Can you explain how educational loans work for funding my studies abroad?
Yes, education loans are a common way to fund studies abroad.
These loans usually cover tuition fees, accommodation, living expenses, travel, and other study-related costs. To qualify, you typically need an admission offer from a recognized foreign university and a co-applicant (often a parent or guardian with stable income).
- Up to ₹7.5 lakh: Usually no collateral needed
- Above ₹7.5 lakh: Collateral (like property or fixed deposit) is generally required
- Interest rates: Typically range from 9.7% - 13.5% per year (subject to change)
- Repayment: Begins after the course plus a 6 - 12 month grace period; tenure can be up to 15 years
- Visa requirement: Loan approval letter can serve as proof of funds for your visa application
Loan terms and coverage may vary by lender and country.
Will you qualify for an education loan?
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