Education and Career Forum

Dear sir, my self nakul. I'm 22. My father not with us. N me n my mother live with my grand pa. I want to study abroad and make my dream fulfill n my mother's too. I have not any fianancial support. Plz help me how can i get loan for long time period or scholarship.plz help.

The determination and the spirit of leading a good life aiming at fulfilling the goals and wishes of you and your family is really appreciable. Your sense of responsibility for your family and your future is splendid. You can definitely study abroad and make your dreams come true. You can also be the source of happiness of your family after studying in abroad and getting a good job.

You need not worry regarding the financial problem you and your family is facing. Although studying abroad costs a big amount for the Indians since their currency is dollar or euros which is stronger than Indian Rupees but you need not worry since education loan is there to help you. Education loan has become the best friend of modern students which not only help them in studying in good institutions of India but also the entire world. It has definitely raised the standards of education system in our country.

You have to approach a bank near to your locality where you have an account. Speak to the branch manager regarding the education loan. He/She will direct you to all the formalities needed and the documents to be furnished. Along with this he/she will also tell regarding the various norms of the education loans like loan of more than 4.5 lakhs and less than 7.5 lakhs will require a third party guarantor and loan of more than 7.5 lakhs will require mortgage of some property. Once you clear the admission test of any foreign university and get the provisional admission certificate, you need to furnish the document to the bank and along with that other certificates of recognition about the institute where you want to study. On furnishing all the requisite documents and completing all the formalities, the bank will sanction the loan to you.

Apart from education loans, you can also get scholarships. There are various scholarships from the Indian as well as the foreign country's government (depending on the country where you want to pursue education like UK,Australia,Germany,Finland,etc). You can also get scholarship from the university where you are seeking admission provided you fulfill all the criteria of the concerned institute. Apart from that you can also get scholarship from private agencies like Sahu Jain Trust of India, Indian Oil, ONGC and many more.

First of all, you need to clear the GRE general test and subject test. The GRE score as well as your academic record matters a lot for the admission. Also ensure that you have cleared TOEFL or IELTS tests with good score. Bank interest varies between 12 to 13 per cent annually. Incase of India, you can get a loan of Rs 10 lakh approximately while for abroad studies, Rs 20 lakh can be granted. Some banks can provide loans amounting Rs 1 crore against residential property like land. You have to appear in the entrance examination and score good marks for securing the loan. If your course fee is between Rs 4 lakh to Rs 7.5 lakh, you need a guarantor who promises to pay the amount in case you fail to pay back the loan.

Originally Posted by Unregistered

Dear sir, my self nakul. I'm 22. My father not with us. N me n my mother live with my grand pa. I want to study abroad and make my dream fulfill n my mother's too. I have not any fianancial support. Plz help me how can i get loan for long time period or scholarship.plz help.

You can apply for Private Education Loan by making your relative as a co-borrower. Avanse is a private education loan provider agency in India. Visit: www.avanse.com