Can I get another educational loan for studying abroad while I have an existing loan?
You can definitely apply for a second education loan. However, a lot depends on whether you had opted to fund your undergraduate studies with the help of a secured education loan or an unsecured education loan.
If you had opted for a secured education loan in the past and need to take another one on the same property, it is important to ensure that the market price of the property covers both the loan amounts. If you are still in the final year of your undergraduate studies, you should apply for a second education loan, as soon as you finish your undergraduate studies. This way, you can get your first education loan’s moratorium period extended.