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Studying abroad can be an expensive affair, but if you have got the skills and talent then lack of funds should not stop you from dreaming big and get that coveted degree.
With most of the banks today offering education loan for study abroad to pursue your ambition of studying in a foreign university is no more a distant dream. Read through to get more details on how to avail the loan.
Maximum amount of loan: Rs. 20.00 Lacs.
Margin:
» Suppose you want to take A loan of 3 lakhs then you have to give your own 45, 000 an rest bank will give.
This is what margin means.
» Upto Rs. 4.00 lacs :- NIL
» Above Rs. 4.00 lacs :- 15%
Student Eligibility:
» Should be an Indian National.
» Secured admission to Professional/Technical Courses at foreign Universities/Institutions.
Coverage of expenses (for overseas studies):
» Admission/Tuition fees to College/University.
» Hostel/Mess charges.
» Examination/Library/Laboratory fee.
» Purchase of books/equipments/instruments.
» Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
» One way travel expenses/Passage money.
» Purchase of computers if essential for completion of the course.
» Any other expense required to complete the course e.g. study tour, project work, thesis etc.
Eligibility of Courses:
» Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed
Universities overseas.
» Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should
be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation/shipping
in India.
Repayment Period
Repayment Holiday/Moratorium Period:
» Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan is repayable in 5-7 years after the above period
Security:
» Upto Rs.4.00 lacs : No security
» Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee
alognwith assignment of future income.
» Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment
of future income
» Collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan