Indian students now have greater access to overseas education. These youngsters look forward to continuing their education at renowned universities throughout the world. Students who study abroad are exposed to a variety of experiences.
The greatest choice for your job may be to pursue higher education in a nationally or internationally recognized university. However, this key choice comes at a great cost. Studying abroad is far more expensive than doing so in your own country. You’ll have to pay living expenses in a foreign nation on top of the high tuition prices. In light of the evident list of costs, you may be examining your alternatives for financing your higher education. Taking out student loans for studying abroad is one of the most popular and advised funding methods.
The decision to apply for an international student loan might have numerous advantages for the borrower. The student will benefit from an extended moratorium period, tax advantages, and multiple expense covers as well as a high credit score.
You should thoroughly plan the entire process before taking out a student loan. University rankings are one of many factors that may have an impact on the loan application.
You will learn about the significance of university rankings in this post if you decide to apply for an international student loan. Continue reading!
What Importance do university rankings in foreign student loans have?
University rankings are a key consideration for loan sanction for providers of education loans. Your adventure with education loans will be easier if you intend to enroll in classes at a reputable and highly rated university. Additionally, your chances of securing a loan are better the higher the university’s ranking.
This factor directly relates to developing a promising position, which will eventually result in a quicker repayment of the student debt. This ensures that the loan amount will be returned during the course of the loan, providing security to the financial institutions.
Now that we are aware of the significance of university rankings, let’s learn more about the categories of financial institutions that take these rankings under considerations.
Financial Institutions That Take University Rankings towards Effect
- Nationalized Banks
If you decide to use a nationalized bank for a secured education loan. The quality of the university is not as crucial as the collateral security you will provide. However, if you plan to attend a well regarded university, you can be eligible for a favorable interest rate and additional loan benefits like sbi global ed vantage scheme.
- Private Banks
The ranking of the university is less significant if you choose a secured education loan from a private bank because you will be pledging collateral security instead. Some private banks compile a list of the best universities and offer non collateral education loan for abroad studies. You would receive a loan of 50 lakhs for Prime A institutions and 40 lakhs for Prime B universities, according to the Bank’s Prime classification of the best universities.
- NBFCs
If the student has a GRE score of 300 or higher, they may be eligible for a 50 lakh rupee loan based only on university rankings. Loans are offered by NBFCs based on university rankings.
- International Lenders
International lenders offer loans up to Rs 75 lakhs for countries like the USA, the UK, and Canada, taking into account university rankings.
In short, the conditions of loans for international study are heavily influenced by university rankings. Contact the top overseas education loan consultancy in your area to learn more about how to get an education loan for study abroad.
Good luck!
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