With prospects rising around the world, more and more Indian students seek to study at different universities abroad. Studying abroad brings guarantees of jobs that are high-flying, with the limit being the sky. A variety of courses are delivered by universities around the world and students have different choices to choose from.

In comparison, in some instances, most colleges provide scholarship services and financial assistance to students that only increase their work prospects. With rising expectations, there is another obligation that students and their parents have to fulfil. Global education financing is a significant factor impacting the form of course for which students study and also the institution is chosen.

Using an education loan for international studies is the safest way of finance. Depending on the institution chosen and the course of study, banks in India give different schemes. Many loan schemes for education come with flexible options for repayment and encourage the borrower to manage their finances accordingly.

Also Read: Cheapest Countries to Study Abroad for Indian Students: Top Colleges, Fees, IELTS Score & More

How to Get a Scholarship to Study Abroad?

Education loans hold a moratorium or holiday duration that is very useful since a period of around six months after the end of the course is granted to the applicant. After this time, or as soon as the borrower has found a career, the education loan repayment will be begun. Education loans also finance the student’s cost of boarding, accommodation, tuition fees, transport and other associated expenses. For other doubts, you may also look into the question

You must know that the Central Government has also launched an interest rate subsidy programme for repayments made for the benefit of the poorer portion of society during the moratorium period. Passing your IELTS exam and scoring the required IELTS score is an important aspect when it comes to How to get a scholarship to study abroad.

Also read: How to Get a Study Permit for Canada? Click to Know Everything about Canada Study Visa

Features of Loans for Education

  • Any person between the ages of 18 and 35 will benefit from an education loan to undertake studies at any accepted university abroad.
  • For management courses, engineering courses, pharmacy and graduate and postgraduate degrees, humanities, architecture, pure science, hotel management, etc., students may receive education loans.
  • Tuition fees, review fees, laboratory and library fees, cautionary deposit, travel, books and supplies, programmes and study tours are the expenses incurred by a college loan.
  • For loans made for international research, borrowers must put in a margin of 5 per cent to 15 per cent.
  • Borrowers continue to pay interest during the suspension period, with the principal cost beginning as the tenure of the loan commences.
  • Education loans may be returned to the bank in monthly instalments through ECS or via post-dated cheques.
  • In general, banks approve tenured education loans for up to seven years, including the moratorium duration.

Also Read: Saskatchewan Immigration: How to Apply for Canada Immigration with IELTS Exam? 

Things You must Know before Taking out a Loan

  • For college loans taken for full-time classes, a co-applicant needs to be chosen. Co-applicants may include siblings, husbands, parents or other members of the family.
  • Tuition fees, review fees, laboratory and library fees, cautionary deposit, travel, books and supplies, programmes and study tours are the expenses incurred by a college loan.
  • For loans made for international research, borrowers must put in a margin of 5 per cent to 15 per cent.
  • Borrowers continue to pay interest during the suspension period, with the principal cost beginning as the tenure of the loan commences.
  • Tuition fees, review fees, laboratory and library fees, cautionary deposit, travel, books and supplies, programmes and study tours are the expenses incurred by a college loan.
  • For loans made for international research, borrowers must put in a margin of 5 per cent to 15 per cent.
  • Borrowers continue to pay interest during the suspension period, with the principal cost beginning as the tenure of the loan commences.
  • With the moratorium term, banks will approve a maximum loan of INR 20 lakhs and up to a maximum amount of INR 10 lakhs for loans without a moratorium period.

Also read: Singapore PR for Indian: How Hard is it to Get PR in a Country Like Singapore for Indians?

Education Loan for Study Abroad

India’s top banks for education loan in India for study abroad. Below are the top providers of education loans in India to support students wanting to pursue their study loan abroad.

State Bank of India

A term loan is provided by the State Bank of India to Indian students who want to continue their higher education study loan abroad. SBI funds further education for both job-oriented technical and vocational degree and post-graduate classes, such as MBA, MCA, MS, etc., certificate courses at prestigious universities, as well as courses provided by the Chartered Institute of Management Accountants (CIMA), London and the Chartered Institute of Management Accountants (CIMA) and London.

Axis Bank

It provides education loans for Indian students intending to study at reasonable interest rates for study loans abroad. Students can apply for technical or vocational courses, career-oriented courses, etc., and receive a hassle-free education loan from Axis Bank. Axis Bank provides an Rs. 20 lakh maximum loan covering hostel fees, tuition fees, book expenses, etc.

Also Read: Can Universities in Germany Accept My IELTS Score in General Training?

How to Study abroad from India?

Bank loans are a great way to do this, here are some more banks that will help you.

HDFC Bank

HDFC Bank provides education credits for reputed institutions with stable repayment tenures and discounted rates. For more than 950 courses across 36 countries, clients can obtain education loans at their doorsteps worldwide. HDFC Bank covers up to 100 per cent of the preparation requirement with education loans, with no need to put in a loan margin.

The cumulative loan sum that HDFC Bank would approve is up to Rs. 20 lakhs. To prevent last-minute difficulty, HDFC Bank education loans can be used and sanctioned even before the student has obtained admission to a university.

Punjab National Bank

Punjab National Bank offers the “PNB Udaan” scheme to students wishing to study abroad. Students who have earned admissions into postgraduate and graduate classes. Diplomas, educational and technological classes based on jobs, CIMA/CPA courses, etc. Admissions earned by students should be at leading universities abroad. They can apply for a study loan abroad. University tuition, travel, test fees, lab fees, library fees, book/equipment fees and other associated costs are provided by the PNB study loan for abroad. Indian nationals who have gained admission through merit or entry test are entitled to apply for an education loan from the Punjab National Bank.

Canara Bank

For qualifying vocational and technical classes, graduate and post-graduate courses that promise work opportunities, customers can use Canara Bank education study loans for abroad. Only at approved educational institutions must admission be ensured. University tuition, travel, exam fees, lab fees, library fees, book/equipment fees and other fees are provided by the Canara Bank education loan.

Also Read: Canada Express Draw will Fall 350 Points: Here’s all about the Latest Canada Draw

Conclusion

When it comes to studying abroad, one of the cheapest options in Canada and Germany. The net cost of studying in Canada, of which tuition fees are the main contributor, is slightly smaller relative to other renowned international research destinations such as the US and Australia. This is what attracts students to this nation from all over the world. The specifications here are, however, very succinct. You must know that the Masters in Germany is almost free! For more such details and inner scope, check out IELTS Ninja.