Study Abroad Loans: Ways to Secure Education Loans and Overcome Financial Hurdles

Study Abroad Loans Ways to Secure Education Loans and Overcome Financial Hurdles
Home » News Updates » Study Abroad Loans: Ways to Secure Education Loans and Overcome Financial Hurdles

Indian students can secure education loans and overcome hurdles to study abroad by applying for public and private loans. Nationalised banks in India, private banks, and non-banking financial companies (NBFCs) offer viable study abroad loans to finance the aspirations of students. 

In recent years, there has been a significant surge in education loans in India. According to Credit Rating Information Services of India Limited (CRISIL), there will be a 40% increase in NBFC education loans. This surge will amount to nearly INR 35,000 crores in 2023-24. Furthermore, CRISIL states that 90% of this amount will be used for education abroad. 

The rise in study abroad education loans in India can be attributed to the increasing options for reskilling, vocational education, and upskilling courses abroad. The rising popularity of executive programmes abroad also drives student loans among Indian students.

Ways to Secure Education Loans and Overcome Financial Hurdles

Loan Choices to Overcome Barriers to Study Abroad

Moreover, Indian students can opt for the following loans to finance their abroad education dreams:

  • Government Education Loans: Indian government support students going abroad for higher education at favourable interest rates. The government offers loans via nationalised banks. These banks provide flexible repayment options and often extend loan repayment tenures. 
  • Private Education Loans: Private banks in India offer study loans for abroad to cover tuition fees and living expenses. These loans often require a co-signer or collateral security. 
  • NBFC Education Loans: Non-banking financial companies also cater to Indian students studying abroad. They offer flexible repayment options and relaxed eligibility criteria.
  • Scholarships and Grants: In addition to loans, students can apply for scholarships and grants for financial aid. 

Tips to Overcome Financial Barriers to Study Abroad

Finally, here are some tips to beat financial hurdles in abroad studies:

  • Research and comparison of public and private loan givers. 
  • Also, compare different types of loans on the basis of interest rates, processing fees, terms of repayments, and student reviews.
  • In addition, compile all necessary documents. Some essential documents include acceptance letters, academic transcripts, bank statements, visa documents, passports, and income proof. 
  • Finally, it is important for international students to understand the terms and conditions of loans.
  • After availing of loans, students must make timely payments to build a strong credit history.

Stay connected with Fly Finance News Desk to get the latest updates on study abroad loans and international money transfers

About Fly Finance News Desk

Leave a Comment

Everything You Need to Know About National Overseas Scholarship Know About Italian Government Scholarship for International Students Know About Government of Ireland International Education Scholarship Know About British Council Scholarships for Women in STEM The Best Law Scholarships in Canada for Indian Students Know the Details About Vanier Canada Graduate Scholarships Know all About Lester B. Pearson International Scholarship Program Check Out the Details About the Destination Australia Scholarship Everything To Know About Monash International Leadership Scholarship Everything You Need to Know About KC Mahindra Scholarships
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?