Educational loans are the best means of financial aid for sponsoring the abroad education. Banks will help in arrangement of funds as parents usually well aware about their financial condition. So, it’s better to approve your loan in advance. There are number of foreign and private banks that are providing loans for foreign education. Banks demands collateral for educational loans which may be insurance policies, FD’s, NSC’s or a house of same worth. They charge some simple or compound interest on the loan amount which should be paid during the education period otherwise it will be added to the principle loan amount. So, it is good if the interest amount should be paid during the tenure of education either by parents or their wards.
Also as per universities norm, one can choose two-three family sponsors. So, if you have any relative who can sponsor your fund, then it will help you in decreasing the loan burden. One can pay the dues according to his own convenience to their relative. But in case of Educational loan, you have to repay the whole amount within 5 to 7 years after completion of your course. Repayment of loan starts either from 6 month after getting a job or one year after course completion.
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