A Guide to Education Loan for Master's Degree Overseas
To get the best possible education, study overseas aspirants are crossing countries, oceans, and continents to enrol themselves at the international universities situated overseas. Owing to the fantastic benefits of studying abroad, more and more students are now choosing to study overseas and be a part of a thriving international student community.
A master’s degree is a doorway to gain specialized knowledge and advance one’s career opportunities. Students willing to pursue master's often get confused as to where to study for the master’s degree, home country, or overseas? Well, nowadays employers of the top multinational companies look forward to recruiting candidates having an international outlook. This is because there is a huge demand for skilled and proactive workers who are aware of different cultures and have the skills to work with stakeholders, colleagues, and customers from across the world.
Cost of Master’s Degree from an Overseas University:
The cost of a master’s degree at an overseas university depends on the country that a student is choosing to study in. But to give an idea, the approximate cost of a master’s degree from an international university falls somewhere between 25 Lakhs to 75 Lakhs for one year depending on the chosen country. Some students have financial backup whereas most others explore their options of funding their higher education.
Education Loan for Master’s Degree Abroad:
Overseas Education Loan is one of the popular ways that can be opted to fund a master’s degree. Education loan for abroad studies is divided into two broad categories – Secured Overseas Education Loan and Unsecured Overseas Education Loan.
A secured Education Loan is the type of loan that is availed against the collateral security like a residential house, flat, piece of land, government bonds, LIC, Fixed Deposit, etc. and it can be taken from any financial institution. Unsecured Education loans are the ones availed without any security. Secured Education Loans are offered by all the major nationalized and private banks like Bank of Baroda, State Bank of India, Punjab National Bank, ICICI Bank, Axis Bank, etc whereas Unsecured Education Loans are offered by the private banks, Non-Banking Finance Companies (NBFCs) and international lenders.
Secured Education Loan Vs Unsecured Education Loan for a Master’s Degree:
The majority of the students often get stuck in deciding the type of overseas education loan they wish to avail themselves for their master’s degree abroad. Both Secured and Unsecured Education Loans have pros and cons, and it is important to consider those at the beginning itself.