By choosing the right type of education loan, saving money becomes much easier. Of course, you can take a loan with a low-interest rate or processing fee. But why stop there when you can save more?
There are a plethora of ways through which you can save money, infact, you can also save money when you repay education loans. All you have to do is be aware.
Let’s take a look at the factors or ways through which you can save money.
Saving Money With The Right Education Loan
Here are the key factors on which you must lay emphasis if you want to save money or if you are looking to repay education loans.
Rate of Interest
This is probably the most important factor, and the interest rate can vary anywhere from 8.5% to 16%.
The interest rate depends on the type of lender you choose, the education loan scheme (secured or unsecured), and how you choose to repay education loans.
The interest rate can affect the amount of money you pay; choosing a loan scheme with reduced interest rates will be more beneficial. In fact, just a small increase of 0.25% can cause a difference of up to INR 1 lakh. If there is even an increase of 1%, you’ll have to shell out INR 4 lakhs more.
Interest Subsidy Education Loans
Try to choose a loan that offers a subsidy option on interest. If you choose these loans, you’ll get an interest-free education loan.
Choose Domestic Lenders
Even with a slight increase in ROI, domestic lenders are better choices.
This is because of the constant depreciation value of our currency as compared to American dollars. For instance, if you choose a lender from the US, your return amount may shoot up by INR 2 Lakhs in the three years just because of the fluctuation.
Processing Fee
Choose a lender with a low priced processing fee. Lenders typically charge you anywhere between 0% to 5%.
These are a few points you must keep in mind if you’d like to save money on your education loan.
To help you ease out the process of getting the loan deals, you can always come to us. We at Foreign Admits are dedicated to helping you find the financial deals for post-admission services in academic universities abroad. We provide multiple ancillary services to help you in any and every phase.
ForeignAdmits – Who Are We and What Do We Offer?
As you’ve probably guessed by now, ForeignAdmits is your one-stop solution to help you with your education needs in universities and accommodations abroad.
From helping you acquire loans with low rates of interest to helping you with health insurance, we’ve got you covered. Additionally, our ancillary services are completely free to use. Some of our ancillary services include:
- Procurement of Loans
- Accommodation
- Airline Tickets
- Credit Cards
- Mobile SIM cards and many more.
To know more about our services, keep reading.
Loans
We will help you find the best deals when it comes to education loans and accommodations abroad.
With our loan finder service, you can find the most suitable loans for you. All you have to do is enter your loan amount and other required details; the loan finder will then display the suitable lenders who can offer your required loan amount with low-interest rates.
With us, you can get loans up to INR 1.5 crore. The best part is that you will not have to fill up multiple forms; you can use only forms for several banks. You can further manage your applications and track your documents as well.
We can also help you get your interest rate reduced. For instance, we can help you get your interest rate reduced by 0.25% if you’ve gotten a loan approved beforehand. This will further help you when you repay education loans.
On the other hand, if you’re unsure of the budget you need, don’t worry. Our Budget Estimator will take the required financial details and calculate the approximate budget required. It’s that simple. Our Co-Applicant Checker will help you choose the most eligible co-applicant for your loan.
Accommodation and Flights
Looking for the best accommodation and flight deals? Look no further.
We’ll help you find the best deals for accommodations abroad from trusted and verified service providers. Until you step inside and get comfortable within the walls of your new house, we will assist you in any manner required.
It’s no different when it comes to fights; we are tied up with the best airlines to give you the best possible deals. In addition to getting you great deals on accommodations abroad, we also offer discounts. If you happen to do your Guaranteed Investment Contract (GIC) with us, then you are eligible to get ₹5000/- off on your flight tickets. But this offer will only apply to the first 100 users, so hurry up and sign up with us to get the best offers.
Other Financial Service
We offer simplified financial solutions. We’ll help you open bank accounts that require no minimum balance and accounts that don’t have hidden charges.
We also offer you the best credit card options; our credit cards do not require opening fees. They also don’t have any type of hidden charges. In addition to that, your details are completely safe; with the best security practices in place, you will have nothing to worry about.
If you open a bank account through us, we will give you a US-based credit card and a SIM card.
Insurance Service
We make sure you get health insurance before moving abroad for further studies. Be assured that all your medical insurance will be covered.
Apart from health insurance, we also offer travel insurance to students. Your travel insurance will cover your medical expenses while travelling, and with 24/7 customer care available, claiming insurance has never been easier.
Moreover, if you refer a friend for GIC insurance with us, you will be eligible to get 25 CAD (current account deficit), and so will your friend.
SIM Card
We will also help you get a SIM card, most of which will be eligible for free incoming calls. With that, we also offer simple recharge options.
If you get a SIM card through us, rest assured you will have your number even before you leave.
How Does It All Work?
If you’re still here, we know you’re interested. We’ll tell you how to get this started.
To get the best deals and save money with the right loan, follow these steps:
- Sign up with ForeignAdmits
- Choose all the services that you are in need of.
- After that, you must submit the required documents
- Once you’ve done that, you can track your documents.
- Now you can access all your required services.
It’s that simple.
Final Words
Saving money on education loans need not be as difficult as it seems, only if you know what needs to be known.
To get the best deals on education loans, student accommodations abroad, insurance, and much more, click here now.
At ForeignAdmits, we understand how important this decision is. We are here to help you every step of the way, from finding the right school to getting admitted and securing scholarships.
ForeignAdmits have a team of experienced counselors who can provide you with customized guidance based on your individual needs contact us today to get started. We look forward to helping you achieve your educational and career goals!