Financing your studies is one of the most important factor to consider when you choose to study abroad. Please be aware that studying overseas can be expensive affair. The cost of continues to rise from time to time.
Many Indian students are taking education loans to finance their education abroad. The education loan for studying abroad are provided for job oriented professional, technical Graduation Degree courses, or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
All major banks in India grant education loans for students wanting to study abroad. These loans are subject to many terms and conditions. In many cases students the student or his parents have provide security for the loan he/she gets. This security can be in form of immovable assets like land, house or other properties.Please also note that banks DO NOT give these loans to anyone who applies for them.
Some points to be noted:
· The first condition is that admission should be confirmed. Students must have an offer letter from the foreign university (Loans are not given for correspondence courses.)
· The past academic record of the loan seeker should also be satisfactory.
· Loans generally covers course fees, hostel fees, cost of books, equipment, and one way fare to the place of study
· Every bank may have a different criteria to assess the loan limit, evidence of income like salary slips, IT returns and details of immovable properties is needed
Repayment of these loans generally start 6 months after the completion of the course or if the student gets a job immediately after completing the course. The maximum time given for the repayment is around 15 years counted from the date of the first disbursement.
We urge all students to take your own time to really go through the loan agreement’s fine print before you sign it. Keep your eyes open — a few things you should be checking for include the interest structure, pre-payment details, or if there is any option for you to extend it in case you are unemployed after graduation. If you have any questions, you should get in touch with the bank advisor. Be clear of the whole loan process and understand its clauses.
These are just a few facts you should be aware of, while approaching a bank for a loan