For Higher Stud­ies Abroad

Loan op­tions from banks

Consumer Voice - - Contents -

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.

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