Loans And Support From Home Country
Financing your education from your home country is also one of the good options. There are several banks, business houses, private trusts who provides loans, scholarships and fellowships to the domestic students to study abroad.
Let us how this options are available to get financial support right from the home country:
Bank Loans:
In India, there are several nationalized banks that provide educational loans which extend from school to research based education in USA. The bank loan grants education loan that covers tuition fees, hostel fees, cost of study material and equipment and one way fare to the place of study from your home destination. Following are few facts for applying for bank loan:
- The primary condition to apply for the bank loan is the confirmed admission of the student. Bank loans are not granted for the students enrolling correspondence course.
- The academic background of the student should be strong to avail bank loan.
- The loan amount varies depending on the course.
- Besides taking bank loan, parents of the student have to pay at least 25% of the total course expenditure.
- Bank provide maximum loan of Rs. 10 lacs to study in USA. However the loans are subjected to many terms and conditions.
- The student availing bank loans has to provide security for the loan. The security of loan can be given in terms of NSA shares, insurance policy and house mortgage.
- The security of the bank loan below Rs. 25,000 is nil; loan ranging from Rs. 25,000 to Rs. 3 lacs requires 100%; loan ranging from Rs. 3 lacs to Rs. 5 lacs requires 150%; loan above Rs. 5 lacs requires 200% of security to study abroad.
- The repayment of the loan should start after 6 months after completion of your course or one month after the students gets the job whichever is earlier. The maximum period of time given for the repayment of bank loan is 15 years that starts from the date of first disbursement.
Trust Loans:
There are several organizations that provide trust loans to the aspiring students in USA. These loans can be availed at very low interest rates of 2% to 4% and in some cases it can be interest free. Following are some well-known trust providing trust loans:
| Sr. No |
Name |
Contact Details |
Description |
| 1. |
J.N. Tata Endowment |
Bombay House,24 Homi Mody Street,
Mumbai-400001 |
Grant of Rs. 25,000 to Rs. 50,000 for several disciplines and loans with very low interest rates up to Rs. 50,000 to Rs. 2 lakhs. Filled up application forms must reach by 25th February of the year of award. |
| 2. |
K.C. Mahindra Education Trust |
K.C. Mahindra Education Trust,
Cecil Court,
Mahakavi Bhushan Marg,
Mumbai-400039 |
Grant of Rs. 65,000 for postgraduate students in various disciplines. Application forms must be requested before 28th February of the year of award. Filled up forms must reach by 31st March of the year of award. |
| 3. |
Mariwala Trust |
The Managing Trustee,
Mariwala Charity Trust,
409 Shah and Nahar Industrial Estate,
Dr. E. Moses Road, Worli Naka,
Mumbai-400018
Tel: (022) 4938307
Fax: (022) 4974704 |
Interest free loans up to Rs. 50,000 for postgraduate students in several disciplines. Application forms must be requested before 1st March of the year of award. Filled up forms must reach by 30th April of the year of award. |
| 4. |
R.D. Sethna Scholarship Fund |
The Chief Executive
R.D. Sethna Scholarship Fund,
Esplanade House,
29 Hazarimal Somani Marg, Fort,
Mumbai-400001 |
Loan at 2% interest of Rs. 20,000 - Rs. 50,000 to undergraduate and postgraduate students of commerce, science and technology. Filled up application forms must reach by 31st May of the year of award. |
| 5. |
Sahu Jain Trust |
The Secretary
Sahu Jain Trust,
4th Floor, Times House 7,
Bahadur Shah Zafar Marg,
New Delhi - 110002 |
Loan scholarships for students of higher studies in India as well as abroad |
Fellowships:
Fellowship is also one of the good options to get financial support from your home country. However, it is very competitive and hence one needs to work hard to avail it. Following are some well-known foundations that provide education loans:
| Sr. No |
Name |
Contact Details |
Description |
| 1. |
AT & T Leadership Awards (For U.S. only): |
Write to USEFI
Email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Fax: (886) 2-2715-7013 (attn: AT&T Leadership Award)
|
Awards amount of U.S. $ 5,000 to the Asia-Pacific students in any discipline studying in US. Filled up applications must reach by 15th September to the programme’s Malaysia office. Awards are declared by 31st December. |
| 2. |
Aga Khan Foundation
|
Aga Khan Foundation,
Sarojini House, 2nd floor,
6 Bhagwan Dass Road,
New Delhi -110001 |
Fellowship is only available to the student who wants to study abroad. Application forms are issued from January each year and filled up forms must reach by 31st March of the year of award. |
| 3. |
Rotary Ambassadorial Scholarships |
The Scholarships Programme,
Rotary Foundation,
Rotary International, One Rotary Centre,
1560 Sherman Avenue,
Evanston, Illinois, U.S.A.
|
Scholarship amount can be maximum up to U.S. $ 23,000 to student in any discipline study in any foreign country |
| 4. |
Inlaks Scholarships |
Inlaks Foundation,
PO Box 2108,
Delhi-110007 |
Fellowship is available to students in any disciplines who are graduate and having age from 19-30 years. Filled up forms must reach by 30th August for the following year.
|
|
