Student loans helping students to study abroad easily
Posted on March 18, 2019
The numbers of Indian students opting for study abroad has increased significantly over the years. It has been estimated that more than 5.53 lakh Indian students are studying in 86 nations across the world.
An esteemed overseas degree is considered crucial to a successful career. This prompts numerous students to enrol in overseas Universities. This is particularly in Australia, Canada, Germany, the US, and the UK.
On the other hand, study abroad incurs overwhelming costs. An MBA in the US costs around 1 Crores and upwards while it costs between 20 to 25 lakh in India. This also includes just the tuition fees. The other costs further increase the overall expenses for study abroad. These include travel, books, accommodation, food etc.
Students and their parents find it tough to meet the high costs on most occasions. The best bet in such a scenario is a student loan which is also known as education loan. Student loans are now helping students to study overseas and realize their overseas dreams.
Studying overseas encompasses 2 major expenses – fees for tuition and living costs. Both these components are covered in a student loan. Usually, the student loan covers basic course fee and other allied costs. These include exams, accommodation, and other incidental costs. Many banks offer these loans at diverse rates of interest, as quoted by the News 18.
A student loan can be obtained for a vocational/Graduation/Post-graduation course at an overseas University. This is in diverse fields like Architecture, Medical, Engineering, Management, and others.
The student is the principal borrower in such a loan. The parents are the co-applicants. The applicant must fund 15% of the amount required as per the norms. The remaining is financed by the banks.
The Income Tax Act, 1961 also allows tax breaks for a student under its section 80E for payment of interest. It is allowed for a maximum of 8 years period.
Y-Axis offers a wide range of Visa and Immigration products as well as services for aspiring overseas students including Student Visa Documentation, 5-course search with admissions, 8-course search with admissions and Country Admissions Multi-country. Y-Axis offers diverse products such as IELTS/PTE One to One 45 min and IELTS/PTE One to One 45 min package of 3 to help the aspiring overseas students with the language tests.
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