Education Loan for Abroad Studies

Education Loan for Abroad Studies

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Interest rates on education loans for abroad studies can differ depending on the lender, the loan amount, and the country of study. Some financial institutions offer fixed interest rates, while others provide variable rates, which can change over time. Fixed rates offer the stability of knowing exactly what the repayment amount will be, while variable rates may fluctuate according to market conditions. It’s important to assess the pros and cons of both types of interest rates before making a decision.

Repayment of an education loan typically begins after the completion of the course, with a moratorium period that allows the student time to find a job or settle in the foreign country. The repayment duration varies, but it can extend from 5 to 15 years, depending on the terms of the loan. Some loans may allow for flexible repayment options, such as paying smaller amounts during the moratorium period and increasing payments once the borrower is employed.

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