Foreign Education Loan Consultants- Top Benefits

Deciding to study abroad is a big step for many Indian students. As the pool of Indian students going abroad gets larger, so does the amount of foreign education loan schemes and offers. Often, overseas education loan requirements can change based on such factors as Country, Institution, and the course chosen. Researching all the different factors across numerous lenders can get confusing. This is where overseas education loan advisors come in.

Seeking the expert advice of overseas education loan advisors can help the loan process go smoothly and quickly. From managing communication with the lender to providing support during the application process, such consultants are a convenient solution to all of one’s loan-related decisions. In this article, let us see some advantages of approaching foreign education loan consultants in India.

Advantages of Applying for Foreign Education Loans through Consultants

Foreign education loan consultants have a team of trained individuals to assist with everything a student may need. Let us explore some services and benefits they offer.

1. Thorough Profile Assessment

When applying for an overseas education loan, students must create a complete profile of their academic and financial details. Having a homogenized profile helps lenders assess the quantum of finance they can avail for each applicant. As experts in the field, overseas education loan consultants can help students craft and send their profiles to preferred lenders.

These include the student’s marksheets, test scores, and offer letters from various Universities. It also includes the employment records, existing loans, and credit scores of the applicant and co-applicant.

2. Information on the Right Lender and Loan Type

One can opt for a secured or unsecured education loan from several financial institutions such as Banks, Non-banking Financial Companies (NBFCs), and International Lenders. Overseas loan advisors know all the benefits and shortcomings of each lender.

They also have an in-depth understanding of the interest rates, procedures, and schemes offered by each. This can help applicants make the best decision.

3. Comparative Analysis of Various Schemes

The top-most foreign education loan consultants often have a database of all the latest schemes and requirements of each lender. This database not only makes for quick research but also helps students link different factors such as moratorium period, repayment tenure, and loan margin amounts.

So, it is easier to find out information like the best bank for education loans or the co-applicant requirements in specific NBFCs. Having the assistance of an expert for this process can help students come to an informed decision based on their requirements and assets.

4. Competitive Interest Rates

The interest rate of a foreign education loan depends on its type, amount, and the lending institution. Many times, students can get concessions on their interest rates if they fall into a special category (Caste, gender, merit list, etc.) or have applied to Universities on the lender’s Prime List.

Since overseas education loan advisors have all this information, they can help students secure the best interest rate on their loans. The advisor can also negotiate with lenders to avail a lower rate of interest exclusively for their clients.

5. Pre-Visa Loan Disbursement Support

Some countries may require students to show the loan amount after the visa interview. While others may require the loan to be disbursed before the visa interview for proof of funds. However, not all lenders provide pre-visa loan disbursement services.

Experienced foreign education loan consultants guide students as per the latest visa norms. Such crucial information saves a lot of time and effort for the loan applicant as well, which is a huge relief in the case of time-sensitive visas.

6. Personalised Solutions for Every Issue and Need

No two students applying for foreign education loans are the same. They may have different financial backgrounds, family situations, and needs. Whether students have issues with collateral or credit scores, overseas education loan consultants provide ready solutions for every situation.

The consultant also keeps in touch with the lenders on behalf of the students, ensuring the smoothest process possible for loan approval and disbursement.

7. Simplified Documentation & Application Process

The documentation process of applying for foreign education loans can be tricky. Each lender requires different documents, and students may have to go through various institutions and processes for the same.

This whole process gets streamlined when applying through overseas education loan advisors. In most cases, they complete the application process as well. They help students avoid multiple trips to the lender's office and avoid any delays in the process.

8. Eliminates the Scope of Errors

From the applicant’s account number to ID requirements, there are many small details involved in applying for a foreign education loan. Any errors in documentation or forms may affect the loan process.

To avoid loan rejections or delays, it is better to have an expert eye going over every detail to ensure no discrepancies.

9. Additional Support Services & Assistance

Apart from assistance on foreign education loans, consultants also help students with other things needed to live abroad. The top overseas education consultants offer additional services such as assistance with Foreign Exchange cards, international debit/credit cards, sim cards, and travel insurance.

10. Continued Assistance after the Loan is Disbursed

Even after students get their foreign education loans, they might require assistance with the next disbursement, loan repayment, or income tax-related details. Knowing that someone in India can help solve the problems. This way, they can focus on their studies and the immediate environment without worry.

From enabling students to make the best decisions to giving hands-on assistance during the overseas education loan process, the top consultants can make the process smoother for aspirants. So, if you want to reach your preferred study destination without a hitch, reach out to the top overseas education loan consultants near you and get more details.