Funding Your Master's Abroad: A Quick Guide to Education Loans

 Many students aspire to do their master's degree from a reputed university abroad but find it difficult to fund it. An education loan can offer the needed financial assistance with affordable interest rates, flexible repayment options, and quick disbursal. If you are new to education loans, here is a quick guide for an education loan for a master’s degree abroad:


Benefits of an Education Loan for Abroad Studies
Covers 100% expenses

Education loans by reputed NBFCs allow you to get your master's degree without worrying about the costs. The loan enables you to get access to quality education abroad by covering all expenses related to your education, including tuition fees, travel expenses, accommodation costs, study material purchase costs, and more.


Helps build good credit score

Since an education loan for your master's degree is a form of credit, it will help you build a credit score early in life. If you pay your monthly loan instalments on time, it will show responsible financial behaviour and improve your credit score. A good credit score translates to responsible buying, which can help procure any type of loan at the best interest rates in future.


Eliminates the need to use savings 

Taking an education loan for your higher education allows you to take charge of your finances and eliminates the need to use your savings, which you can rather invest, or valuable assets.


Eligibility Criteria for an Education Loan

  • An Indian citizen who is 18 years or older

  • A strong academic record is required

  • The candidate should have a confirmed admission before loan disbursal

  • Have a co-borrower (usually parents) who earns in India





List of Documents Required

If you want to pursue a master's degree abroad, have these documents ready: 

  • Filled application form

  • Academic documents

  • Proof of admission from university

  • Work experience documents, if any 

  • Course fee structure

  • Photo ID proof

  • Residence proof 

  • Property or asset documents, if the collateral is needed


Application Process

You can apply for an education loan for a master's degree abroad online or in person by visiting the loan provider's office. The loan application form should have the correct information, along with the necessary documents, so the approval takes minimum time. Before applying for the loan, you can use an online educational loan calculator to check the monthly installment you will be paying.

This guide will help you navigate the complexities of education loans for abroad studies. It is best to take a loan from a well-recognised bank or NBFC to ensure an easy and quick loan process along with affordable interest rates.

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