India is ranked third amongst countries whose students are pursuing their education abroad. Every year over 150,000 students pursue various undergraduate, postgraduate courses abroad. The kind of courses students are currently learning here is the reason for the increase in Indian students abroad. The practical learning and other interesting curriculum activities are what most attracts the students. Studying abroad comes with great concerns related to the cost of studying abroad. There is scope for scholarships which is a very limited option, the only option which is left is Education loans to study abroad and pursue a dream course in one’s dream college.
According to the growing trend of studying abroad, there are various countries for pursuing higher education. The cost of studying abroad can go up to 15-25 lakh rupees per year. The cost of studying abroad can depend upon the country, the courses, duration and living in the country.
Banks are offering educational loans to students to pursue their dream. The study abroad market is flayed by 12% every year. Students coping up with the financial burden can rely on banks which can provide them with easy loans to study abroad. Banks offer loans to study abroad based on the needs of the students and their capabilities to afford that loan.
There are various things that you should keep in mind before applying for loans to study abroad:
- The money which has been taken from the banks is supposed to be returned with a marginally increased interest of 10-15%.
- Education loans to study abroad exceeding 6.6 lakhs requires some documents of determined property for assurance and collateral reasons.
- For some banks, there is a period of relaxation where students can start paying back the amount after they begin their employment.
- The co- applicant’s financial statements are required to be submitted along with the loan application for a better understanding of their financial background.
- The amount of loan which was applied can vary with the amount of loan received. Check all your details very carefully before applying.
- The most crucial part of the loan procedure is to check your KYC. It helps the bank having an assurance of faith on the customer.
Loans to Study Abroad- Term and Conditions
- Educational loans are provided under the tag “Study Abroad” which includes various countries. A loan could be applied even before deciding to go further with the respective country for pursuing higher education. The final loan procedure will be designed according to the need of the student, the course, country.
- The loan which is sanctioned is provided in Indian Currency INR and is mandatory to be repaid in Indian Currency only.
- The loan depends on the factors like the duration of the course, grace period after the loan, the capability of the co-applicants and future aspects of the study procedure.
- Some Banks often credit the tuition fee directly to colleges/universities or through a service mediator. The tuition fee is always given in installments considering the requirement of the college.
Costs that are covered in the loan are tuition fees, extra expenses like hostel, uniforms, travel expenses, equipment (laptop or computer), books, library expenses. Some banks also provide one-way travel tickets from India to the respective country.
Students can apply for education loans to study abroad for various programs like business, management, medicine, engineering courses. Government of India has come up with subsidized interest rates for students coming from marginalized and economically weak class.
Eligibility to apply for Loans to Study Abroad
- Applicants applying for loans to study abroad are required to be Indian citizens, with a minimum of 18 years of age.
- Co-applicants are required to hold an account in Indian banks.
- Applicants are required to submit confirmation from the college/university before the sanction or approval of the loan.
- Co-applicants are required to have a stable financial condition to support the loan.
- The financial stability of the co-applicants are the most important criteria for the approval of the loans to study abroad.
Applying for loans to study abroad, choosing the right university to pursue a suitable course is a long and exhausting procedure. You have to make sure that you make the right decision for your life. We at Leverage Edu help you make better decisions. We provide the best guidance and support and help you reach your goal. Get in touch with us today at +91-8826200293.