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Study Abroad Loans

 

Want to study abroad? You really do? Is the expense of the course plus the cost of living in a foreign country the reason you’re thinking twice about going or not going there? Then Study loan is just the right thing for you. Applying for a Study Loan is definitely one of the most practical and feasible option to fund your higher education if you are unable to get a scholarship.

Most of the Banks in the country today have some really good and attractive offers for you young bright minds out there. Thanks to the educational loan scheme framed through a collective effort of the Government of India, the Reserve Bank of India and the Indian Bankers Association you can easily get a loan amount ranging from 15 lakhs to 20-25 lakhs for studies abroad depending on the bank you are approaching.

ELIGIBILITY:

You are entitled to a study loan if you fulfill the following conditions:

  1. One must secure admission in one of the foreign universities/institutions through a proper entrance test or selection process.
  2. One must be an Indian national.

Apart from the above eligibility criterion’s there are a number of documents which to need to submit with the respective Bank so as to avail the loan.

RATE OF INTEREST:

The rate of interest one pays on the borrowed amount depends on the bank, the scheme you have chosen as well as the amount one must have borrowed. It can range anywhere between 10.75%-11.74% [or even more] subject to the considerations mentioned above.

SECURITY:

Whenever one takes a loan from any bank there is some form of security that you provide to the bank which will be the Bank’s property incase one is unable to return the amount. These security/collateral security requirements also differ from one bank to another. However it is known that you need to provide any sort of collateral security upto a loan of 4 lakhs, you have to provide security as a third part guarantee if you wish to avail a loan ranging from 4 lakhs to 7.5 lakhs. And if you have opted for a loan of more than 7.5 lakhs, you must be ready to supply a collateral security along with a co-obligation of parents or guardians or a third party along with obligation of the borrower’s future income to repay installments.

 

 

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