Education loans for studying abroad are generally divided into two types: secured and unsecured loans. A secured loan is usually a loan that is offered with an asset, for instance, property or fixed deposits as security and usually attracts less interest. Unsecured personal loans are provided without demanding the credit or assets from the borrower to be placed as security, though such personal loans have a higher interest rate than secured personal loans and have more stringent credit qualification criteria. These loans can be used for any purpose – educational fees, travel, or maintenance costs.
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