STUDY LOAN
Study Loan plays an important part and can be life-changing for many students who are willing to study abroad but can’t afford to pay the full costs with their own family resources. It for all such students is the option of major relief, help them to fulfill their dream in an organized and safe manner. Study Loan can cover the gap between shortfall and the required amount
In India, most banks offer loans to students for studying abroad with lower interest rates and flexible terms and conditions. For availing of loans, students need to provide several information and documents to the bank before approval and disbursal. Every bank has its own list of requirements and a lot depends upon the student’s profile, supporting documents, and the strength of the offer letter from the university to the student.
STUDY LOAN FOR STUDY ABROAD
A study loan for studying abroad will pay the program fees and additional expenses like books, lodging, transportation, and equipment. The cost of a program and the total household income decide the amount of loan you are eligible for. Many of us desire to pursue further education outside of India, whether for a Ph.D., post-graduate degree, or graduation. However, students who want to study abroad know that finances are among the most critical factors. Traveling abroad becomes challenging if not thoroughly and methodically prepared.
Loans for study abroad are one of India’s most often-used forms of funding. Finances play a significant role in the university fees or visa procedure. Most students use student loans to finance their higher education abroad, regardless of their financial situation. What then motivates people to obtain student loans?
Consider the following alternative sources of money to comprehend better why students like school loans:
Self-funding –
Students from well-off families can pay for their entire international education independently. You need to be aware of one thing before you even think about making this decision. Self-financing guarantees that a student finishes their degree without accruing any debt. However, there may be better options for paying for higher education abroad for several reasons.
When students pay for their higher education, they are typically required to take care of any financial issues that arise while they are studying abroad and to ensure that they always have enough money to meet all their expenses back home.
Scholarships-
Those students who excel in academics and extracurricular activities are given full scholarships to work overseas. The problem is that only a few students receive similar scholarships. Finding exemplary scholarship pertinent to their field of study is another problem students need help with.
How do I Apply For a Study Loan ?
Every student is entitled to a top-notch education. But, as college tuition costs increase, it gets more expensive for everyone to receive a top-notch education. The expense of education is rising both in India and around the world.
After taking out the loan, you are qualified for Section 80 income tax benefits (E). If you are a female student, you will be prepared for a cheaper interest rate on a study loan.
How Much can a Student Get a Loan ?
In India, the cost of a bachelor’s degree can range from Rs. 5 lahks to Rs. 12 lahks. At private universities in India, the cost of tuition for medical programs might exceed Rs—50 lakh. In India, the cost of a business college might exceed Rs. 10 lahks. The price of your education rises if you study abroad. Getting a loan could be very costly due to the high-interest rate. The cost of a program and the total household income decide the amount of loan you are eligible for.
Who is Eligible for an Study Loan?
All Students can apply for a study loan with their families or carers as co-applicants. Your student loan repayment starts a year after you finish your studies or within six months of getting a job after receiving your degree, whichever comes first.