FUNDING YOUR STUDY ABROAD
- May 22, 2016
- Posted by: admin
- Category: FINANCING EDUCATION
Funding your studies abroad is one of the main challenges that you may face after you have decided to get admission in some reputed university.
For those who couldn’t obtain scholarships, Bank loans come to their rescue!
However, it is important to understand your creditworthiness and eligibility to higher your chances for loan approval.
What is the eligibility?
Loan is provided to Indian nationals for pursuing graduate, postgraduate or other recognised courses from reputed foreign universities.
What could loan covers?
The education loan covers fees payable, hostel fees, library and exam fees, expenses for purchasing books and required equipment like laptop, travelling expenses and any others as mentioned in the university’s prospectus.
What is the finance limit?
A maximum amount of Rs. 20 Lakh for studying abroad, or higher, which is only given in special cases.
BANK LOAN QUERIES
What Security Bank Assures?
Parents are required to be joint owners and a tangible security of reasonable value is to be kept with the bank.
What is the Moratorium Period?
The course duration plus one year or six months after getting a job, whichever is earlier .
What interest do you need to pay?
15% on the loan amount above Rs. 4 Lakhs.
What is the tenure period to repay the loan?
Note: Interest paid on the loan by students is exempted under section 80E for a period up to 8 years
Author: Priyanka V Gupta