Studying abroad is no joke when it comes to tuition fee. With the universities increasing their cost of education every year, it has become inevitable to opt for education loans. There are various institutions that offer education loan and it is very important to choose a credible and trustworthy source.
The top 5 education loan providers in India are-
Name of the bank
Upto 7.5 lakhs- 11.01%
Above 7.5 lakhs- 10.75%
Upto 4 lakhs- 11.45%
Upto 7.5 lakhs- 11.45%
Above 7.5 lakhs- 10.95%
20 lakhs and over, depending on requirements
Upto 4 lakhs- 16.50%
Upto 7.5 lakhs- 17.50%
Above 7.5 lakhs- 15.50%
Up to 10 lakhs
12.10%+ floating rate(depends on the risks points of the applicant)
There are a few things that you must know before applying for loans to study abroad-
Eligibility- before embarking upon the process to take up any loan for your studying abroad plans, make sure you check the criteria. Most bank offer loans for long-term programs. Short-term programs such as English courses and vocational courses are generally not covered under education loan.
Cosigner- A cosigner can be anyone from your parents, to your siblings, or even your spouse. When your education loan exceeds 4 lakhs, you will need to have a co-applicant or a co-signer who will be held liable in case there is any problem with the repayment of the loan.
For education loans exceeding 4 lakhs, it is important that you pay the bank something called ‘margin money’, which is roughly about 15% of the total loan amount.
If your loan exceeds 7.5 lakhs, you may be asked to submit your LIC policy or any documents of immovable property that is in your name.
You will be given a holiday period before the repayment of your loan commences. It may range from 6 to 12 months, and in some cases, it may also be extended till the time you get employment.
Banks and other loan lending institutions generally have a pre-approved list of courses and institutions that they can sanction the loans for.
Education loans generally cover the following (may vary from bank to bank)-
Fee for examination, lab, dormitory, library
Uniform, books, and other various in class equipments that are required during the course period
Any other form of deposits or refundable money
Fee for computer/laptop that may be required in the course
Any other type of expense such as study tours, projects, thesis etc.
Once you have everything sorted out, you must now be prepared to start with the application process. You will need to give various documents to the bank such as:
Mark sheets of the last exam attended and qualified
Letter of admission or acceptance from the foreign university
Detailed list of expenses for the course
Documents of scholarship offered (if any)
Foreign Exchange permit ( if available)
2 passport sized photos
Last 6 months of bank statement of the borrowers account
Income Tax details not older than two years
List of assets and liabilities held by the borrower
Proof of identity and residence
Let VDIEC guide you
Planning to study abroad can be overwhelming at times. If you want to get into a good foreign university and want the process to be easy, you should choose to apply through VDIEC so that we help you transition smoothly without any hassles. We have over 18 years of experience in overseas education and we would like to help your dreams of studying abroad come true.
VDIEC has tie-ups with SBI and Credila and we are there to assist you step by step, all the way through till you reach your desired destination. With our team of qualified counselors and professionals, we at VDIEC make sure that you get the opportunity to study in good universities in countries like Australia, New Zealand, USA, Canada, Ireland, UK etc.
Canada has a number of great universities that are recognized and ranked among the top universities of the world. VDIEC provides a list of the top 10 universities in Canada that the students can aim for when they plan to Study in Canada.
University of Toronto- Founded in 1827 as King’s College, University of Toronto is one of the top ranking colleges in Canada and the world. It offers more than 700 undergraduate degrees and over 200 post graduate degrees with an intake of around 15% international students from all over the world.
McGill University- Founded by King George IV in 1821, McGill University is one of the most sought after universities in Canada. The university offers more than 300 degrees to over 40,000 students from all over the world. It has one of the most beautiful campuses among universities of the word and is the only Canadian University to be a part of Global University Leaders Forum in the World Economic Forum.
University of British Columbia- This University was founded on 1908 and is one of the most competitive universities in the world. It has two campuses, one located at Vancouver and the other at Kelowna. UBC’s student intake is over 60,000 with one fourth students coming from overseas.
University of Montreal- Founded in 1878, University of Montreal is one of the best research colleges in Canada. The University has a student base of over 50,000 out of which 75% are enrolled in undergraduate programs. University of Montreal has over 14% of students who come from overseas for its various courses.
University of Alberta- University of Alberta was founded in 1908 and is ranked among the top 100 universities of the world. It has more than 400 degree programmes across four campuses. University of Alberta accommodates over 39,000 students from all over the world and is widely known for its arts and humanity courses.
McMaster University- Established in 1887, this university is ranked among the top 150 universities in the world. Offering a variety of post graduate programs, McMaster University accommodates over 30,000 students, out of which around 17% are international students.
University of Waterloo- Established in 1956, University of Waterloo is one of the best universities in Canada for courses related to psychology and other professional degrees. As of 2016, the university took in over 30,000 undergraduate and over 5,000 post graduate students.
Western University- Established in 1878, this University is ranked in the top 200 universities of the world. With an intake of over 24,000 students per year from countries all over the works, Western University offers one of the best courses in the world in medical, science and business.
University of Calgary- Ranked among the top universities in Canada and in the world, University of Calgary which was established in 1966, is the birthplace of many inventions, including ‘neurochip’. The university accommodates over 25,000 students from all over the world for its various programmes in under graduation and post graduation.
Queen’s University- Queen’s University was established in 1841, 26 years prior to the foundation of Canada. Queen’s University was the first university west of the sea provinces to admit women and to form a student government. With a student body of over 23,000 students, the university is among the top research universities in Canada.
To know more about admission process to various universities in Canada, contact us on 1800-274-2041. You can visit our office to know the courses that will fit your plans of 5. You can also visit us on www.VDIEC.com for more details on free counselling and Overseas Education.
So you are thinking of studying abroad but you are not sure if you should or shouldn’t. Sometimes, making this decision can be quite stressful because you are not sure how things will go about. Maybe you have been trying to convince yourself with all the reasons why you should go and then you also think about all the reasons why you shouldn’t go. Wouldn’t staying at home and studying in your home country be easier and more convenient? Of course it would. But it would also leave you with regrets all your life.
VDIEC gives you the top 10 compelling reasons why you should definitely study abroad.
Education- The education provided in foreign universities that are recognized worldwide are top quality. You not only get the exposure of such high quality education, but you also get to experience various different side of your major that may not be available in your home country. Immersing yourself n the education system of your host country will enable you to experience different cultures and teaching methods.
Career Options- It is no secret that getting a degree from a foreign university improves your chances of employability. Having a degree that is recognized worldwide opens doors for you that may otherwise be closed. Once you get that foreign exposure, you also get a chance of working anywhere in the world with that experience and degree.
See the World- One of the most motivational factors that can help you decide is the fact that you will be able to see the world. Millions of people don’t get this opportunity and are stuck in their lives and jobs wishing they could travel and see what the world looks like. Studying abroad will give you just that opportunity. You will get to experience a whole new country, new people, new customs and you’ll make friends and explore the terrains.
Experience New Culture- Getting to know a new culture is a very powerful experience. You will not only have a new appreciation towards the world, but will also start looking at things from a much better, broader perspective. You can experience anything from new food to new people, new traditions and new cultures.
Learn a New Language- If you study abroad, there is a good chance you will learn a foreign language, especially if you are studying in European countries or maybe in Germany etc. Being immersed in their native culture, you are bound to pick up the language quite easily and that will add a shiny point to your resume as well.
Personal Development- Being on your own in a foreign country gives you countless opportunities to be independent. Student who study abroad get the opportunities to explore the places and activities that their host country has to offer and in the process, they often discover their true self. If will give you the upper hand and you will learn how to sustain by yourself in any country in the world. It will make you ready for any situation you may face in your life and it will also teach you how to tackle them.
Life experience- You will get the opportunity to live with the local people for a couple of months. You will learn to use the public transit, you will get used to their cuisine and soon, you’ll find that it is a home away from home. You’ll create bonds that may last a lifetime and you will love every bit of it.
Earn money- Many students who go aboard for their studies, look for part time job so that they can take care of their day to day expenses. Getting a part time job will not only help you out with your spending, but will also give your resume a good start.
Better living standard- If you have decided to study abroad, it is mainly because the quality of education is not up to the mark in your country. This also means that somewhere, the living standard also doesn’t match up to your dreams and aspirations. Studying abroad give you that opportunity to change things for yourself and gives you the platform you need to be able to live a better, more successful life.
Everything else- From making new friends to developing a new interest, there are no limitations to what you can do while studying abroad. You can find out who you really are and how well you are cut out for this world. Studying at a foreign university will give you the opportunities to reach for the moon with your career. You will learn to work under pressure and finish tasks before deadline. Apart from that, you will gain the experience of a lifetime, that not many are luck to get.
To know more about your studying abroad opportunities, contact us on 1800-274-2041. You can visit our office to know the courses that will fit your plans of Studying Abroad. You can also visit us on www.VDIEC.com for more details on free counseling and Overseas Education.