exchange so that your child has ready cash in hand to spend when they land on foreign soil
- Pay for a part or all of their semester fees in case other reserves are running short. Some personal loans function as education loans when used like this
The advantages of availing of an instant personal loan for foreign studies:
- The loan is approved and processed quickly; this gives you the freedom to shop and buy whatever is needed at the last minute
- Depending on the education loan eligibility, one may even pay part of the entire year’s tuition and semester fees
- It provides timely financial backup when one needs it the most, so that one need not borrow from friends or other such sources
- The loan is repaid easily in a series of monthly EMIs from the borrower’s salary or business income
How to get an instant personal loan with a loan app
A personal loan app gives you the fastest, most secure and easiest way to secure a personal loan before your child flies abroad. Here’s how you can get it:
- Install the preferred personal loan app on your smartphone. Check its credentials online through user ratings and reviews on the Google Play Store and Apple App Store
- Check the product features, personal loan eligibility, documents list, loan repayment terms, etc. before you apply
- Check the documents list and make self-attested copies to be picked up for submission
- The app checks your credit score, documents and other credentials before approving the loan request
- The loan is disbursed to your bank account
- Repay the loan in easy instalments every month, from your salary or business income