Should you go for Study Abroad?

Benoy J By Benoy J, 18th Jun 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/21eg9h2p/
Posted in Wikinut>Money>Loans

Students aspiring for higher education have two choices, enrolling in a foreign university or pursuing higher education in India. Many students seek admissions in any institution in India just because the expenses of studying abroad are higher.

About Study Abroad Education Loan

Students aspiring for higher education have two choices, enrolling in a foreign university or pursuing higher education in India. Many students seek admissions in any institution in India just because the expenses of studying abroad are higher. Let’s try to know the quality of education in foreign university and the financing options you have.
Advantages of studying abroad:
If you ask anyone who has studied abroad, he/she will tell it is highly rewarding in terms of career to take higher education in a foreign university and it is a life changing experience that every student should go for. Besides, foreign universities offer wide range of options when it comes to pursuing specializations in post graduation studies. Foreign universities also engage in Research and Development programs which give students hands on experience of learning new technologies used in world today. There is no doubt studying in a foreign university increases your employment chances. Besides, almost every big business organization is looking for students who have international exposure. However studying in a foreign university is quite costly. If you intend to enroll in a foreign university for higher studies, you should apply for a study abroad education loan.

Study abroad education loan to study in a foreign university:
Study abroad education loan is offered by banks and financial institutions. The maximum education loan amount offered for studying abroad is 25-30 lacs. Some banks have an upper ceiling limit of 20 lacs for study abroad student loan. The procedure of applying for education loan is simple. All you need to do is fill up the application form, furnish all educational documents along with other documents demanded by the lending institution. You need to have secured admission in a foreign university or institution prior applying for a study abroad education loan. You are required to provide collateral for obtaining education loan for studying abroad. The terms and condition differs with every bank and financial institution offering study abroad education loan.
Study abroad education loan at a glance:
Loan tenure: the maximum repayment tenure for study abroad education loan is 15 years after the moratorium period.
Moratorium period: the moratorium period includes complete duration of course and 1 year after completing the course.
Processing charges: Nil. Some bank may charge nominal charges
Interest rates: 11- 18%. Some banks charge lesser interest rates to female students applying for study abroad education loan.
Expenses covered: tuition fees, laboratory, exams and other fees related to course, hostel fees, and other miscellaneous expenses.

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