Education Loan For NRIs
The high cost of education is a constant concern for both parents and students all over the world. The value of a good education is of course one that should not be taken lightly, and securing it can have significant and far-reaching effects throughout a person’s life. Unfortunately, a good education from a reputable institution can be quite expensive, as you may well know. For many people, it would even seem to be out of reach. The difficulty in being able to secure a good education is a universal issue, but it is a particularly significant one for Indians and Non-resident Indians, or NRIs, who have traditionally placed a high value on good education.
One of the solutions that have been developed to address this concern is the education loan for NRIs. There are many banks and other lending institutions that offer these types of loans, and they just may make it possible for NRIs to secure an education when they would not have been able to do so otherwise.
In the simplest terms, education loans for NRIs allows aspiring students to take up higher education in India in reputable schools and colleges. These types of loans have been designed to help students pay the associated tuition fees, admission fees, maintenance costs, the cost of necessary materials such as books and other equipment, and any other fees required for higher studies. In some cases, even cautionary deposits and other types of refundable deposits can also be paid for with NRI education loans.
The amount of the loan usually varies depending on the company, but the normal amount is Rs.10 lakhs for studies in India, and Rs.20 lakhs for studies in other countries.
To be eligible for an NRI education loan, the student will have to be an Indian National. He or she would also have to pass the entrance test and if necessary, secure a certificate of admission for technical or professional courses.
The courses which can be covered by NRI education loans can include all types of technical and professional courses, certificate and diploma courses, graduate, post graduate and doctorate degree studies in any recognized schools, colleges, universities and other educational institutions. The actual courses taken could be surgery, medicine, dental science, veterinary science, agricultural sciences, architecture, the various branches of engineering, industrial management, computer science, technology, business administration and other all other types of management sciences.
Computer courses offered by institutes that have received accreditation from the Department of Electronics in India can also be paid for by NRI education loans, as can all other types of specialized Computer Science courses.
NRI education loans can be applied for by either the student or the student along with a parent or guardian. This means that an NRI will be able to pay for the education of a niece or nephew through an NRI education loan if he or she serves as a guardian and they apply for the loan jointly.
Repayment terms for NRI education loans are usually 12 months after finishing the course or 6 months after securing employment, whichever comes sooner.
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