For Higher Studies Abroad
Loan options from banks
This is the admission season for undergraduate and graduate students who are seeking to pursue their preferred courses of study in particular universities abroad. Needless to say, huge funds are required to actually be able to do this. A postgraduate course in, say, the United States could cost up to Rs 30 lakhs per year, making it quite impossible for many parents to fund a child’s education on their own. The number of students opting for higher education abroad has increased exponentially in the last two decades. Fortunately, both public and private banks extend loans for completing higher studies within the country and abroad. However, banks will not, as a policy, lend to students without security to back up the loan. This article is an attempt to make an otherwise daunting loan-hunting process easier by putting together facts, pointers and updates, so that students and their parents/guardians will be able to make an informed decision. Do note, however, that this article will restrict itself to discussing those bank loans for higher studies overseas where the basic requirements are a passport with visa to the country in question, along with provisional admission to the selected course of study.