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Dos and Donts of Student Loans in India

Dos and Donts of Student Loans in India

Increasing career benefits of a foreign education coupled with an enriching global exposure has increased the number of students who aspire to pursue their higher education abroad. In spite of a plethora of advantages of studying abroad, the exorbitant expenses involved discourage students from following their dreams. Although many scholarships and financial aid options are available, all students do not become eligible for them. As a result, educational loans become significant to the study abroad plan for the student. Education loans for studying abroad are provided by almost all the major banks in India, but parents and students are apprehensive about the complicated and cumbersome loan application procedure. With easy repayment options and reasonable interest rates, securing funding for study abroad plans has become much simpler than what is perceived. Below are a few tips to obtain student loans. Dos and Donts of Student Loans in India

  1. Be proactive

While you are anxiously awaiting the offer letter from your dream University, start applying for an educational loan. For this, you must research the available loan options thoroughly. Make use of this period effectively to study the various loan options. Being proactive will give you sufficient time to properly weigh all your option before you choose the most suitable loan scheme.

  1. Compare Interest Rates

As you research on loans from leading banks, you will find that they offer loans with varying rates of interest. Compare the student loans that are on offer and make a thorough comparison. State-run banks normally have lower interest rates as compared to private ones. The current interest rates usually fall between 11% to 14%; however most of these are offered on a floating rate basis. This means you should be prepared to face an increase or decrease in interest rates later depending on market conditions. With respect to security requirements for the loan-

(a) Loan up to Rs. 4 lakh- No collateral security is needed, parents are the joint borrower. Dos and Donts of Student Loans in India

(b) Loan amount between Rs.4 to 7.5 lakhs- along with parents as joint borrowers, collateral security in the form of a third party guarantee must be given.

(C) Loan amount above Rs.7.5 lakhs- Parents must be joint borrowers plus tangible collateral security of suitable value is required.

  1. Apply to more than one bank Dos and Donts of Student Loans in India

Do not depend on just one bank for your loan. It is advisable to apply to multiple banks, in case your loan application gets rejected by one.

  1. Eligibility criteria
  • The applicant should be an India citizen Dos and Donts of Student Loans in India
  • The applicant has secured admission to a professional or technical course through an Entrance Test or Selection process
  • Secured admission to foreign university/ Institution Dos and Donts of Student Loans in India
  • Banks generally offer educational loans for long-term programs by prestigious institutions. Short-term ones (such as English language programs) are usually not covered. For those planning to study vocational courses, educational loans do not cover these either. MBA, engineering graduate and medical students are among the top choices for banks. Banks usually do not provide loans to students with a bachelor’s or masters in Arts. Also, for courses where employment prospects are less (as per Bank’s evaluation), loans are sanctioned by considering the parents’ income.
  1. Cosigner

When a loan amount exceeds Rs 5 lakhs, you must indicate who your cosigner is. A cosigner (usually parent) is a person who must sign the loan agreement with you, will be responsible for your debt and agrees to pay your debt, in case you fail to repay the loan. Dos and Donts of Student Loans in India

  1. Prepare Application Checklist

Contact the bank and obtain a checklist from them in advance to have all documents and papers ready for the loan application. You must find out if the University has any tie-ups with banks for educational loans as it could expedite the loan process. Dos and Donts of Student Loans in India

The Application Check List should comprise of-

  • Identity Proof- driving license, passport, pan card, voter identity card, and Aadhar Card.
  • Address Proof- Passport, Bank account statement, Ration card, Aadhar card, Voter’s ID Card and Telephone bill/ water bill/ electricity bill
  • Signature Proof- The banker’s signature verification, Driving license, PAN card, and Passport copy.
  1. Loan Amount

For an overseas study, loan worth Rs 7 lakhs and above are approved against fixed deposits or property worth the loan amount, NSC certificates and a margin of 15 percent (means you get 15 percent less than the amount sanctioned as a loan). Also, if a loan below Rs 4 lakhs comes at a particular interest rate, the loan over Rs 4 lakhs is usually charged at one percent higher. This is a general overview but for more specifics and schemes on the amount, the rate of interest and repayment options, you must check the individual bank websites.

  1. Documents required for applying for a Student Loan

1) Mark sheet of the last examination for school and graduate studies in India

2) Proof of admission to the course

3) Schedule of expenses for the course

4) Copies of the letter confirming scholarship, etc.

5) Copies of foreign exchange permit, if applicable

6) 2 passport size photographs

7) Bank account statement of the borrower for the last six months

8) Income tax assessment orders not more than two years old

9) A brief statement of the assets and liabilities of the borrower (usually the parent or guardian) and proof of income.

10) In case you are not an existing client of the bank from which you wish to avail the loan, you will also need to establish your identity and give proof of residence.

  1. What the education loan usually covers

Education loans usually cover tuition fees, books and any other supplies, room and board fees, transportation costs, health insurance, as well as other living and education related expenses. The bank usually does not hand over the money to you, but will credit it to the University’s account at the start of each year or semester as required.

  1. Read the Fine Print

Take time to go through the loan agreement’s fine print before you sign it. You should check for the interest rate structure, the pre-payment details, and any options to extend loan repayment in case of unemployment after graduation. Understand the entire loan disbursement process, its various clauses and clear any questions that you have with the bank officials.

A list of banks that provide education loans for study abroad in India

  • State Bank of India
  • Allahabad Bank
  • Axis Bank
  • HDFC Bank
  • Credila (a non-banking finance company, subsidiary of HDFC Ltd. exclusively focused on education loans.)
  • Punjab National Bank (PNB)
  • IDBI Bank
  • HSBC India
  • Indian Overseas Bank (IOB)
  • Avanse Financial Services
  • Syndicate Bank
  • Canara Bank

Thus, by preparing for an education loan application well in advance, gaining a clear understanding of the moratorium period and repayment options and conducting an extensive research about the various loan schemes available, you will ensure that the loan application process is smooth and you will be that much closer to fulfill your dream of studying at a prestigious university abroad.

1900 banks banned by the UK Student Immigration Department
International Scholarships for Indian Students - Stanford

The application for the Stanford Reliance Dhirubhai Fellowship Program for entrance in fall 2016 will be available in April 2015. There is no fee to apply for the Stanford Reliance Dhirubhai Fellowship Program. The deadline for the fellowship application for entrance in September 2015 has passed. You may still apply to the MBA Program for fall 2015. If you have financial need and are admitted to the MBA Program, you are eligible to receive financial aid even if you are not a recipient of the Stanford Reliance Dhirubhai Fellowship. Stanford GSB has other fellowship funds available, and all fellowships are awarded based on need.

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Indian Scholarships to Study Abroad

INDIAN SCHOLARSHIPS TO STUDY ABROAD

|Ramanujan scholarship for young mathematicians from developing countries – This article provides information about Indian scholarships to study abroad|
Indian Scholarships to Study Abroad
Abdus Salam International Centre for Theoretical Physics (ICTP) and the International Mathematical Union (IMU) annually award Abdus Salam International Centre for Theoretical Physics (ICTP) and the International Mathematical Union (IMU) annually award Ramanujan Prize for young mathematicians from developing countries. The Prize is awarded to a researcher who is less than 45 years of age on 31 December of the year of the award and who has conducted outstanding research in a developing country. The Prize is usually awarded to one person but may be shared equally among recipients who have contributed to the same body of work. The Prize carries a $15,000 cash award. The application deadline is 15th April 2015. Read More

Top Scholarships for Indian Students

TOP SCHOLARSHIPS FOR INDIAN STUDENTS

|This article is about one of the top scholarships for Indian students – Inlaks Scholarship.|

Inlaks Scholarships provide the opportunity to young people with exceptional talent in any field to broaden their vision abroad and improve their skills to operate in society, thus making them a future vehicle of change in their environment. The scholarships are of two types: university courses and specific programs. Top scholarships for Indian students

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Fulbright scholarship for Indian students

FULBRIGHT SCHOLARSHIP FOR INDIAN STUDENTS

The Fulbright-Nehru Master’s Fellowships are designed for outstanding Indians residing in India to pursue a master’s degree program at selected U.S. colleges and universities in the areas of Arts and Culture Management including Heritage Conservation and Museum Studies; Environmental Science/Studies; Higher Education Administration; Public Health; Urban and Regional Planning; and Women’s Studies/Gender Studies. Fulbright scholarship for Indian students

These fellowships are for highly motivated individuals who demonstrate leadership qualities, have completed the equivalent of a US bachelor’s degree, have at least three years professional work experience, and are committed to return and contribute to their communities. The fellowships are for one to two years.

Grant Benefits Fulbright scholarship for Indian students
The fellowship will provide the following benefits:

  • J  -1 visa support; Fulbright scholarship for Indian students
  • Round-trip economy class air travel from fellow’s home city to the host institution in the U.S.;
  • Funding for tuition and fees*, living and related costs; and
  • Accident and Sickness Program for Exchanges per U.S. Government guidelines.

* USIEF funding may not cover all costs and the scholar may need to supplement grant benefits with other resources.

The Fulbright-Nehru Master’s Fellowship program provides no financial support for dependents.

Eligibility Requirements Fulbright scholarship for Indian students

In addition to the General Prerequisites, the applicants should: Fulbright scholarship for Indian students

  •  have completed an equivalent of a U.S. bachelor’s degree from a recognized Indian university with at least 55% marks. Applicants should either possess a four-year bachelor’s degree or a completed master’s degree, if the bachelor’s degree is of less than four years’ duration;
  • have at least three years’ full-time (paid or voluntary) professional work experience relevant to your proposed field of study at the time of application;
  •  have demonstrated experience in leadership and community service;
  • not have another degree from a U.S. university or be enrolled in a U.S. degree program; and
  • If you are employed, please follow the instructions carefully regarding employer’s endorsement. If applicable, please obtain the endorsement from the appropriate administrative authority on the FNMasters Employer’s Endorsement Form. The employer must indicate that leave will be granted for the fellowship period.

Eligible Fields of Study Fulbright scholarship for Indian students

Each applicant should choose one field of study that matches his/her chief area of interest. The following field descriptions are illustrative and applicants should note that individual academic host institution programs of study may differ in course offerings, subspecialties, and academic requirements.

  • Arts and Culture Management including Heritage Conservation and Museum Studies: The study of all aspects of art and culture management, including arts administration, heritage conservation and museum studies, management of profit and not-for-profit art institutions, among others. These fellowships are not for pursuing graduate degrees in fine or applied art and design or art history, but for the management of arts.
  • Environmental Science/Studies: The study of the environment in all its complexities. Subspecialties include: environmental toxicology, natural resource management, pollution prevention, environmental law, environmental engineering and environmental policy analysis, among others.
  • Higher Education Administration: The study of all aspects of higher education administration including policy planning and management, student affairs, academic affairs, admissions and enrollment management, curriculum design, learning assessment, financial management, alumni and community relations, internationalization of higher education, quality assurance, use of technology in higher education, among others.
  • International Legal Studies: The study of all aspects of international legal studies including business law, commercial and trade law, employment and labor law, environmental law, global health law, human rights, intellectual property rights and law, international organizations, securities and financial regulations, litigation law, and tax law, among others.
  • Public Health: The study of all aspects of public health including biostatistics, environmental and occupational health, epidemiology, health law, bioethics and human rights, health policy and management, public health delivery systems, international health, and reproductive, maternal and child health, among others.
  • Urban and Regional Planning: The study of all aspects of urban and regional planning, including infrastructure, transportation policy and planning, water and sanitation, town and rural planning, land use, housing and real estate development, and waste management, among others.
  • Women’s Studies/Gender Studies: The study of issues relevant to women, feminism, and gender including development, health, history, education, sexuality, law, and policy, among others.

Important Note: Business Administration and Public Administration are not eligible fields for 2015-2016 Fulbright-Nehru Master’s Fellowships. USIEF will not fund master’s degrees in Business Administration (MBA), Public Administration or Public Policy (such as MPA/MPP or MA/MS in Public Administration or Public Policy).

Timeline and Placement Process

June 15, 2016 [Crossed deadline. Info irrelevant] Application due date for 2017-2018 awards
June-July 2016 Field-specific experts review applications to short-list candidates
Mid-August 2016 National interviews of short-listed candidates in Delhi
End August 2016 USIEF notifies principal and alternate nominees that they are recommended. Nominees take tests (such as TOEFL & GRE)
September 2016 USIEF forwards applications of recommended candidates to the U.S. for J. William Fulbright Foreign Scholarship Board (FFSB) approval and placement
March-April 2017 USIEF notifies finalists
May-June 2017 Pre-Departure Orientation
July-August 2017 Pre-academic training in the U.S. (if required)
August-September 2017 Degree program begins

 Placement of successful candidates is done by the Institute of International Education (IIE), New York. Recommended applicants do not need to apply to U.S. institutions on their own. IIE/Fulbright Program will apply to four different institutions on their behalf, taking into consideration the candidates’ preferred institutions and the candidates’ competitiveness. If a recommended candidate has previously applied to U.S. institutions and has requested a deferral from the institution, the candidate must notify USIEF immediately.

 How to Apply Fulbright scholarship for Indian students

Applications must be submitted online. Click the links below for the following:

 Application Due Date: June 15, 2016 [Deadline Over]

IMPORTANT:  Fulbright scholarship for Indian students

You can apply for only ONE Fulbright-Nehru fellowship category during a competition cycle.

Plagiarism in the application will lead to disqualification.

Unless otherwise specified, Fulbright-Nehru applications are to be submitted online.

Applications received after the deadline will NOT be considered.

Transfer of visa sponsorship will not be permitted.

Source: http://www.usief.org.in/Fellowships/Fulbright-Nehru-Fellowships.aspx

USA Scholarship grants

USA SCHOLARSHIP GRANTS

| This article is about USA scholarship grants for students who intend to pursue higher studies in USA| INSEAD Scholarship| USA Sc

holarship grants.
INSEAD is offering Asia scholarship to pursue MBA programme at the Asia Campus in Singapore. Candidates from Asian countries are eligible to apply. Preference will be given to candidates from developing countries and Singapore. The scholarship values up to €10,000. The scholarship is awarded exclusively to candidates in need. The Application deadline is 2 March 2015 for July 2016 Class. USA Scholarship grants. Read More

Scholarships for International Students

SCHOLARSHIPS FOR INTERNATIONAL STUDENTS

| This is an article about scholarships for international students who wish to study in foreign countries like USA, UK, Australia, etc.|

Applications are invited for need-based scholarships available for international students to study MBA programme. Preference will be given to candidates residing in emerging/developing countries and for those who will have limited access to loans. The value of scholarship is €12,000. Selection will be based on financial need. Applications must be submitted by 2 March 2015. Scholarships for International Students Read More

Top Scholarships for Indians

Top Scholarships for Indians

Studying abroad is an option that seems out of reach due to the high cost of higher education abroad. Fact is, education abroad has become a feasible option due to the plethora of scholarships that are available to students pursuing their studies abroad. Always on the lookout for information regarding securing scholarships to study abroad, prospective applicants, especially in the United States, are looking for answers to numerous questions, some of them being ‘Where should I look for securing scholarships?’, or ‘Are there any organisations in India that offer grants to study abroad?’. Top Scholarships for Indians

Fortunately, we have numerous organisations in India that offer grants or loan-scholarships to students aspiring to study abroad. A loan-scholarship, essentially, means that the organisation offers you the grant for studying abroad on a zero-interest policy. After the completion of your program, you begin to repay the amount to the organisation. The process is much like taking an education loan from banks, but fewer hassles are involved as there is no rate of interest levied on the loan-grant.

The Narotam Sekhsaria Scholarship for Studying Abroad is one such organisation where you can secure a loan-scholarship. The Scholarship is granted solely on merit. Let us look at some frequently asked questions: Top Scholarships for Indians

  1. What are the eligibility criteria if I want to apply for this scholarship?
    A. This Scholarship is granted on the basis of merit, so interested applicants should hold a thoroughly excellent academic record. Top Scholarships for Indians
  2. What is the application process?
    A. Interested applicants are supposed to fill the online registration form and fee. If shortlisted, the applicants are supposed to appear for a personal interview. Top Scholarships for Indians
  3. What other formalities are required?
    A. You are supposed to submit the required documents to the organisation if you are selected for the interview. These include the following: Top Scholarships for Indians
  • Mark sheets of Std. Xth, XIIth, and all years of the undergraduate programme and degree certificates.
  • Score cards of any qualifying examination taken (Eg. GRE, GMAT,CAT, GATE etc).
  • Copy of the admission letter(s) from the university, if obtained.
  • Reference letters (in a sealed envelope). Top Scholarships for Indians
  • Statement of the course fee and any other financial document (This would include any other letter indicating the receipt of a scholarship, other source of funding, fee waiver etc.).
  • Attested copy of the passport. Top Scholarships for Indians
  • One passport size photograph.
  • Latest Income Tax Returns of parents. Top Scholarships for Indians
  1. How does the process continue post selection?
    A. Awardees of scholarship are informed in June-July, post which, they are required to submit the following: Top Scholarships for Indians
  • The letter confirming admission to the college/ university for the proposed course of study.
  • I-20 in case of students admitted to the universities in the United States and a copy of the letter highlighting the financial support in case of students admitted to universities in other countries.

On receiving a copy of the visa, the scholarship for post-graduation amount will be disbursed.

  1. How is the amount supposed to be repaid after the completion of the course
    A. Repayments will commence one year after the completion of the course as per the following schedule:
    1st year after course completion: Nil
    2nd year after course completion: 30% of the scholarship amount
    3rd year after course completion: 35% of the scholarship amount
    4th year after course completion: 35% of the scholarship amount

You can refer the following link for additional information:

http://pg.nsfoundation.co.in/admission-process

We hope this information clarifies your doubts.

All the best!

Top Scholarships for Indians

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Scholarship Scams

SCHOLARSHIP SCAMS

|This article is about the scams that occur in the process of scholarship grants|

Overseas education is undeniably a hefty investment. While you may want to look for ingenious ways to fund your education, please be on guard against dubious scholarship scams that use heavy sales pitches to lure unsuspecting students and make some quick money. Always remember the golden rule — any genuine enterprises will by no means assure you scholarships or grants. We urge you use your common sense and be careful not to fall prey to such manoeuvres.  Here are some tips on how to identify such scams. Scholarship Scams Read More

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