Overseas Education loan
Student who wish to avail a higher education abroad has to be ready for several expenses. Higher education doesn’t mean only course fee, there are several expenses linked to it. The course or tuition fee, stay expense as it is also a big cost to be incurred and several other cost. The currency rate difference also impacts the overall cash flow for students.
Banks and NBFC are aware of the type of expense that student has to incur and they support by extending 100% loan of the total cost to be incurred. Student need to submit the cost sheet for approval and loan sanctioning. Student should calculate all possible expense before processing of loan for approval at one go.
Types of Study Abroad Education Loan
Study Abroad Expenses
- Course Fees of the University / Institution, Travelling cost, Accommodation Expenses & Insurance premium cost (if opted)
- Asset Expense – Laptop, Computer, Equipment or instrument required in course & others
- Deposits paid / payable to Institute and which are supported by Receipts or Institute’s Bill
- Other expenses like Uniform/study tours/Project expenses as approved by respective Bank / NBFC
- Study Expenses – Books, Library fee, Examination fees, Laboratory fees and others
- Owner & Co-borrower both can claim up to ₹ 1.5 lakh each as principal deduction
- You can also claim the stamp duty & registration fees & charges under Income tax sec 80C
- If property sold within 5 yrs of possession, all benefits gets reversed & added to income
Fall vs Spring – Overseas Education Season
The admission for major overseas universities are divided in 3 semester
- • Fall – The semester starts in month of September and ends by December
- • Spring – The semester starts in month of March and ends by May
- • Summer – Some university have courses which starts by May and ends by Aug; this are the part-time or short-term courses
The preferred one by students are Fall and Spring. The best semester for you has to be decided by looking at several factors by yourself like confirmed admissions, stay arrangements, University time-line, Visa approval and several others.
Overseas Education Semester Benefits
- It easier to get internship as major openings are schedule by end of spring months and need minimum 9 month of enrolment. If admission is Fall semester, you qualify instantly
- The number of courses available for enrolment is much higher for Fall as compare to Spring semester
- Students looking for Job as study & learn option, the Fall is better. As most job needs at least one year of course completion and major openings lines up during Fall season; it assists you with calendar planning
- If student is amongst the individual who is all out in extra curriculum activity and wish to be member of college event organising team, the Fall semester is admission season for him. The voting and selection happen in Spring and it gives you 6 months to create impressions and prove calibre