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Why Bank Loans Are Essential for Indian Students Studying Abroad
Studying abroad is a dream for many Indian students, but let’s be real—it doesn’t come cheap. Between tuition fees, rent, textbooks, and travel, the total cost can quickly become overwhelming. In fact, 30% of Indian students rely on bank loans to fund their education overseas. These loans are more than just a financial backup—they’re often the reason students can make their study-abroad dreams come true.
Here’s something to think about: The average cost of studying in countries like the U.S. or U.K. can exceed ₹40 lakhs (around $50,000) for a two-year program. For most families, covering such a hefty amount upfront isn’t realistic.
That’s where education loans for Indian students come into play, bridging the gap between aspiration and affordability. With the right loan, students can secure admission to top universities without financial stress holding them back.
Key Takeaways
- The maximum loan amount for NRI students is Rs 30 lakhs.
- Education loans cover all essential student costs, including tuition and living expenses.
- Interest rates on education loans are generally lower than personal loans.
- Tax benefits may be available on the interest paid under Section 80E of the Income Tax Act.
- Several courses, including PhD and professional certifications, are eligible for education loans.
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