Studying abroad is a dream for many students who wish to gain international exposure and acquire a global perspective. However, the cost of studying abroad can be quite high, making it difficult for many students to afford. This is where student loans come in handy. Student loans provide financial assistance to students who wish to study abroad and help them achieve their academic and career goals. In this article, we will explore the various student loans available for students who wish to study abroad.
Education Loan from Banks
Many banks in India offer education loans to students who wish to study abroad. These loans cover tuition fees, airfare, living expenses, and other related expenses. The repayment period for these loans is usually between 5 and 15 years, and the interest rates are usually lower than personal loans. However, to be eligible for an education loan, students must have good academic records and must be able to demonstrate their ability to repay the loan.
NBFC Student Loans
NBFCs (Non-Banking Financial Companies) also offer student loans for studying abroad. These loans cover tuition fees, airfare, living expenses, and other related expenses. The repayment period for these loans is usually between 5 and 15 years, and the interest rates are usually higher than education loans from banks. However, NBFCs have less stringent eligibility criteria than banks, making it easier for students to secure a loan.
Government Schemes
The Indian government also offers various schemes to provide financial assistance to students who wish to study abroad. One such scheme is the Pradhan Mantri Vidya Lakshmi Yojana, which provides education loans to students who wish to study abroad. Under this scheme, students can apply for loans up to Rs. 7.5 lakhs without providing collateral. The interest rates are usually lower than education loans from banks. However, students must have good academic records and must meet the eligibility criteria set by the government to be eligible for this scheme.
International Student Loans
International student loans are also available for Indian students who wish to study abroad. These loans are offered by foreign banks and financial institutions and cover tuition fees, airfare, living expenses, and other related expenses. The repayment period for these loans is usually between 5 and 20 years, and the interest rates are usually higher than education loans from banks in India. However, students must have good academic records and must meet the eligibility criteria set by the foreign banks to be eligible for these loans.
In conclusion, student loans are an excellent way for students to fulfill their dream of studying abroad. The loans mentioned above are just a few of the many student loans available to students who wish to study abroad. However, it is important to note that taking a loan is a serious financial commitment, and students must be able to demonstrate their ability to repay the loan. With careful planning and research, students can secure a loan and achieve their academic and career goals.
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