Nowadays many post graduate students from India choose foreign countries to study further. There are so many countries that are famous for education standards include UK, Canada, Germany, Australia, Sinagapore, France, NZ, Dubai and much more. The cost of study depends on the country, cost of living, course, university, duration and much more.
Many students opt for higher education abroad as it will give them a world-class education that boosts their chance to get good employment. But, the money required to cover the cost of education is not available for many students. In such cases, the education loan will come to aid of students. The education loan for studying abroad will cover the following;
- The Tuition fees of the course studying abroad.
- The fees for library, examination, laboratory, and hostel.
- The money required for purchasing books, instruments, equipment, and uniform.
- The expense involved to travel abroad.
- The refundable deposit and caution money.
- The cost involved in exchange programs, Study tours, and project work
To get the loan approved by the bank, students need to submit the following documents;
- Proof of admission to the course abroad.
- Schedule of expenses for the courses.
- The mark sheet of the last qualifying exam (school/graduate studies)
- Two passport size photographs.
- Copy of the letter confirming Scholarship (if applicable).
- The Foreign Exchange Permit Copy (if available).
- The borrower’s bank account statement (last six months).
- Income Tax assessment order (The order must never exceed two years).
- The borrower’s assets and liabilities statement.
- Proof of identity (If the borrower is not the customer of the lending bank).
With different banks offering loan to students to study their favorite course abroad, students need to research the terms and conditions of the banks to select the ideal one. The students who aspire to study abroad can opt for the bank loan that offers flexibility to make their dream a reality.
There are many banks that understand the need of education loan and complexities of financing study abroad, so there are many customized loan solutions are available. You can look for loan as per the country. These loans facilities are available to help bright students who want to pursue higher study abroad in renowned country and university. Thousands of students choose these loan facilities to study different courses every year.
Top Banks in India that offer Education loan for abroad studies include IDBI, HDFC, Axis bank, and SBI. The SBI provides SBI student loan scheme to help the student who want to complete their education abroad. This loan is available for technical graduation degree programs, job oriented professional, PG course, diploma courses such as MS, MBA, MCA and many courses from renowned universities. You can get loan up to 30 lakh and repayment scheme is simple. The repayment starts 1 year after course completion or once you secure job after 6 months. The repayment period is not fixed as it may vary from ten to twelve years. This period depends on loan amount you have taken from bank.