Pursuing higher education abroad is a dream for many students, but financing it can be a challenge. Education loans have become a popular solution, providing financial support to students aiming to study at international universities. In this blog, we’ll discuss how to get an education loan for studying abroad in 2024, focusing on full-time regular courses, the types of loans available, and tips to secure one.
Secured loans require students or their families to pledge collateral like property, fixed deposits, or other valuable assets. Since these loans come with security, they generally offer lower interest rates. These are ideal for students seeking a larger loan amount.
Unsecured loans do not require any collateral but typically come with higher interest rates due to the increased risk for the lender. However, many banks and financial institutions still offer significant loan amounts to students with a good academic record or admission to reputed institutions abroad. Many students prefer unsecured loans due to the lack of property or valuable assets.
Here are some of the typical eligibility criteria you need to meet to apply for an education loan to study abroad: