Studying abroad is expensive. Funding your education and living costs is often one of the biggest roadblocks students and parents face when opting for a study abroad plan. Carefullplanning is essential to ensure that adequate funds are at disposal when needed. Moreover, while applying for the student visa, you need to show proof of sufficient funds to cover at least the first year of education costs and living expenses.
Many nationalized banks offer education loans for studying abroad.
Usually for loans up to Rs. 4 lakh, no collateral security is required. For loans ranging from Rs. 4 lakh to Rs. 7.50 lakh, collateral in the form of a satisfactory third party guarantee is required. For loans above Rs. 7.50 lakhs, 100 per cent collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities is required.
Repayment has to start 6 months after the completion of the course or if the person gets a job immediately after completing the course, one-month after getting the job. The maximum time given for the repayment is 15 years counted from the date of the first disbursement.
Banks offer a choice between fixed and floating rate. Most nationalized banks offer variable rates while private and foreign banks charge fixed rates. The rate can vary between 10 per cent and 15 per cent.
The information in this page has been provided by BankBazaar.com and Uni2Go is not responsible for the accuracy and completeness of the same.
There are many scholarships available to Indian students wanting to study abroad. Mostly all the scholarships are merit-based and students need to demonstrate their eligibility when applying. In addition to this variouis institutions offer different types of scholarships for students wanting to study abroad from time to time.
For information on university scholarships please refer to Scholarships database at www.studyinaustralia.gov.au . Here students can find the most accurate, reliable and searchable list of all scholarships offered by Australian institutions available to international students studying or planning to study in Australia.