All About Loans for Overseas Masters Degrees for Students

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Written By Riya Niar

It is possible to change careers by enrolling in a masters degree overseas. There is a cost associated with this shift—attending a university abroad can be extremely expensive. Students prefer to take out loans for overseas education in order to cover the cost of tuition and other living expenses while studying abroad.

Ignorance when it comes to loans can result in a lot of mistakes. We will go over everything the applicant needs to know about the overseas education loan for master’s courses abroad in order to help them avoid making these mistakes. Let’s start by talking about the price of master’s programs overseas.

Cost of Master Courses Abroad

The price of master’s programs abroad includes living expenses, health insurance, tuition, other study requirements, and ticket costs. For one academic year, the average cost of pursuing a master’s degree overseas can range from 25 lakhs to 75 lakhs. This price, however, may differ based on the student’s choice of university, program, nation, and living expenses.

Now that you are aware of the average price, let’s familiarize ourselves with the various master’s course loan options.

Types of Education Loan for Master Courses Abroad

The two types of overseas education loans available for master’s degree programs abroad are secured and unsecured. We’ll give you an overview of these loan kinds so you can choose the one that best suits your needs.

  1. Secured Overseas Education Loan

This kind of student loan needs collateral to be secured. A home, an apartment, government bonds, LIC, a fixed deposit, etc. can all be used as collateral. Nationalized banks make offers of up to Rs. 1.5 crore, or more, based on the collateral’s worth. When compared to an unsecured foreign education loan, the interest rate is lower.

  1. Unsecured Overseas Education Loan

Collateral is not needed for this kind of education loan. The income and CIBIL score of the co-applicant are taken into account when approving an unsecured foreign education loan. Compared to a secured loan for international education, the interest rate is higher. Private banks, NBFCs, and international lenders all provide Unsecured overseas education loans.

Financial Institutions that provide Loan for Master Courses Abroad

Financial Institutions that provide loan for master courses abroad are

  1. Nationalised or Government Banks
  2. Private Banks
  3. NBFCs
  4. International Lenders

Each financial institution has a unique application process and set of qualifying requirements.

Documentation needed for Loan Application

The process of applying for a loan can be very complicated due to the multiple documents needed. Some of the standard documents that each applicant would need are listed below.

  1. Duly filled loan application form
  2. Academic Documents
  3. University’s Offer letter
  4. Applicant and Co-Applicant’s Identity proof and Photos
  5. Residence proof
  6. Bank Statements
  7. Income Proof of the co-applicant
  8. Immovable Property Documentation (Only for collateral loans)

Depending on the financial institution where you are receiving your education loan, there may be additional documentation requirements.

We hope that the information above provides you with a comprehensive understanding of foreign education loan for master’s degree programs. You can get in touch with any of the overseas education loan providers if you need any more information about education loans for studying abroad, whether they require collateral or not. Start submitting your loan application as soon as possible; the experts will assist you throughout the entire loan process.

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