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.
You are entitled
to a study loan if you fulfill the following conditions:
secure admission in one of the foreign
universities/institutions through a proper entrance test or
One must be an
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 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.
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.