Nationalised banks are willing to provide loans to students looking forward to study abroad. Most of the banks provide up to twenty lakhs for students seeking funding. Apart from loans, students can also look forward for scholarships
provided by universities and other organisations. There are a lot of universities willing to provide a 100% scholarship and much more for students with good academic performance. In such cases they will fund tuition as well as living expenses. Prior preparations are necessary in such cases.
Today there are mutual funds and shares that can be liquidated and can be converted into fixed accounts. Jewel loans are also gaining a lot of popularity today.
Students have to prepare well in advance to avail such financial support facilities. In most cases, the biggest funding always comes from individual funds of the parents.
Many parents are not aware of the visa conditions. It is the students’ responsibility to inform their parents about the admission procedures in foreign universities
. Last minute preparations for funds might lead to various visa issues.
Mr. Gigeo of IMTP suggests students to take loans from reputed banks that are recognised by the embassies. Obtaining a loan is a long process. Generally it takes around two to three months. Most banks provide loans only after obtaining the admission letter from the university.
Therefore a student should prepare well in advance when it comes to looking for funding options.