Going for the higher study to an International location is a dream every study abroad student harbors. After all, this is a transformative event in the life of an Individual. The degree from international institute can makes him stand apart and, can open new avenues of growth and prosperity. Further, because of their unmatched study program and unrivaled exposure in the field of their expertise, the recruiters of international repute give great importance to these degree holders. That is why; students and their parents are always prepared to put everything at stake.
High Cost of Overseas Education:
The education from a foreign destination always comes with a hefty price tag. And sometimes; it becomes next to impossible for the parents to manage such an exponential cost. The hefty tuition fee, cost of living and provision for health insurance along with some sort of miscellaneous expenses, force the student to make a sturdy financial plan to support his study and living expenses for the given period. There are generally three options out of which a student may explore.
- Grabbing a scholarship that may cover all sorts of expenses for the entire duration of the education program
- Self-Financing the whole educational program
- Getting loan from the designated study-abroad loan providers
Considering the exponential cost, out of these options, most students prefer to avail abroad study loan from the loan providers. There are some very reputed and professional financial institutions whose plans cover the entire cost of the study abroad duration.
This article will cover how an international study aspirant can fuel his dream of gaining a degree from an international institute through the various study abroad loan schemes-both from public and private. Before that, it’s important to mention some of the benefits, decision of a loan enjoyed over self-financing one.
Firstly, the parents of the student get tax benefit on the interest paid which lesson the tax liability significantly. Under the various section of Indian tax system, the parents who take loan to fund their kids’ education are supported though these provision of tax relief.
Cover hundred percentages of education expenses:
These loans come with the provision to cover hundred percentages of education expenses. It includes tuition fee, living and personal expenses, travel expenses as well as books and library fee.
One more benefit that can be availed of is the provision of moratorium period. It is a sort of holiday, during which, only the interest on loan amount is to be paid. And, the rest to be paid in EMI after the moratorium period is over.
Following is the list of public and private sector banks that provide loan to fund the expenses of study abroad.
These banks have more or less same terms and conditions such as:
- There is no need for a guarantor or mortgage for loan up to INR 4.0 Lac
- Next, there is requirement of one guarantor for loan up to INR 7.5 Lac
- Similarly, there is requirement of mortgage of equal amount for loan over INR 7.5 Lac
The duration of the loan generally depends on the amount of the loan which may go up to 15 to 20 years depending on the amount and the plan. If the loan amount is over 7.5 Lac, the client will be deposit 15% of the margin.
List of Banks as Loan Providers:
- State Bank of India
- Axis Bank
- Bank of Baroda
- HDFC bank
- Punjab national Bank
- Canara Bank
- ICICI Bank
- IDBI Bank
Besides these banks, there is plethora of NBFCs that are keen to provide the study abroad loan to those who wish to fuel their international education dream. What makes them so popular among the students is their professional approach and quick disbursal process.
Though, their rate of interest is slightly higher than that of public sector banks, yet, the applicants do not mind it, given the quality of service in the given time frame. Here is a list of some of the well-known names in the field. It would always be better to contact them through their websites .Don’t forget to seek the quotes from more than one institute for making a comparison. Go for plan that offers the best rate of interest.
List of NBFCs as Loan Providers:
- Avanse Financial Services Ltd- www.avanse.com
- Incred Finance- www.incred.com
- MPOWER Finance – www.mpowerfinancing.com
- Prodigy Finance – www.prodigyfinance.com
- Auxilio – www.auxilo.com
So, do not let your dream of study abroad die in want of financial options. These institutions both public and private are more than willing to fund your study abroad program. Contact them though their website and get the best deal that suits you most.
Cosmo Consultants Private Limited:
To know more about study abroad, study visa, study in Canada or IELTS preparation, you may visit our office or can log in at www.cosmoconsultants.in. We have an experience of more than ten years in the field of study in Canada, study abroad and visa consultancy.