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Hi Raj,
The number of Indian students going abroad mainly for pursuing higher studies is increasing day by day. Several students prefer to do higher studies from a reputed overseas college however financial condition plays a major hurdle for such students. If you can afford to pay for the foreign education then its fine but in other case you are required to obtain loan from bank to pursue your higher studies. However in case you require loan as you mentioned in the question there are several things that you need to factor when applying for the Bank loan. Most banks offer education loan however in case when the student is going abroad for studies they demand several certificates before passing the loan. The Banks have limit of 20 lakh that they can pay for the education loan. Students have to pay at least 15 percent of the fee from his pocket. In case of overseas study the collateral and the terms could be difficult. Collateral means that you will get loan secured by some of your property. It includes:
In case of overseas study you may require to have a co-borrower that could be your any family member like father, mother and elder brother. The repayment policy varies from one bank to another. Mostly it starts with 1 year after completing the course or 6 months after you get the job, whichever happens first. You are required to repay the loan amount in 5 to 7 years. One important thing to remember is that do not forget to check the Interest Rate of the bank and how they compute the interest rate. Some of the Public Sector banks charge less interest rate and offer EMI holiday during the study period. Second option for you is applying for the loan scholarship also known as fellowships or trust loans.
These are some of the most popular trust among the students. JN Tata Endowment which is the most popular requires you to start repaying the loan which is interest free from the fourth year of the course or the employment whichever comes first.
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Vikramaditya Duggal is heading his own organisation - Abhivyakti - the Expression. It specialises in training, coaching and consulting services for people, leadership and organizational development. He is a professional banker. He worked in State Bank of India for 22 years. He held a variety of roles and responsibilities during that period. He took early retirement to pursue his passion in the field of learning and development. He was Assistant General Manager and faculty member in State Bank Staff College, Hyderabad when he took retirement. Thereafter, he worked in Administrative Staff College of India and Centre for Organization Development, Hyderabad where he developed and delivered a variety of programs in the field of Organizational Behaviour. Some of his areas of interest include Leadership – an inside-out approach, Emotional Intelligence, Coaching, Communication & Presentation Skills, Negotiation Skills, Team Building and Work Life Balance. He also has the expertise of conducting Out-bound Learning Activities. He is associated with many organizations as Consultant Trainer. He has delivered more than 20 programmes in Indonesia, Philippines and Malaysia. In his experience of over 12 years in the field of Learning & Development, he has interacted with more than 11000 participants from public, private, government sectors and NGOs. He facilitates personal and organizational transformation by encouraging people to discover their hidden potential and take responsibility for change.
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Nandini Narayanan has more than 5 years of combined lecturing and Human development experience. She has completed PhD Research from Tata Institute of Social Sciences. Her doctoral thesis is focused on Intervention for learning problems & learning disability. She was a lecturer at Nirmala Niketan College of Home Science. She is currently a Research Officer at Tata Institute of Social Sciences and a freelance counselling and research consultant. She has wide knowledge and rich experience in research, psychology and education sector.
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