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Studying Abroad Gets Easy with Education Loan

Updated On - July 12th 2019 By - pranjal.singhal

Studying Abroad Gets Easy with Education Loan

The number of Indian students flying abroad for higher education is increasing every year. As the Government of India reported in 2018, more than 7,50,000 Indian students are studying abroad currently. Though they deliver an education of superior quality, foreign universities are really hard to fund. It eventually becomes a necessity for the student and parents to avail an education loan.

Fortunately, more and more Indian banks are coming forward with attractive education loan schemes to fund education in abroad. The State Bank of India offers SBI Global Ed-Vantage Loan Scheme while the Punjab National Bank runs the PNB Udaan Loan Scheme. Not just these, there are many other private sector banks also which have started funding education in abroad.

RBI reports showed that the cost of higher education in abroad increased by 44% in the past 5 years. Now, this has been prompting students to look for institutes with more “value-for-money”. Education loans come as a saviour in such cases when families don’t want to miss the best universities just because of financial issues. Most of the countries are covered by such loan schemes. Trends show that the majority of students prefer the following countries:

  • USA

  • UK

  • Canada

  • Australia

  • European Union

Universities Approved

Indian Banks’ Education Loan Schemes cover almost all of the foreign universities. However, the banks also ensure that these universities are approved by the competent authorities in those countries. For example, authorities like CPA in USA and CIMA in London are considered for approving colleges and courses.

Courses Considered

Indian students have always preferred opting for STEM (Science, Technology, Engineering, and Mathematics) courses and will be continuing to do so. However, recent studies in 2018 on International Educational Exchange have shown that the interest is shifting towards unconventional courses. Students are opting more for courses like:

  • Game Development

  • Pilot Training

  • Marine Engineering

  • Geophysics

Considering these factors, Indian banks have included a wide range of technical, professional and job-oriented undergraduate, postgraduate and diploma courses. Some of the examples are:

  • MCA, MBA, and MS

  • Degree courses like aeronautical, pilot training and shipping courses.

  • Professional courses ranging from Medical and Law courses to Fashion Studies and Agricultural Studies.

Quantum of Finance

The banks are ready to disburse large amounts of Education Loans for Abroad so that no child misses quality education. Most of the banks offer education loans up to INR 20 Lakh to students wishing to study abroad. ICICI Bank Education Loan for Abroad delivers a loan up to INR 1 Crore. The State bank of India also gives a loan up to INR 1.5 Crore in some cases.

The banks have kept genuine interest rates and the repayment period is also extended up to 15 years.

Expenses Covered

Education Loans for Abroad cover almost every kind of expense to give the student a hassle-free experience. Expenses covered include:

  • Tuition Fee

  • Examination Fee

  • Library/Laboratory Fee

  • Travel and Passage Expenses

  • Cost of Books, Uniform, and Computer

SBI Education Loan for Abroad also covers all the refundable deposits asked by the university.

Most of the foreign universities offer scholarships to their students but their cost still remains unaffordable. Education Loans come to rescue at such points of time, making your dream of higher education come true.