Looking for an education loan for abroad studies? Well, you have a plethora of options to choose from. Both public & private sector banking and non-banking companies offer a range of loan products. However, this variety of choices presents a unique problem for potential borrowers; how do you choose the right financial product for your needs?

If you have a similar dilemma, you should firstly know that you are not alone – almost every student goes through a phase of confusion when choosing the right lender and loan product. Secondly, the internet has brought you the just the right place as this article will give you 5 important features to look at when comparing your options. Armed with this knowledge, selecting the right loan should be a breeze!

1. Nature & extent of funding.

The first thing you should look for is the nature of the funding. Look for loans that provide complete (100%) funding. This reduces your upfront costs as you do not have to scrape-up a down payment. Next, you should look for loans that go further than just 100% course fee funding. There are a number of lenders that will offer to take the burden of entrance exams costs, deposit fees, travel & living expenses, etc. upon themselves. This allows you to pay more attention to your studies, rather than being preoccupied trying to arrange funds for the same.

2. Rewarding loan products.

Some of the better lenders appreciate students who have worked hard by providing them a number of benefits. This is especially helpful for students who have an exceptional record or have noteworthy entrance exams results. If you are one such student, you should look for lenders that provide lowered rates and higher loan amounts based on your meritorious academic history.

3. Proof of funds.

You need to prove your financial backing when applying for a visa to study abroad. In most cases, this financial backing usually refers to a significant amount of money parked in an account with your name on it. Now, with some lenders, you can avail an education loan for abroad studies that offers these funds to ensure your visa is approved and you enjoy a smooth transfer to your choice of destination.

4. Charges of an education loan for abroad studies.

 You should know that all education loans come with a list of charges. However, the number of charges and their extent will vary from one lender to the next. This is why it is extremely important you ask for a list of charges from each lender and then compare them. This will give you a better idea as to which loan has a higher price tag.
5. Interest rates.

After all the above features, the last one you need to look into is the interest rate of an Auxilo education loan for abroad studies. Most people look at this feature first and end-up getting lowered rates at the cost of a poor financial product. Usually, rates applicable on such loans ranges between 10 and 16 percent.

These were 5 of the more important features you need to look into when looking for an education loan for abroad studies. We hope this information has been helpful, good luck and all the best!