Financial Aid for Higher Education Overseas

Many talented students hold back from pursuing higher education in foreign countries because of an insufficient finance. The predominant reason for this is lack of awareness with respect to the funding options for overseas education that are at disposal. There are several Scholarship schemes funded and sanctioned by the Government of India for studying abroad. Also, students can take education loan from the banks. In this article, we’ll try to explore what are the financial aids provided to the Indian students for studying abroad.

Scholarships and Fellowships

Financial assistance is given to the meritorious students seeking admission in reputed foreign universities and education institutions. The Ministry of Human Resource, (MHRD) India facilitates fellowships awarded by foreign countries like China, South Korea, Israel, Japan, Italy, Mexico, and Sri Lanka to Indian students under Educational Exchange Programmes. A student applying for PhD, master’s or bachelor’s degree in these countries may apply through MHRD, India.

Apart from that Commonwealth Scholarships for United Kingdom and New Zealand can be availed off by the Indian students to study in UK and New Zealand. This scholarship is offered by the universities of New Zealand for doctoral programmes based on the eligibility criteria and the academic records. Students aspiring for master’s or PhD degree can apply in UK universities under this programme.

Some of the popular fellowship programmes conducted for carrying out research in the foreign universities are-

·         UNESCO/Poland Co-Sponsored Fellowships Programme in Poland Universities

·         DUO-ASEAN Fellowship Programme under which undergraduate and graduate students of India can apply for fellowship in Sweden, Denmark, Singapore, France and few other countries.

·         Fulbright-Nehru Doctoral Research and Master’s Fellowships, etc.

Some of the popular scholarships to study overseas in countries like USA, UK, Ireland and Australia are-

·         Pittsburg State University Merit Scholarship, USA

·         Harvard University-Boustany Foundation MBA Scholarship, USA

·         Oxford and Cambridge Society of India Scholarship, UK

·         Trinity College Dublin Scholarships, Ireland

·         The Government of Ireland International Education Scholarship, Ireland

·         The University of Adelaide Global Citizens Scholarship (International), Australia

·         Deakin International Scholarship, Australia

All these universities offer scholarships to students for pursuing masters and bachelor’s degree as well.

Education Loan

The Nationalised, Private banks and NBFCs provide education loan to excellent students admitting in listed and reputed foreign universities. A student falling under the eligibility criteria can get secured loan from Nationalised bank as high as 1.5 Cr for bachelor’s degree. Also, an unsecured education loan up to 40 lakhs for studies abroad is granted by Private banks and NBFCs. The chief difference between these two kinds of education loan is that, a collateral is mortgaged in case of secured education loan. 

Not only this, banks provide a moratorium period of 6 to 12 months which give students enough time to get a job before the repayment of loan commences. And with low rate of interest, students are relieved from repaying too much of EMI amount.

If you think, you have the calibre to accomplish your dreams then do not let it shatter because of inadequate personal funding. For more information on how to apply for study loan for studies abroad, the application process, country and course specific scholarships, and other queries, you can seek assistance of the loan advisors and the education overseas consultants. 

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How Will A Study Abroad Education Loan Benefit You