Studying abroad is a dream for many young students and when it comes true, it can open the doors to unimagined avenues. However, this is not as easy as it seems. Arrangement of funds comes out as the biggest trouble in studying outside the boundaries of the nation. Fortunately, Indian Banks have come out with the solution to this issue. Today, almost all the banks are offering loans through which arrangement of funds have become less troublesome. Apart from the banks, there are also non-banking financial companies that provide loans and scholarships are also awarded to the aspirants for the same.
The basic eligibility criteria are that one should be a citizen of India, must have attained 18 years of age, have a good academic background, and have secured admission to such a university that has been recognized by the particular bank.
The documents required at the time of the loan are as follows:
If the bank finds that the applicant meets the eligibility criteria and proper and legitimate documents have been submitted by the applicant, then it approves the loan and accordingly disburses the amount in installments or as asked by the institution.
Another important thing is to compare the loans offered by different banks. Following are the parameters on which loans are generally compared:
An applicant is advised to visit all the banks and other financial institutions and ask for the same conditions so that a proper evaluation of the banks can be made.
Other banks such as HDFC Bank, Central Bank of India, Bank of India, Punjab and Sind Bank, and ICICI Bank provides a loan of a maximum of 20 lakhs and interest rate varies from 10.25 to 13 percent.
Apart from them, non-banking financial companies (NBFCs) such as Credila, Avanse, Incred, Auxilio provides a loan of 25 lakhs at maximum and interest rates can extend up to 14 percent considering the course and university chosen by the applicant.
Region-wise scholarships are also available to the students to fund their education programs which are as follows:
Apart from this, the Ministry of Human Resource Development also provides scholarships to Indian students to study in foreign countries. Studying abroad is a life-changing decision and therefore must be taken with utmost diligence and after considering all the situations and options.
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