Higher education abroad can be an expensive affair especially if you belong to a country like India. The number of Indian students interested in studying abroad is increasing every year and so are the currency exchange rates. Popular study abroad destinations like the USA, UK, Canada, Australia, and New Zealand have high cost of education and living. To fulfil these expenses, students prefer to take education loan.
But taking an education loan is not so simple, there are many procedures involved. Don’t you worry, we will explain the list of expenses that are covered under study abroad loan. You can later approach Education Loan Advisor at ÉLAN Overseas Education, they will assist you with the entire procedure and living expenses.
The list of expenses that are covered under study abroad loans can vary for every financial institution. We will cover these details as we move forward with the article. However, the generalised list of expenses that can be covered under loan for higher education abroad are given below.
1. Tuition Fees
The tuition fees amount is covered in every Study Abroad Loan. Every financial institution like Nationalised Banks, Private Banks, NBFCs and International Lenders cover the tuition fees expense in the study abroad loan. The tuition fees are directly disbursed to the applicant’s university or college. Tuition fees covers a major part of study abroad loan.
2. Living Expenses
Every financial institution covers the living expenses of the loan applicant. However, the extent of coverage will vary for every financial institution. The living expenses include expenses like accommodation (on or off campus), food, daily travel expenses, passenger money, etc. The applicant needs to calculate the living expenses and apply for the amount accordingly. Every financial institution has different disbursement procedure for living expenses.
3. Health Insurance
Most of the institutions abroad require student health insurance. The cost of health insurance is covered by private banks. But if you are taking study abroad loan from a nationalised bank you will have to cover the health insurance expense all by yourself. You can request your financial institution to cover the health insurance expense.
4. Visa Fees
Not every financial institution covers the visa fees. Only private banks include visa fees in the list of expenses. If you are applying loan from some other banks, you will have to pay the visa fees.
5. Air Ticket
Banks don’t provide air tickets by default; you will have to request to add air tickets in your living expense list if you are unable to endure the travel cost yourself. Mostly all the financial institutions agree to include the air tickets cost.
6. Expenses Related to Studies
Pursuing a degree involves several expenses like purchasing books, laptop, course equipment, project work, study tours, etc. Such expenses are not covered under the tuition fees and require additional money. Many financial institutions consider these expenses while considering the loan amount. However, if study expenses are not included in your loan amount you can request you bank to add this to the list.
Important Points to Consider Before Stating Expenses for an Education Loan
In the loan application process, once the loan is sanctioned no changes can be made. Stating the wrong amount might create problems for the applicant. Applicant should remember these important points before stating expenses to the financial institution.
1. Calculate the right cost of accommodation and other expenses
2. Read the list of expenses covered by your financial institution and request them to make changes according to your requirements.
3. Check the availability of part-time job options in the country that you are moving to otherwise add your living expense as needed.
Now that you know about the list of expenses that are covered under study abroad loan, let’s talk about the financial institutions that provide education loan for living expenses study abroad. You can approach ÉLAN Overseas Education to start the loan process according to your requirement.
1. Nationalized banks: Bank of Baroda, State Bank of India, Bank of India
2. Private banks: Axis Bank, ICICI Bank, IDFC First Bank
3. NBFCs: HDFC Credila, Avanse, Auxilo, Incred, Credenc
4. International lenders: MPower Financing, Prodigy Finance and Leap Finance
Experienced education loan advisors at ÉLAN Overseas Education Loans will assist you about all these financial institutions. Keep reading to know the services provided by ÉLAN.
How can ÉLAN Overseas Education Loans help you?
1. Online or Offline Loan Assistance
2. Quick Loan Sanction
3. 100% Funding
4. Pre-Admission Loan
5. Availability of All Types of Financial Institutions
6. Assistance in showing 'proof of funds' to the Universities
7. Other Allied Services like Foreign Exchange, Global Card, Sim Card, Overseas Travel Insurance, etc
Education loan advisors at ÉLAN Overseas Education Loans will streamline your entire loan application. We strive to give you a hassle-free experience and lowest interest rate for education loan abroad.
Approach us and we will create your profile and evaluate your eligibility. Education loan advisors will counsel you and then proceed with documentations and application. Get your loan sanctioned and disbursed quickly under our services.
Fund your overseas education with the assistance of ÉLAN Overseas Education Loans. Get in touch with expert education loan advisors at ÉLAN Overseas Education Loans.