Can I take a loan on my degree after completing it since I cannot take a loan on my degree now in UK/Canada for a Master's/Bachelor's?
Yes, you can apply for an education loan after completing your degree, especially if you plan to pursue further studies like a master's in Canada or the UK.
Banks and financial institutions usually require you to have secured admission to a recognized institution for higher education before approving an education loan. With your four-year bachelor's in Medical Science (2023) and plans for a master's, you meet the typical eligibility criteria. Your 70 months of work experience and current CTC of ₹10 - 15 LPA may also strengthen your application.
Loan terms and requirements - such as admission letter, academic transcripts, and proof of income - are subject to change and vary by institution. If you have an existing education loan, some banks offer top-up options for further studies.
For next steps, connect with your LeapScholar counsellor to discuss suitable loan options and required documentation.
More expert answers
Yes, you can take an education loan to finance your studies abroad for a master's degree in the UK or Canada.
Most Indian banks and financial institutions offer education loans for overseas studies. These typically cover tuition, living expenses, and travel costs. Key points to note:
- Admission required: You must have an offer from a recognized foreign university.
- Co-applicant: Usually a parent or guardian with a stable income.
- Collateral: Not always needed for smaller loans; higher amounts may require it.
- Loan amounts and rates: Up to ₹20 lakh without collateral is common, but this is subject to change.
Some international lenders offer loans without a co-applicant or collateral for postgraduate students.
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