Foreign student loan is a loan accessible to students studying in foreign countries allowing them to get access to cash to pay for their tuition and fees as well as their daily living expenses. Students studying in foreign countries might experience financial difficulties and lack people whom they can borrow money from. Therefore, foreigner loan provides students with money in the shortest time possible. This is a huge advantage especially to students studying in foreign countries or wish to study abroad but cannot afford it. Sometimes it can be very hard for them to pay their school fees and continue with their education due to money problems and increased living expenses.
Foreign loan has benefits and features that will enable students with financial difficulties to gain access to quick cash. These include:
1. Applying online. This is very easy since you only fill a single application online which can be done while still in your own country. You do not need to be there in person to fill the application. You get all the required documents necessary and submit online.
2. Quick: the foreign loans are fast compared to borrowing from banks. since there are not so many details required or demanded for a person to acquire the loan. Sometimes the loan can be provided the same day of the application.
3. Fast approval: if a student has fulfilled all the requirements, the loan is approved in a very short period of time since unlike banks; they do not require credit history and other prerequisites. Cash loans approvals are fast and problem free. You get immediate information from the provider as soon as the loan is approved which only takes one hour guaranteeing quick access to you cash.
4. Instant: the student foreign loans are provided immediately and the process is very fast unlike applying for a loan at a bank. Banks take a lot of time to approve and process the application. The whole experience could be tiring, long and stressing.
5. Low interests: the interest rates are lower than that for banks. It does not require you to have property or any assets in the country to act as security. Though it is required that he or she should have a co-signor who will act as security. Interest rates are free during the cost of study and are only calculated after a student has graduated.
Foreign student loan:
1. Based on a Singapore citizen university student’s tuition fee.
2. Effective Interest Rate (EIR) is assumed on a 2-year course with repayment period of 8 years and Standard Repayment Method. The EIR comprises of 4.5% per year interest rate which is calculated on a monthly rest basis and 2.5% of processing fee of the approved loan amount that is applicable upon disbursement of loan.
3. Higher loan amount of up to of the combined monthly income of you and your guarantor.
4. Flexible repayment period between 1 to 5 years that best suits your needs.
5. No early repayment charges should you choose to redeem your loan before end of the tenure.
6. No cost for issuance.