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How to avoid student Visa denial

HOW TO AVOID STUDENT VISA DENIAL

Your higher study dreams can come crashing down on your face, if you are not amply prepared for your F1 visa interview and trust me there is nothing more disappointing than getting your visa rejected even after having secured I-20 from a much sought-after college. Every visa category has some underlying eligibility criteria set forth by the consulate / embassy and your interviewer would want you to establish them during the interview. While your luck has some role to play in the whole process, you must not leave any stone unturned.  Read More

Ten ways to avoid being homesick when studying abroad

Everyone expects studying abroad to be an incredibly exciting experience. However one phenomenon that can hamper the entire experience is “homesickness.” Mostly fuelled by the cultural shock, homesickness can be a little daunting to deal with. Here are a few valuable tips, which will help you overcome homesickness with ease. Ten ways to avoid being homesick when studying abroad

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Apply for a US Visa
What to carry while travelling to USA
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

Saving on US Taxes

Saving on US Taxes

Income Tax is something you can never escape, except in countries that have made themselves tax havens. As many Indians emigrate or go for their higher studies in the US, it is imperative that they acquaint themselves with the Income Tax architecture of the country. Being knowledgeable about the system ensures compliance, as violations of Tax laws might result in punishments like arrest or deportation. Saving on US Taxes Read More

Student Loans

Student Loans

Pursuing higher studies abroad has gained popularity over the years with young students aspiring to learn in a globally diverse environment provided by internationally reputed institutions. With the rising demand for skilled professionals in every field, studying abroad brings in excellent career growth opportunities. The variety of disciplines and interdisciplinary programs offered by Universities allow students to excel in their chosen fields. While the high living and tuition costs are a cause for concern, universities, on their part, encourage students to enroll with them by providing scholarships and student aid. But this brings down the cost marginally.  A majority of students fund their studies through savings, but the high costs often dry out the resources that have been set aside by parents. In such a scenario, students find themselves cutting down their list of universities to those that have comparatively lower tuition fees.

But now, you need not curb your desire to pursue your dream program in the university of your choice.  There is good news in the form of education loans provided by several leading banks and financial institutions to students pursuing their education abroad. Depending on the institution selected and the course of study, banks offer various schemes. Most of the education loan schemes give you a flexible repayment options and allow you to plan your finances accordingly. Education loans carry a moratorium or holiday period, which is very beneficial as the borrower is given a period of around six months after the completion of the course to search for a suitable job. The loan repayment commences after this period or as soon as the borrower has found a job. Not only do these loans cover the cost of boarding, lodging, and tuition fees, but also cover travel and other related costs that would be incurred by the student.

Listed below are some of the features of an education loan:

  • Individual aged between 18 to 35 years can secure an education loan to study at an approved university abroad.
  • Students can avail education loans for engineering and medicine courses, management courses, as well as graduate and post graduate program in pure science, arts, architecture, hotel management etc.
  • The expenses covered under an education loan include tuition fees, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects and study tours.
  • Borrowers have to bring in a margin of 5%-15% for loans taken for foreign studies.
  • During the moratorium period, borrowers must pay the interest, with the principal payment starting when the loan tenure begins.
  • Education loans can be repaid in monthly instalments through ECS or via post-dated cheques to the bank.
  • Generally, banks sanction education loans with tenure up to seven years, inclusive of the moratorium period.
  • A co-applicant has to be selected for education loans taken for full time courses. Co-applicants can include siblings, spouse, parents or other family members.
  • Banks will sanction a maximum of Rs. 20 lakhs with the moratorium period and up to a maximum of Rs. 10 lakhs for loans without a moratorium period.
  • No security has to be submitted for education loans taken up to Rs. 4 lakhs. Third party guarantee has to be furnished for loans between Rs. 4 lakhs and Rs. 7.5 lakhs and tangible collateral security is required for loans above Rs. 7.5 lakhs.
  • The Central Government has also introduced an interest rate subsidy scheme for repayments done during the moratorium period for the benefit of the weaker sections of the society.

Top education loans providers in India:

Below are some of the top education loan providers in India aiding students in pursuing their education abroad:

Bank Courses Covers Amount (Maximum) Loan Margin Rate of Interest Processing Fee Moratorium Tenure
Avanse Graduate and post graduate courses at reputed institutions Tuition fees, travel, living expenses, books /equipment fees and other related expenses Customised according to the borrower’s requirements Nil Variable 1% Variable Variable
SBI MBA, MCA, MS etc. and diploma courses. (CIMA), London and the Certified Public Accountant (CPA), USA Tuition fees, Examination, Laboratory and Library fees, caution deposit, cost of books and equipment, travel costs and other necessary expenses Rs. 30 lakhs with collateral 15% 2% on the current base rate _ 1 year 15 years
Axis Bank Hostel fees, tuition fees, book costs, etc. Rs. 20 lakhs 16.50% to 17.50%, special rates for women applicants
Punjab National Bank Graduate, post-graduate courses. Diplomas, job-oriented professional and technical courses, CIMA/CPA courses, etc. University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses As per requirement 15% Base rate as interest if studying in any of 200 top universities of the world. 1% 1 year 15 years
HDFC Bank over 950 courses across 36 countries University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses 1.5% of loan amount 15 years
Canara Bank Professional and technical courses, graduate and post-graduate courses University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses 20 Lakhs 15% 15 years

Our trusted partner, Avanse Financial Services:

The Avanse Study Loan can be availed for pursuing education at over 1600 foreign universities across the world. For the convenience of borrowers, Avanse offers pre-visa disbursement loans, fast-track loans, pre-admission loans and certificate of availability of funds. Indian citizens can avail the Avanse education loan with a co-borrower for pursuing graduate and post graduate courses at reputed institutions. The minimum loan amount sanctioned for foreign education is Rs. 1, 00,000 with the maximum limit customised according to the borrower’s requirements. No margin is required and the loan tenure can be taken between 12 months to up to 120 months. The holiday period given is 6 months after completion of the course or three months after securing employment. As per the loan amount, the security requirement will be determined by Avanse.

For more information, visit:

https://www.bankbazaar.com/education-loan/top-education-loan-providers-india-for-foreign-education.html

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