4 numbers to keep in mind when looking for study abroad loan.

Study abroad loans have served as a ladder for many. They give students an easy way to climb over the cost of an overseas education and grasp their dreams. However, they usually involve large amounts of money and can seem like a daunting prospect for many. But there’s good news – handling an education loan is easy as long as you get the math correct. Something that the following article will help you do by highlight 5 important numbers to consider, that if you get right, will ensure you sail through debt. Check it out.
1.    The cost:
One of the first numbers you need to consider is the cost of the Study Abroad Loan. You need to look for loans that are good and affordable as well. Today, rates for such loans generally lie in the 10 to 14 percent. You should also know that it is possible to reduce the interest rate applicable on your loan.
You can negotiate lower rates if you have a good academic record, stellar entrance exams results, a strong credit score or a guarantor with a strong credit or if you are willing to provide collateral. If not lower rates, you should at least push for lower/no processing fees, as this is another cost of the loan.
2.    Eligibility:
The second number you need to get right is your Education Loan Eligibility. Fail to give this number the attention it deserves and your study abroad loan experience could come crashing down before it can even take off. This is because applying without knowing your eligibility could mean that you apply for a loan amount that’s too high!
This will cause the lender to disapprove your application. Apart from the disappointment of rejection, this will also cause your processing fees to go in vain as it is non-refundable. So, simply use an eligibility calculator before you apply, it will give you a near estimate figure you can safely apply for.
3.    EMI:
Another important number on your road to a smooth & successful student abroad loan experience is the EMIs. It’s a figure that will stare you in the eye at the end of every month. It’s unavoidable but it’s easy to handle if you begin planning for it now! You can do so by using an EMI calculator, it will tell you every installment you have to pay to get rid of your debt.


4.     ROI:
You need to also spend time calculating the return on investment of taking the loan. You should check what kind of salary you can expect after completing the course. See if the college is providing placements and what the minimum package is of these placements. This will tell you if you will be able to handle the EMIs and how long it will take to cover the cost of the loan.

We hope you pay special attention to these numbers, they will ensure things go smoothly with your study abroad loan. Good luck and all the best, study hard!

Related Article: Why an Educational Loan is Convenient