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Tata Capital > Blog > Planning to Study Abroad? Follow these Steps to Take a Personal Loan

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Planning to Study Abroad? Follow these Steps to Take a Personal Loan

Planning to Study Abroad? Follow these Steps to Take a Personal Loan

Young people today are far more advanced than the older generations. Yes, they can be a little reckless and disorganized, but most of them are quite ambitious and know how they want to achieve their dreams. They plan for their future much in advance, and do not hold back from availing any benefits that can help make their dreams come true. A good example is being open to taking a personal loan to fund overseas education courses. Many students see this as an ideal way to afford expensive foreign education, even if it adds a burden to their finances later. If you are planning to take a personal loan too, here is a guide to clear out any doubts you may have.

Tips to help you study abroad

Plan in Advance: Be smart and plan your course of action in advance. Do you want to go abroad to complete your undergraduate studies or to get a postgraduate degree? If it is the former, you should start looking at college options as soon as you reach high school. On the other hand, if it is the latter, look for suitable universities while you are still in college. It is never too early to start evaluating your options. Remember, if you wait until graduation day, you will have very little time for research. A hasty decision could impact your education and future. If possible, speak to ex-students or faculty members. It can help you understand the work culture, curricular needs, and other such things. It will also give you more clarity about your own plans. You can then zero in on the college you want to study at.

Apply Wisely: Be realistic in your application. Everyone wants to study in the best institutions, but you must also be practical. Your application should be based on your educational capabilities and the expenses you can afford. Remember, while you can take a loan today, you will spend a few years repaying it. So, make sure you choose a course and university wisely. It should not put you in financial turmoil later.

Take the Correct Loan: It may seem logical for you to seek an education loan. But education loans can be slightly complicated, and the approval process usually takes longer. You may also need a co-applicant to avail this kind of loan. In some cases, the loan may not be enough to cover all your education costs. In such cases, you can club your education loan with a personal loan. Or you can opt for a larger personal loan. These are not only easier to get, but they also offer easy repayment options as well.

Prepare a Budget: Before applying for a personal loan, however, it is best to prepare a budget, especially if the loan is meant to fund your overseas education. Include all the current costs that you need to cover, such as tuition fees, accommodation, travel, food and other expenses. Also, include a detailed and well-structured loan repayment plan. Make this a priority and ensure you follow it carefully, as defaulting on EMI repayments could be a financial disaster in the long run.

The Bottom Line

So, have you always dream of going abroad to study? This may be the right time for you to take the plunge. Choose a suitable personal loan and pay for your study costs. With a little discipline and support of the tips mentioned above, you can repay the loan yourself with ease. This will give you the wings to soar high. You can then touch the ambitious targets you have set for yourself.

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