The trend of Indian students going abroad for studies has become a bit too common in the past decade. The value of an International Bachelor’s degree cannot be undermined.
Studying abroad helps one stay ahead of their peers, and adds a new dimension to their personality. In addition, you get to push yourself to the limits as going outside India helps you get out of your comfort zone. You might have to learn a new language and get used to the culture of a foreign country.
There are numerous perks of studying abroad, ranging from better quality education to more research scope. That is not to say that Indian Universities do not provide quality education, but they do not quite match up to their foreign counterparts, at least in most cases.
However, all of this comes at a cost, quite literally. Studying abroad is an expensive affair, and an average Indian household would struggle to bear the costs.
That being said, there are ways to fund your international studies, some of which are discussed below:
1. Merit-based scholarships
Studying abroad becomes a lot easier with scholarships, as they bring the expenses down by a huge margin. Merit-based scholarships are awarded by universities as well as governments, and in some cases, by private organizations too.
Of course, there are certain conditions that need to be fulfilled in order to be eligible for these merit-based scholarships, most of which is academic excellence. Before applying abroad, do your homework and check out all forms of scholarships awarded by a particular university/country.
2. Need-based scholarships (grants)
Some universities also offer need-based scholarships, also known as grants. Unlike merit-based scholarship schemes, these are awarded solely on the basis of need. The financial circumstances of the applicant are thoroughly scrutinized before awarding such a scholarship.
This form of financial aid does not have to be repaid, and its value depends on the university offering the scholarship. These scholarships are available for students with low family income as well as those with some form of disability.
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3. Student loans
As the name suggests, it is a loan taken from a government or financial institution in the name of the student for the purpose of education. The loan can be taken from a bank in the home country or a foreign bank in the country you wish to study.
In India, most banks provide student loans. Before applying for a loan, do your research and carefully analyze features such as the rate of interest, loan amount, repayment procedure, loan approval time and tax benefits. These factors can make a massive difference, especially when your loan requirement is large.
One such loan is SBI’s Global Ed-Vantage, an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges/universities.
The application process for Global Ed-Vantage is a lot faster as one can apply online. With attractive interest rates and early loan approval, it is a loan you should definitely consider if you are planning to study abroad.
Normally, the average cost of studying abroad in countries like USA or UK is around Rs. 25 lakhs per annum. The loan amount in SBI’s Global Ed-Vantage ranges from Rs. 20 lakhs to Rs. 1.5 crores, which should be sufficient for your needs.
An easy repayment procedure through EMI up to a maximum of 15 years after course completion makes it one of the most desirable loans available in India for international studies.
Thus, there are numerous options available for funding your international studies. Don’t let the high cost of studying abroad stop you from applying to your dream university. Once you have made up your mind to study in a particular university, explore all the options of funding your education and choose the one that best suits your need.
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