Education Loans For Studying Outside India
Planning to study abroad this fall however face monetary crunch? don’t worry. There are 10s of banks and NBFCs (Non-Banking monetary Companies) that supply loans to students willing to review abroad.
The overseas education prices are higher compared to finding out at home. It includes paying the fee in foreign currency, living prices, books and different expenses. Therefore, the monetary institutions offer loans that meet students necessities, however the loan amount varies from one bank and NBFC to a different. It depends on the course, period of study, and therefore the country one opts for.
The Requirements and Conditions
- Parent(s) and student will be co-applicants and there are no margin requirements for loans below Rupees Four Lakhs.
- The loan repayment tenure is between 10 and 15 years. It is based on the amount and differs from one financial institution to another. That said, in most cases, the repayment period begins 6 months to 1 year after completion of education or finding a job, whichever is earlier.
In a recent move, the Telangana government, in a budget of Rs. 425 Crores for fast scheme, reserved Rs. 25 Crores for minority students willing to study abroad. The budget of 25 Crores will help 250 students go abroad to pursue higher education.
It is known as the Overseas Study scheme for post-graduate studies in foreign universities starting from 2015-16.