What are the financing options available for my education abroad, including loans and scholarships?
You can finance your education abroad through a mix of scholarships and education loans.
Scholarships:
- University scholarships: Many universities offer merit-based or need-based scholarships for international students. Check each university’s options and deadlines.
- Government scholarships: Some countries provide scholarships for international students that may cover tuition, living expenses, or both. Eligibility and coverage vary by program and country.
Education loans:
- Indian banks and NBFCs: Public and private banks, as well as non-banking financial companies, offer loans for overseas studies. Typical features include:
- Loan coverage: Tuition, living expenses, travel
- Co-applicant/collateral: Often required for higher amounts, though some lenders offer unsecured loans for recognized universities
- Repayment: Usually starts 6-12 months after course completion, with tenures up to 15 years
- Tax benefit: Interest paid may be eligible for tax deduction under Section 80E (subject to change)
If you need help comparing scholarships or loan options, your LeapScholar counsellor can guide you through the next steps.
More expert answers
Yes, education loans are available for Indian students planning to study abroad, and they can play a major role in managing your overall budget.
- Loan amounts: Typically up to ₹1.5 crore or more, based on your profile and lender.
- Coverage: Most loans include tuition, accommodation, travel, health insurance, and related expenses.
- Collateral: Loans up to ₹7.5 lakh often do not require collateral; higher amounts usually do.
- Interest rates: Generally between 8.5% - 13% (subject to change).
- Repayment: Usually starts 6 - 12 months after course completion, with up to 15 years to repay.
Education loans can help offset high costs such as tuition (₹15 - 60 lakh/year) and living expenses (₹70,000 - 1.9 lakh/month), making it easier to finance your studies abroad. If you need guidance on loan options or the application process, please connect with your LeapScholar counsellor.
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