Higher education in abroad was many middle class students dream. Financial support as the curricula part to students abroad dream.
Many public and Private lenders have created education loan schemes to cater to students seeking to study abroad. Different banks provide various education loans, so selecting the appropriate one might be difficult.
There are different forms of Financial support for students
Scholarships
Education Loans
Collateral loans
Scholarships: Procuring a scholarship is one of the most popular ways to fund higher education abroad. There are different types of scholarships available for students, and all you need to do is find the right one to apply to after going through the eligibility criteria. This drill is critical since different scholarships target different demographics. Some of the scholarships available are:
Merit-based scholarships
Sports scholarships
Specific scholarships
International and independent organizations fellowships
Education loans: Education loans are a great financial respite for students from lower and middle-income families who dream of studying overseas. Bank loans are a popular mode of financing overseas education globally. Many public and private banks India offer education loans to study-abroad aspirants. Banks' education loans are of two types: collateral loans and without collateral Loans.
Collateral loans are secured loans that require the borrower to use some form of collateral as security. It could be a piece of real estate, an insurance policy, or a fixed deposit, which is used to secure the loan. Secured loans offer a lower interest rate and a longer repayment time than unsecured loans. Students who apply for secured loans do not have to be concerned about their parents' income because it is not required for loan approval. Only after the studies are completed does the payback begin.
Content Courtesy: https://www.deccanherald.com/
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