Study Loans

Student Loan To Study In Italy 2022: Top Banks, Interest-rate Comparison

Student Loan To Study In Italy 2022: Top Banks, Interest-rate Comparison

Why would you plan on studying in Italy?

For some good old cheese and pizza. Valid reason.

But, along with the popular wine, cheese, and pizzas, Italy comes as a grounded overachiever in academia.

With some of the world’s oldest universities like the University of Bologna and Naples dating back to the eleventh century, Italy has been valuing education since the middle ages and the renaissance era.

Other than the touristy marvels, luxury automobiles, and fashion brands, Italy is also the go-to study destination for students of architecture, art, history, fashion, and more.

Universities in Italy offer over 500 English-taught courses.

Over 5000 Indian students chose to study in Italy in 2021.

International students can work part-time and earn up to 140 Euros a week. This means you can earn about 560 Euros a month.

So, if you too are interested in Italy for more than just a pizza, this blog will tell you how to successfully get to Italy by securing a student loan.

To secure a student loan, you must first be acquainted with the expenses you will foresee when you study in Italy. Therefore, let’s address the cost of studying in Italy and student loans for Italy, after.

Cost of Studying in Italy: Comprehensive Guide of Expenses in Italy for an Indian Student

This section will list the various expenses you will incur before and after you move to Italy.

 

1. Top Universities in Italy: Fees

If you plan to study in Italy, here are some of the top universities you can enroll in. To study a graduate and postgraduate course, the fee ranges from Rs. 63,870 to Rs. 35 Lakhs per year. Some of the top universities and fee ranges are:
University Fee Range (INR) Fee Range (EURO)
University of Bologna 2.2 – 35 Lakh/ year 2,710 – 43,118 Euro/year
Sapienza University of Rome 2.38 – 2.47 Lakh/ year 2,931- 3,042 Euro/year
University of Padova 2.2 – 2.14 Lakh/ year 2,710 – 2,636 Euro/year
University of Rome Tor Vergata 84.49K – 4.22 Lakh/ year 1,040- 5,198 Euro/year
IULM University 7 – 12.17 Lakh/ year 8,623- 14,992 Euro/year
Rome Business School 12.67 – 15.21 Lakh/ year 15,608- 18,737 Euro/year
University of Sienna 63.87K – 2.11 Lakh/ year 786 – 2,599 Euro/year
Humanitas University 6.76 – 17.03 Lakh/ year 8,327 – 20,979 Euro/year
University of Naples 2.53 – 10.5 Lakh/ year 3,116 – 12,934 Euro/year
SDA Bocconi School of Management 23.66 – 65.48 Lakh/ year 29,146 – 80,664 Euro/year
DOMUS Academy 10.5 – 23.10 Lakh/ year 12,934 -28,4556 Euro/year
Politecnico Di Milano 6.2 – 35 Lakh/year 7,637 – 43,116 Euro/year
Note: The Italian government and universities offer attractive scholarships worth 10,000 Euros/year for international students.

2. Student Visa and Health Insurance

After you receive your letter of acceptance from an Italian university, you will have to apply for a student visa or a ‘D National Visa’ to study in Italy.
Visa Type Cost Duration
D visa 116 Euro (Rs 9358) Longer than 90 days
C visa 80 Euro (Rs 6,454) For studies that last under 90 days
Along with a student visa, international students also require health insurance to study in Italy. One of the options you have is welcome association Italy, health insurance that costs about 120 Euros/year. Study in Italy

3. Flight Charges

Flight fares to Italy from India vary depending on the season and the time of the year.

The academic period in Italy usually begins in September/October and ends around January/February.

Students need to keep about Rs. 93,000 – Rs. 1,09,000 aside as their flight costs.

But, if you book it well in advance, it might cost you about Rs 60,000 – Rs 80,000.

4. Accommodation Costs

International students studying in Italy have quite a few options for their accommodation.

Choosing to stay alone could hike up your expenses.

But, affordable options like sharing a common room or living in student halls will help you reduce your living cost in Italy.

The description below will give help you understand the expense range:

Accommodation Type

Cost (Euro)

Cost( INR)

Living alone

400 – 700 Euro/month

32,311 – 56,557 INR/month

Student Accommodation

250 – 300 Euro/month

20,199 – 24,238 INR/month

Sharing Rent

250 – 500 Euro/month

20,199 – 40,403 INR/month

Note: The accommodation cost varies depending on the cities you live in. Check out help guides to apply to Italian universities & accommodation abroad.

5. Transportation Costs

Italy has a well-planned public transport system.
You can move across the country easily with the help of buses, trains, metros, ferries, and trams.
With student passes like the ATM (Azienda Trasporti Milanesi), fares range from 22 euros/month (Rs 1784 INR) to 250 euros/year (Rs 20,277 INR) in cities like Milan.
On average your commute charges might come up to 1.5 Euros – 12 Euros (Rs. 121 – Rs. 968). You can also easily cycle or walk through the city areas of Italy.

6. Food Cost

The average daily cost of food per person ranges from 14 Euros to 36 Euros. (1,130 – 2906 INR).

Food

Costs

Costs (INR)

1 Meal

16 Euro

1290 INR

Dozen eggs

3.5 Euro

282 INR

1L Milk

1.33 Euro

104 INR

Pizza

8 -10 Euro

648 – 811 INR

Pasta

6 – 10 Euro

486 – 811 INR

Wine

1.50 – 3.50 Euro/ glass

3- 10 Euro/ bottle

121 – 283 INR

243 – 811 INR

Fun Fact: If you decide on eating pizza or pasta every day for a month, you will need to put aside about 180 Euros/month to relish your food fun.

7. Utilities and Other Costs

The utilities and other costs include expenditure on gas, electricity, water, WiFi, waste tax, and any other unexpected expenses you might have to cater to.
For this, it’s best you keep about 277 – 300 Euros/month (22,386 INR) in reserve.
So, as an overall round off, you will need:

Expense

Costs (in INR)

Tuition

63,870 – 35,00,000 / year

Visa

6,454 – 9,358 INR

Flights

60,000k – 90,000 INR

Accommodation

20,199 – 56,557 INR

Commute

1,784 INR/month – 20,277 INR/year

Food

486+ INR/ day – 15,000+/ month

Utilities and other costs

22,386 INR/month

Student loans and banks help you make this investment easily.
To cater to affordable education loan for study abroad, take a look at some of the banks providing loans for your study in Italy.

Top Banks and Student Loans for Italy for Indian Students

To take a bank loan to study in Italy the eligibility criteria are as follows:
● The student must be admitted to a university.
● The loan applicant must be 18 years of age.
● The student needs to have an excellent academic record.
You can avail unsecured education loans or secured education loan for study abroad from public banks, private banks or non-bank finance lending companies.
Secured loans are loans that need collateral. The collateral can be a fixed deposit. Getting secured loans from Banks and NFCSs is easier since the interest rate is lower.
Whereas an unsecured loan is given without any collateral at a higher interest rate.
Here is a compiled list of Banks and NBFCS providing loans for Italy:

Bank

Sector

Processing Fee

Maximum Loan Amount

Interest Rate

Period of Loan

Axis Bank

Private

At the discretion of the bank

RS. 20 Lakhs

13.70%pa

15 Years

Bank of Baroda

Public

Nil

RS. 80 Lakhs

UPTO 9.85% pa

15 Years

Canara Bank

Public

Nil

As per eligibility

Up to ongoing one-year MCLR+1.50 %

15 Years

Federal Bank

Private

Nil

RS. 2O Lakhs

Up to 10.05% pa

Course period and 5-7 Years

HDFC BANK

Private

RS. 1000 OR 1% of loan

RS. 30 Lakhs

9.55% pa

15 Years Including moratorium

SBI

Public

RS 10,000

RS 1.5 Crore

8.65% pa

15 Years

Punjab National Bank

Public

1% of the loan amount, subject to a minimum amount of Rs.10,000

As per requirement as repayment capacity

RLR+BSP+2.00% onwards

15 Years

IDBI Bank

Private

 

Upto RS. 2O Lakhs

(requires no collateral for up to 4 Lakhs)

6.75%- 8.65%

15 Years

The above list includes some of the best educational loans available to study in Italy.

By taking any of the listed loans with the help of FundRight, you get the best student deal possible to study abroad.

Carefully check the loan requirements, and criteria to apply for a loan suitable to your needs.

The average salary of a working professional in Italy ranges from 30,000 Euros and above.

Also, Italy is relatively cheaper as compared to other EU countries.

So, taking a student loan and paying it off after you find a job wouldn’t be a tough task.

Thus, take a loan, fulfill your dreams and take over the life you aspire to.

All the best!

Cost Of Studying In The UK For Indian Students

Cost Of Studying In The UK For Indian Students

The fiscal cost of studying in the United Kingdom is an unnecessarily complicated process for international students, but there is very little we can do about it. This article will outline the various costs that an overseas Indian student needs to cover when prospectively shifting to the UK for higher education. There are several aspects that need to be considered when financially planning a student’s journey to the UK, and there are many visible costs, not to mention the many hidden fees that tend to crop up at the last minute. Here is some beginning information: Education Loan for Studying in UK

The Basics

Before moving into the cost estimation, the bare minimum that students need to spend includes the following:

● Visa Fees
● Insurance
● Lodging Costs (Accommodation)
● University or College Tuition Fees
● Food (Including at the school cafeteria)
● Transport (if the student accommodation is off-campus, or not within walking distance)

Living costs can also include council taxes and other similar small expenses.

However, a word to the wise: if you ignore these small expenses, they will combine and snowball and can quickly become an unmanageable financial quagmire.

Now, let’s go for a deep dive into the details of how much it costs for an Indian to study in the UK.

The Not-So-Basics

Let’s look at some of the costs that we outlined above include:

UK Student Visa

1. Visa Costs

Even before you see your university or step foot into your chosen college, you will need to show that you have a valid visa that allows you to study in the UK. Here is a list of the student visas that an Indian student can opt for when moving to the UK for education: (bear in mind that all prices are for students applying for visas from outside the UK; applications for visas from within the UK are priced higher).
S. # Applying For A Visa From: Cost (GBP) Time Period
1 Outside the UK (for a non-degree level course) 363 2 Years
2 Outside the UK (for a degree level course) 363 Up to 5 years
3 Inside the UK (for a non-degree level course) 490 1 or 2 years
Inside the UK (for a-degree level course) 490 Up to 4 years
Some important points to remember: 1. For Indians applying from outside the UK, you can apply for the visa (at the earliest) 6 months before your course is slated to begin, and will usually get a decision within 3 weeks from the date of application. 2. For Indians applying from inside the UK (say for a renewal application), the earliest you can apply is 3 months before the expiry of your current visa and will usually get a decision within 8 weeks. 3. Once your visa is approved, if your course is shorter than 6 months long, you can only travel to the UK a week before it starts. 4. If your course is longer than 6 months, you can travel to the UK upto a month beforehand. Find more information about the length of stay and additional visa costs like the health surcharge fees on the British Government’s website here.

2. Health And Health Insurance

It is no longer compulsory for Indian students in the UK to have private medical and health insurance if their degree extends over a course period of more than six months. If your duration of study is exactly six months or less than six months, it is likely that your visa officer will insist on private insurance for yourself and any tier-4 dependents that you may have will also require the same. As an Indian international student who has a course lasting longer than six months, you will be entitled to receive health benefits under the United Kingdom’s NHS (National Health Scheme). However, to avail of these benefits, you will have to pay a fee that will be added to your visa costs by your visa officer. Bring this point up when applying for your visa for more clarity. Generally, the fees are GBP 300 for a stay that is over six months. The good news? You may be able to apply for the same NHS benefits even if your study duration is under six months by payment of GBP 150, but the issue of this privilege is at the discretion of your visa officer.

3. University or College Fees

These are the prime expenses for Indian students who are pursuing their education in the UK.

You see, all British universities have separate fees for their “home” students (people who have British citizenship).

Indian students, however, are classified as “international” or “away” students, and the fees for these “away” pupils are significantly higher than for home students taking the same course (sometimes as high as 120% more).

There are also different fee structures for the different countries within the UK (Scotland, Northern Ireland, England, and Wales).

Generally, the most expensive degrees in the UK are from those universities that fall within what is called the “Russell Group”.

The Russell Group includes tier-I universities like Cambridge, Oxford, and Edinburgh.

Here is a rough estimation of what an Indian will have to pay as tuition fees in the UK for different courses:

S. #

Name

Cost (GBP)

Time Period

    

1

Undergraduate (Bachelor’s) Degree

10,000 to 24,000 per year

3 or 4 years

2

Postgraduate (Master’s) Degree

8,000 to 20,000 per year

1 or 2 years

3

Postgraduate (Doctoral) Degree

14,000 to 25,000 per year

3 or 4 years

Exceptions to the above are the following:

1. Part-time Bachelors degrees: the tuition fees will decrease, but these generally tend to be more expensive because of the longer time duration (5 to 6 years).

2. Part-time masters degrees: the same situation as bachelor’s degrees, but the duration is shorter (2 to 3 years).

3. Doctorate degrees: there are several partly funded as well as quite a few fully-funded Ph.D. programs in the UK that are “blind” (irrespective of previous education or financial status) and are solely based on merit.

The three most common ways to reduce this cost is to:
● apply for scholarships,
● apply for fee bursaries, and
● to obtain a low-interest education loan (the loan option is only a “savings” if it is a low-interest loan – this spreads the fee burden out across several years and builds credit score too).

Education loans have ceased to become a nation-building tool and are now for-profit exercises, but using FundRight will help students get the best rates on their student loans, simply because the element of competition is added to the loan process because of the bidding system: loan providers bid for the students, instead of it being at the discretion of a loan officer.

4. Accommodation Costs – Where Will You Live?

More often than not, universities in the United Kingdom will offer their students residence on the institution campus. These are called “halls of residence”, and may be either independently catered or may come with full board. “Independently catered” simply means that the students will have to take care of their own food. Aside from this, several universities may provide shared accommodation by way of houses or cottages to their senior students. If your university offers neither of these options, there’s a good chance that the institution has a tie-up with housing providers or rental agents in the locality who can help you find a good, value-for-money deal (the colleges know that most students don’t have a lot of cash to burn). On-campus housing is a pretty affordable option since it covers most overhead expenses and also negates the transportation costs involved with your degree, which we’ll get to later. Here is an indicative price list of what it costs to rent an apartment in the UK:
S. # Name Cost (GBP)
1 Urban Areas (London, Birmingham) 140 to 160 per week
2 Suburban Areas (Brighton, Glasgow) 100 to 120 per week
3 Overhead Expenses (Electricity, Water) 100 to 250 per week
4 Living Costs (Food and Transport) 80 to 400 per week*.
*The range of costs for food and transport (the living costs) is so great because it varies greatly on the amount that you eat out, whether you use public transport, rent a bike, or opt for taxis, etc. To secure your student accommodation, it is wise to apply for it as early as possible because spots are usually fairly limited – why take a chance? You can obtain all the necessary related information from your college’s office of admissions.

5. Hidden Costs That May Crop Up

It is these little expenditures that can really pinch when totaling up your monthly expenses. Most Indian students in the UK will have to pay some or all of the following:

1. Council Tax: Anyone in the UK who is over the age of 18 has to pay for community services like police services, garbage collection, street cleaning, etc.

Cost per month: GBP 100 – 150, depending on the locality.

2. Income Tax and National Insurance: If you earn above GBP 1060 per month on average, you owe proportionate income tax. If you earn above GBP 160 per week, you will also need to contribute to the national insurance. Fear not though: there is no additional running around you will need to do as an Indian international student, employers use the PAYE system. PAYE stands for “Pay As You Earn” and automatically deducts your dues from your salary,

Cost per month: GBP 80 – variable.

3. Transportation: Getting from one place to another is also a factor that students need to consider when planning their expenses. The most economical way to go about this is to make use of the strong public transport system. It is advised to get monthly passes for the bus, the rail, and the tube as this proves more pocket-friendly in the long run and allows unlimited usage of the systems.

Cost per month: ~GBP 60.

4. Childcare: The costs of putting one child in daycare can vary depending on the city and locality. While some colleges do allow parents to bring their infant to class, it is generally advised not to do so in most cases.

Cost per month: GBP 600 – 1200.

With that, we’ve successfully covered all the major aspects that an Indian student would need to cover as part of their journey to and in the UK for the purposes of higher education.

An important point to remember: we have not included figures in INR because the exchange rates of the two currencies may fluctuate, and the GBP prices are a more constant metering gauge for you to estimate by.

With that, we wish you the best of luck and hope that this article proved as a handy estimation guide.

India's First Loan Bidding Platform

Get online lenders to bid on your profile to get the best student loans.

How to Calculate Cost of Living for Study Abroad Students?

How to Calculate Cost of Living for Study Abroad Students?

The cost of living anywhere is basically the amount of money you will have to spend while covering the essentials for a healthy living.

Preparing a budget or calculating the cost of living abroad is an absolute necessity to ensure that you have enough funds to survive.

So, if your journey of higher education has started, this article will help you get one step closer to your destination. By the end of this page, you will have known –

        ● Factors to calculate the cost of living abroad
               ○ Necessary spending
               ○ Discretionary spendings
        ● Cost of living in some top study abroad destinations
               ○ Cost of living in the US
               ○ Cost of living in Canada
        ● FAQs

Factors to Calculate Cost of Living Abroad

You plan a trip with your friends. What are the expenses that you factor in while preparing a budget?

Accommodation? Transportation? Food? Recreational activity charges? Souvenirs?

Well, then these are pretty much the same factors you will have to take into consideration while calculating the cost of living anywhere. Some are necessary while some are discretionary spending.

Once you figure out what will you have to pay for while studying abroad, calculating your cost of living abroad would become more systematic and easier.

Check out them in detail below.
Necessary Spendings to Calculate Cost of Living Abroad
There are certain things that you will have to spend on for you survival. Let’s find out what all these things are and how can you estimate their cost.
Housing/ Accommodation
You can either get housing that your college provides or you can rent an apartment to live in. whatever the case, it will make up a big percentage of your cost of living abroad.

So, how do you figure out whether or not you’re getting a fair deal? Or how can you negotiate?

First up, do your research. The housing prices of different areas in the same city can be polar apart. So,
     ● Decide which area would suit you the best and goes with your set budget.
     ● Make sure that your place isn’t very far from your college as it would only increase your              transportation cost and time.
     ● Validate the legitimacy of your broker. In some countries like Germany, there are high                  chances of losing your money to fraud brokers.
     ● Leverage the data you’ve gained through research and try to negotiate the rent with your           landlord.

 

 

Food

Doesn’t matter if you’re a vegetarian, non-vegetarian, or vegan. Food is going to be another big expense in your monthly budget.

You can’t go hungry to save up. But you can plan smartly. To stay in your budget, try to eat out at restaurants or clubs as less as possible. Many colleges provide food, especially lunch on campus at a subsidized date. You can opt for that.

Transportation

Transportation doesn’t only include the commuting cost from your house to college. You will be going out with your friends. Or you would simply want to explore your city.

All this commuting will also make up a large amount of your transportation cost.

To cut down on these expenses, you can –

       ● get a monthly pass on public transport like bus or subway.
       ● get an apartment at a walkable distance from your college.
       ● avoid taxi or online cab services during peak hours.

 

Utilities

Water, gas, electricity.

These are some necessities for you to survive. After your house rent, this is probably the second most expensive factor on the list.

The only secret to cutting costs on utilities is to use them judicially.

Make sure to turn off electrical appliances before leaving the room or house.

Do your laundry when you have enough clothes. Otherwise, you will be wasting electricity and water by washing just one pair of jeans.

Hygiene/ Personal Care

Other than all of these things, you will need your toothbrush, shampoo, face wash, toiletries, etc.

If you want to save on these items, you can

     ● Use them judicially
     ● Avoid going for luxury brands
     ● Avoid items that are more on the expensive side or are not absolutely necessary.

 

Discretionary Spending’s

Yes, you have moved to a different country to study. To focus on your future. But that doesn’t mean that fun is out of the question.

You will need to go out and hang out with your friends, go for a movie, or go to a gym to lay off some steam or that study pressure.

Don’t cut down on all these expenses. Instead, compromise. You can choose one thing at once.

       ● For instance, try going to a nice restaurant or a pub only once or twice a fortnight.
       ● Subscribe to a gym that is near your house and is a bit on the cheaper side.
       ● May be don’t always get the best seats for movies or theatres as they are more                            expensive than others.

Cost of Living in Some Top Study Abroad Destinations

We gave you some tips and you are now a few steps ahead of where you were a few minutes ago.

Great! Now let us present you with some examples. Here are some of the popular study abroad destinations, one of which, might be your future. Check out the estimated cost of living there and get to know the expenses you will need to factor in while preparing your budget.

And if you haven’t decided on a destination or college yet, we are here to help you select the right university. Contact us to know more.

Cost of Living in the US

Undoubtedly, one of the most popular destinations for international students. Why do we say that? Because as of 2019-20, about 4.6% of the total US student population comprised international students.

Yes, you read that right. Approx 1,075,496 college or university students in the US were foreign-born, coming from 200 different countries.

What kind of expenses do all of these students had to take care of? What was the average cost of living in the US for them or will be for you? Let’s find out.

Avg Cost of Living in the US = USD 1,500 – USD 3,022/ Month

Expense Categories

Particulars

Cost for One Person

Housing/ Accommodation

A fully-furnished apartment (900 sqft)

$ 900 – $ 1500/ Month

Utilities (heating, electricity, gas, etc)

$137/ Month

Hourly cleaning help

$ 27

Laundry detergent

$ 12/ Month

Transportation

1 liter of gas

$ 1.29

Public transport tickets

$ 78/ Month

Food

Lunch at a fast-food restaurant

$ 9

1 liter of milk

$ 0.99

Bread for 2 days

$ 2.48

Vegetables and fruits for a week

$ 30

Personal Care & Hygiene

Cold medicine for a week

$ 8

A 15 min visit to a private doctor

$ 123

Toiletries for 2 weeks

$ 32

Haircut

$ 10 – $ 26

Entertainment

Movie tickets (2)

$ 27

Theatre tickets (2)

$ 150

Basic dinner at a restaurant (for two)

$ 49

Dinner at an expensive restaurant (for two)

$ 84

Gym membership in business district

$ 53

Prepaid Mobile Tariff (1 min, without discounts)

$ 0.17

Clothing

A pair of jeans

$ 25 – $ 51

A summer dress at a high street store

$ 47

A pair of sneakers

$ 50 – $ 92

NOTE: The data provided above is subject to change with time. Please use the information as a reference only and verify the accurate costs at the time of planning your study abroad journey.

Cost of Living in Canada

Ministry of External Affairs, India gave the official figures in 2021 for the number of Indian students with study permits for Canada.

And guess what the number is? 215,720, which at that time was 1.8% more than the number of students holding US study visas.

Want to be one of those 250k+ students studying in Canada? Then here’s how much you will be spending monthly living there.

Avg Cost of Living in Canada ~ C$ 1300 / Month (Without Rent)
Expense Categories Particulars Cost for One Person
Housing/ Accommodation 1-bedroom apartment C$ 774 – C$ 1335
Utilities (heating, electricity, gas, etc) Approx C$ 168/ Month
60 Mbps wifi C$ 80/ Month
Transportation Monthly pass C$ 100
Taxi 1km (Normal Tariff) C$ 2
1 liter gas C$ 1.70
Food A meal in an inexpensive restaurant (one person) C$ 18 – C$ 22
Milk/ rice/ egg/ bread C$ 2.5 – C$ 4
Vegetables and fruits (per week) C$ 30
Personal Care & Hygiene Gym/ fitness club C$ 53
Toiletries for 2 weeks C$ 25
A 15-minute visit to a private doctor C$ 166
Haircut C$ 29
Entertainment Movie tickets (2) C$ 14 – C$ 30
Theatre tickets (2) C$ 70 – C$ 153
Dinner at an expensive restaurant (for two) C$ 100
Prepaid Mobile Tariff (1 min, without discounts) C$ 0.38
Clothing Avg Clothing (both, men and women) C$ 45 – C$ 130
A pair of jeans (expensive brands) C$ 73
NOTE: The data provided above is subject to change with time. Please use the information as a reference only and verify the accurate costs at the time of planning your study abroad journey.

FAQs on Estimating the Cost of Living Abroad

Still have more questions? Then let’s explore some FAQs.

Q1 – Should the cost of living abroad affect my decision of a destination?

Ans: You can’t complete your study abroad journey without sufficient funds. So, finding a destination that falls under your budget would be advised.

 

Q2 – How much should I spend to cut down the cost of living abroad?

Ans: A simple rule of thumb – to manage your finances, limit your expenses to necessities. If it’s affecting your budget planning, try avoiding expensive lifestyle choices like eating out every day or taking expensive cabs for transportation.

 

Q3 – How do I know if I can afford to move to a new city/ country?

Ans: First, come up with an amount that you can afford to spend on a monthly basis. Then, prepare a list of all the items or commodities, for which, you will have to spend money. Then find out how much these things cost in the country/ city of your choice. Finally, compare the costs and figure out if you will be able to manage financially.

 

Cost of Studying in USA for Indian Students: Visa, Living, Tuition, Accommodation and Others

Cost of Studying in USA for Indian Students: Visa, Living, Tuition, Accommodation and Others

The good old ‘American Dream’ is still everyone’s aspiration when they commence their journey to the USA.

Seeking a promising future, a competitive pay scale, and a successful career, studying in the USA for Indian students is easily a dream come true for many.

According to the 2021 Open Doors Report, about 1,67,582 Indian students enrolled to study in the USA for the academic year 2020-2021.

From Ivy Leagues to some of the finest universities, Indian students can opt from a wide range of public and private institutes for their degrees.

While there is no doubt about the quality of US education, most of us can be concerned about the cost of studying in USA for Indian students.

The overall cost of studying in USA for Indian students can be expensive as compared to studying in India.

Nonetheless, to tactfully manage the cost of studying in USA for Indian students, plan well in advance to be well prepared.

Thus, helping you prepare, this blog will provide you with all the essential expenses and details of the cost of studying in USA for Indian students below:

Overview of Cost of Studying in USA for Indian Students: Visa, Living, Tuition, Accommodation, and Others

The cost of studying in the USA for Indian students vary depending on the type of degree and type of institute you are applying to.

Tuition fees are generally cheaper in public universities.

The fees of some institutes and universities are inclusive of the health insurance while some other institutes ask for a separate payment.

The various expenses to study in the USA for Indian students are
1. Flight, health insurance, and visa
2. Tuition fees cost
3. Cost of living in the USA for Indian students
4. Other expenses
Now, let us take a deeper look at each of these components.

1. Flight, Health Insurance, and US Visa Costs:

To begin with, your journey begins with a visa, flight ticket, and health insurance to arrive at your final destination, i.e., the USA.
For USA flights you can expect to spend anywhere between $626.45 – $1,382.52 (₹48,580 – ₹1,07,211)depending upon when you’re booking.

Whereas, your health insurance will cost you about $1,500 – $2,500/year (₹1 lakh – ₹2 lakh/year).

For a USA student visa, you have to be accepted by a US institution of higher education certified by the Student and Exchange Visitor Program (SEVP). You should also have Form I20 to apply for a visa.

Students can proceed with the DS-160 form application to get their visa at $160.

Type

Specialisation

Costs

F

Students (academic)

$ 160

J

Exchange visitors

$ 160

M

Students (Vocational)

$ 160

To make sure your visa arrives on time, apply for the US student visa three-four months in advance.

In addition to this, students pay the SEVIS fee of $350 (₹26,256) for F and M visas or about $250(₹19,380) for a J visa, depending on the duration of their course.

NoteStudy abroad exams Indian students take to study in US

2. Tuition Fees: University & Degree Costs

There are a variety of options available to choose from.

Be it public universities, Ivy League, or private colleges, students can choose Diplomas, Undergraduate programs, Post-graduation and Ph.D. in the USA.

Some of the popular courses to study in the USA include Mathematics, Computer Sciences, Physics, Life Sciences, Engineering and Liberal Arts.

Depending on the type of degree you opt for, the range varies accordingly. Such as:

Types of degree Cost Cost
Community colleges $6000-$20,000/year ₹4,65,207-₹15,50,690
Undergraduate $20,000- $40,000/year ₹15,50,690-₹31,02,220
Graduate $20,000-$45,000/year ₹15,50,690-₹34,89,997.50
Doctoral $28,000-$55,000/year ₹21,71,554-₹42,64,012.50

While studying in USA for Indian students is a dream come true, it is best if you opt for the top universities in the world.

Giving you an overview, here are top US universities and their fees:

Universities Cost ($) Cost (₹)
Princeton university $49,450-$57,690 ₹38,33,210.71-₹44,71,949.96
Columbia university $50,496-$109,860 ₹39,14,293.38-₹85,16,226.35
Harvard university $51,143 ₹39,64,549.10
Massachusetts Institute of Technology $77,020-$185,500 ₹59,70,505.68-₹1,43,79,755.95
Yale University $44,500-$74,500 ₹34,49,591.05-₹57,75,158.05
Stanford University $70,476-$88,320 ₹54,63,222-₹68,46,469.25
University of Chicago $56,034-$74,919 ₹43,43,694.04-₹58,07,638.47
University of Pennsylvania $23712-$29820 ₹18,38,158.98-₹23,11,652.36
California University of Technology $83,598 ₹64,80,533.68
Duke University $58,176-$70,000 ₹45,09,815.16-₹54,26,414
John Hopkins University $45,260-$73,980 ₹35,08,564.25-₹57,34,944.40
Northwestern University $56,286-$76,368 ₹43,63,161.26 -₹59,19,871.71
Dartmouth College $55,605-$71,816 ₹43,11,194.66-₹55,68,074.02
Brown University $89,241 ₹69,19,077.83
Cornell University $74,394-$83,296 ₹57,67,952.81-₹64,58,147.12
Georgetown University $49,103-$60,894 ₹38,07,078.35-₹47,21,264.06
New York University $44,144-$90,484 ₹34,22,594.68-₹70,14,609.23

Tip: Use SelectRight to Shortlist Universities Depending on Your Profile

3. Cost of living in the USA: Accommodation, Food and Transport

Calculating the cost of living in USA for Indian students can be tricky as it changes depending on the place of your stay.

The cost of living is lower in cities like Chicago, Detroit and Kansas as compared to living in cities like New York, New Jersey and Massachusetts.

Living off-campus in a rented apartment is cheap in most cities in the USA.

However, living on campus offers more advantages like safety, security, proximity and affordability.

Type

Cost

Cost

On-Campus

$11,000 – $15,000/ year

₹8,52,802.50-₹11,62,920

Off-campus/private accommodation

$6,000- $49,000/year.

₹4,65,168-₹37,98,872

Homestay

$7,000 (a year) + $300 up-front fee

₹5,42,696-₹23,258.40

Student Hostel

$15 – $45/ night

₹1,162.92-₹3,489.54

The average cost of living in USA for Indian students thus comes up to $9,800 – $11,100 /year.

Cost of Food:

The major part of planning your budget and determining your cost of living in the USA depends on your everyday food cost.

You can always cut your expenses by making your own meals. This will bring your monthly food expenses to $50-$100/month.

To get an idea, refer to the table below:

Food

Cost ($)

Cost (₹)

Mid-range meal

$15

₹1,162

Mc Donalds

$8

₹620

Domestic beer

$5

₹387

Cappuccino

$4.45

₹344.95

Water (1.5l)

$1.84

₹142.63

Milk (1L)

$0.90

₹69.77

500gm Bread

$2.86

₹221.70

White rice (1kg)

$4

₹310.07

Chicken (1kg)

$10.41

₹806.96

apples(1kg)

$4.68

₹362.78

Potato (1kg)

$2.63

₹203.87

Transport cost:
By including your commute expenses in your cost of living, you will know exactly how much you need to study in the USA.

Students can take a monthly bus pass costing around $75 (₹5813)/month.

USA also offers well-connected metro lines.

With a U-Pass, students can access the metro easily. This can cost you about $30-$40/ month.
Other expenses
Along with the above expenses, Indian students studying in the USA have to bear additional expenses of stationery items, utilities, electricity bills, entertainment costs etc.

You can set aside about $500 – $800/month for the same.

Studying in USA for Indian students is an expensive affair. However, FundRight can offer you financial support depending on your personal needs.
By opting for professional assistance, you will not only manage the cost of studying in USA for Indian students but also, be pre-prepared for the expense in hand in the US.

Frequently Asked Questions About the Cost of Studying in the USA for Indian Students:

1. What is the cost of studying for an undergraduate degree in the USA?
Ans: Undergraduate degrees usually cost around ₹15 lakhs – ₹31 lakhs in the USA depending on the type of course and university you opt for.

2. What is the cost of living in USA for Indian students?
Ans: Depending on the lifestyle students opt for, you can expect to spend about ₹4 – ₹ 20 lakhs/year in the US.

3. Can scholarships cover the cost of studying in USA for Indian students?
Ans: Yes, various universities offer a wide range of scholarships and stipends for undergrads, graduates, and doctoral programs. You can expect $30,000-$70,000 depending on the university.

4. Is living in the USA cheap for Indian students?
Ans: The cost of living in the USA for Indian students is expensive. But, education loans provided via FundRight and working part-time will help you manage your expenses in the US.

5. What is the cost of entrance exams?
Ans: Exams like TOEFL, GRE, IELTS, and GMAT cost an average of $180-$275 for Indians.

India's First Loan Bidding Platform

Get online lenders to bid on your profile to get the best student loans.

List of Documents Required To Secure A Study Abroad Loan

List of Documents Required To Secure A Study Abroad Loan

Incomplete documentation is one of the key reasons why education loan applications are rejected.

To avoid getting your application trashed due to missing papers, keep all necessary documents ready.

What does ‘all’ mean here?
The documents required for a study abroad loan vary based on the course, country, and the lender you are applying to. Documentation also differs depending on whether it is a collateral-backed or non-collateral-backed loan and whether the co-borrower is a salaried professional or a business owner.

So be sure to read the specific application requirements of the lender before submitting your application.

However, we do have a generic list of documents that you should keep handy while applying for international education loans.

Spoiler Alert: You might not need all of these documents for your application. But having them available and accessible would definitely save you from last-minute panic attacks or worse, having your education loan application turned down.

Must-have documents for securing a study abroad loan

There are different documents required by different lenders, for different loan types, and during different stages of the study abroad loan application process.

The list of documents required for education loan are sorted into various categories and listed below:

          ● KYC documents

– Aadhar card
– Voter’s ID card
– Permanent Account Number (PAN) card
– Valid passport
– Driving license (for address proof)
– Birth certificate (for age proof)
– Class X mark sheet (for age proof)
– Letter explaining the gap between the last completed degree and the year in which the applicant plans to begin the next degree (if any)

          ● Academic Documents

– Mark sheet of the qualifying examination (for example, class XII mark sheet for graduate degree loan, graduation degree for postgraduate degree loan, etc.)
– Degree/certificate of professional degree (CA, CS, CWA, ICWA, etc.) if applicable.
– Foreign language examination scorecard (TOEFL, IELTS, etc.)
– Admission examination scorecard (GRE, GMAT, LSAT, SAT, etc.)
– Conditional/Unconditional admission letter issued by your preferred                                                  university/institution on their official letterhead and with their seal/stamp

          ● Financial Documents

– Bank account statement for a minimum of 6 months up to 3 years
– Bank passbook copy
– A third-party guarantee or certificate

Financial documents required in the case of immovable collateral:

– Encumbrance certificates (EC) to ensure the property is free from legal or monetary charges.
– Land or property title deed to establish ownership
– Property sale agreement
– Allotment Letter By Municipal Corporation or other authorized government authority
– NOC from the builder or mortgage holder
– Extracts 7 or 12 of the property, land, or otherwise,

Financial documents required in the case of movable property collateral

– Gold bond, Bearer bond, or other bond certificates
– Insurance policy document
– Demat account portfolio statement
– Fixed Deposit (FD) or Recurring Deposits (RD) certificates

Note: If you are applying for an education loan with a national Non-banking Financial Company (NBFC), the immovable and movable property documents are NOT required.

           ● Legal/Institutional Documents

– Immigration documents
– Student acceptance letter
– Approval visa (varies depending on the country where you want to go to)
– Indian Income Tax Returns (ITR) of a minimum of the last 2 years till a maximum of the last 4 years
– International scholarship awards or certificates (if applicable)
– Demand letter (for fees) from universities/educational institutions (not compulsory                     for NBFCs)
– Receipts of payments of any academic fees (if paid) (not compulsory for NBFCs)

           ● Subsidy Documents

– Extra-curricular or merit certificates (if applicable)
– Disability certificates showing the type and degree of disability (if applicable)
– Minority caste certificates issued by competent government authorities (if   applicable)

Note: Subsidy documents are only required when applying to banks for loans and are not considered by NBFCs or international lenders.

            ● Co-applicant Documents

– Identification documents like Aadhar card, voter’s ID card, PAN card, or valid passport.
– Address proof (any of the above or driving license)
– Consent letter for becoming the co-applicant/co-borrower
– For salaried professionals, salary slips (of a minimum of 6 months, till a maximum  of  3 years)
– For business owners or self-employed people, accounts and tax statements of   business approved by a charted accountant (of a minimum of 1 year, till a maximum of 3 years)

In case of an NRI being your co-applicant, the following documents are also required:

– Power of Attorney
– Copy of NRI co-applicants visa stamped/approved by the designated authority.
– Copy of work permit.
 ● Documents required by international education loan lenders

Other than the mentioned list of documents, international education loan lenders also                require the following documents:

● Cosigner’s identification documents like proof of citizenship (For example, in the case  of an American cosigner, their social security number, voter’s registration, or resident  card is needed.
● CV or resume of the applicant
● CIBIL score and credit report
● Bank Statements (8 months to 3 years)
● Bank guarantee (also called proof of savings)

Based on the stage of the process, there are different documents required for an education loan. They are mentioned as follows:

● Pre-approval documentation
To check your eligibility for study abroad loans, the following documents are needed:

– Identification documentation
– Collateral documents

 ● Documents required to confirm student loan application
To sanction the education loan in your name for your preferred university, the following               documents are needed:

– Academic documents
– Loan agreement

     ● Documents required to manage the education loan after sanction

Once your loan is sanctioned, you’d need the following documents to manage your  study abroad loan:

– College fee receipts
– Co-applicant removal consent, if required
Important points to note while submitting documents to secure an international educational loan

You might have 20-50 papers lying in front of you while submitting a study abroad loan application. And it is easy to get confused.

Here are a few things to keep in mind while sorting and arranging the documents.

● Some documents work for multiple purposes.
For example, you’d be submitting your class X mark sheet for academic purposes. That also works as an age-proof. So you can skip your birth certificate, get two copies of the class X mark sheet and use it for academic as well as age proof. Similarly, for address proof, you can use your Aadhar/PAN/Voter’s ID card too if it has the same address. No need for a driving license.
● Never submit an original document for a study abroad education loan application. 

Only the fully-filled loan application form has to be original. Use self-attested photocopies of the rest of the documents. However, in the case of a collateral-based education loan, the original documents related to immovable or movable collateral have to be submitted to the lender.
● Passport size photographs are not ‘documents’ but vital for your education loan application.
2 passport-size photos of the primary applicant and 2 of the co-borrower are standard. You might also want to keep a couple of extra copies handy.
● Having more than the needed documents ready with you is great. Submitting unwanted documents to lenders, not so much.
Submitting unwanted documents might complicate the process, make it difficult to identify the required ones, and also put off the loan officer, resulting in a rejection. Before submitting any study abroad loan application, check the official list of required documents. And submit only what is needed.

Want to avoid the hassles of cumbersome education loan documentation? Try FundRight.

It takes over 720 hours and negotiations and discussions with 10+ loan vendors to finalize an education loan for studying abroad.

You are most likely to have to hop from one loan officer’s cabin to another’s with your binder full of documents for that. Cut down the time to 2 days and skip having to hop around with hands full of papers with FundRight.

India’s first student loan bidding platform, FundRight, helps you leverage lender competition to get the best possible interest rates and offers. The platform also ensures that your loan application document submission happens with ease.

Have questions? We’ve got the answers.

● Is there a risk of losing my documents? 

When you carry your original documents to multiple lenders and let them shuffle through there, there is a risk. But with FundRight? Absolutely not. The original documents stay safe with you.
● Will I have to submit my documents to all banks or lenders to get their quotes and loan offers? 

No. The lenders bid on your profile and offer you loans. And you have to submit your documents to only that lender whose loan offer you accept. (Don’t worry if you are baffled by the oh-so-enticing loan offers you’ll get. The FundRight team will help you choose the best financial option.
● What if I have doubts about what documents to submit?
FundRight’s in-house advisors can help you. And because they are a part of FundRight and not the lender’s teams, you get prompt and absolutely unbiased advice.
● Are my documents and details safe?
100%. FundRight respects your privacy and your confidential data is not shared with lenders without your permission.
How many photocopies of my documents do I need?
None. The entire process happens online and you only need scanned copies of your documents. No need for multiple physical copies.

Give wings to your international education dreams – find the right loan provider from among 30+ lenders including banks, NBFCs, and international loan givers with FundRight. And then effortlessly submit only the required documents online with expert advisors by your side on every step.

Study Loan For Studying In France: Cost of Studying, Banks, Interest Rates

Study Loan For Studying In France: Cost of Studying, Banks, Interest Rates

From Bonjour, Bon appetit, to some good old fashioned wine and cheese, who wouldn’t fancy experiencing French life, especially as a student.

France houses some of the world’s top universities, including more than 30 QS ranked universities.

There are more than 3,500 public/private universities and other institutes offering undergraduate, postgraduate, diploma and PhD courses.

In the academic year 2020-2021, over 10,000 Indian students moved to France to pursue their passion.

Top Reasons to Study in France

As a student, if you need more logical reasons to study in France other than the iconic Eiffel Tower, Louvre Museum, Notre Dame Cathedral or the Disneyland, then here are a few:

          ● Speaking of the quality of education, France has bagged the 8th best position globally and is the top 5th in Europe.

          ● Studying in France is comparatively cheaper as compared to many other European countries.

          ● International students can work part-time in France. Some of the jobs you can take up are – a nanny, an English tutor, tour guide, restaurant executive, retail work etc.
           ● The minimum hourly wage in France is about € 7.61 (₹621.09). This implies that you can earn up to €7900/year (₹6,44,790) in France by just working part-time.

            ● International students in France can apply for a one-year work permit, after their education.

            ● France also offers a post-study visitor visa of 5 years for master’s and PhD students to keep roots with the country.

Tip: Foreign students are also required to clear TOEFL/ IELTS for English language proficiency along with DELF/DALF/TCF/TEF to prove French language ability. Learn more.

Now, if you are all-in to study in France, let’s quickly break down your cost of study in France.

 

Cost of Studying in France for an International Student

Even with the modest and affordable tuition fees, the expenses of studying abroad are a considerable sum.

To effectively plan your study in France, learn about the costs you will incur if you study in France:

 

1. University Fees:

Some of the best courses to study in France are Business studies, Aviation, Philosophy, International Relations, Culinary Studies, Film Studies and Fashion.

The university fees range in France start from as low as € 380 to € 30,350.

Here are some of the best universities in France and their fee structures:

Universities

Cost (Euro)

Cost (INR)

Université PSL (Paris Sciences & Lettres)

€380 – €3,770/year

₹30,788 – ₹3,05,502/year

Ecole Polytechnique

€38,000/year

₹30,79,408/year

Sorbonne University

€10,000/year

₹8,10,470/year

Centrale Supelec

€7880 – €18,344/year

₹6,32,166 – ₹14,86,726/year

HEC Paris

€24,850 – €30,350/year

₹20,14,017 – ₹24,59,776/year

Polytechnic Institute of Paris

€16,800/year

₹13,61,926/year

ENS Paris – Saclay University

€793/year

₹64,284/year

Université Grenoble Alpes

€499 – €1422/year

₹40,425 – ₹1,15,172/year

Université de Paris Panthéon- Sorbonne

€3,228 – €4394/year

₹2,61,438 – ₹3,55,874/year

Sciences PO

€13,1900 – €25,000/year

₹10,68680 – ₹20,25,550/year

However, to ease your study expenses the French and Indian government offer scholarships.

Scholarships might include covering your cost of education, equipment, the cost of your living in France etc.

SUGGESTED READScholarships for Indian Students to Study Abroad

2. Student Visa:

Once you’re selected to study abroad, the next expense you will incur is your student visa.

The type of visa you need depends on the duration of your stay in France.

In addition to that, to secure a French student visa you’re required to display a sum of € 615/month as proof of sufficient funds to pursue the course abroad.
This implies that you will need to show €7,380 for a one year course in France.

Visa

Duration

Cost

Cost (INR)

Schengen short-stay student visa

3months/ non-renewable

Free

Free

Temporary long-stay visa (VLS-T)

3-6 months/no residence permit

€50

₹4080

Long-stay visa (VLS-TS)

4 months – 1 year/ eligible for a residence permit.

€99

₹8034

Apart from the visa, foreign nationals secure medical insurance of € 30,000 to cover health insurance and related services in France.

3. Flight Fares:

The French universities commence their academic year during September/October and end around May/June.

The cheapest month to fly to France is during February when the flight tickets cost around ₹20,000 – ₹30,000 for a one-way ticket.

The flight fares are most expensive around June/July. On average, flight fares range from ₹40,000 to ₹60,000.

Booking in advance can also help you save on your expenses.

4. Accommodation:

International students can opt for campus accommodation or choose to rent an apartment. However, renting an apartment is expensive in France for a student.

You can also choose to live with a host family to experience the typical ‘à la française’ lifestyle. In any case, you will incur3

Type

Cost

Cost

University residence halls

€200 – €400/month

₹16,244 – ₹32,488/month

Private student residences

€ 500+

₹40,484+

Apartments

€ 400 – € 800/month

₹32,488 – ₹64,910/month

Living with a french family

€ 200 – € 800/ month

₹16,244 – ₹64,910/month

Help TipCROUS can help you find affordable accommodation

5. Transportation:

Commuting in France for students too is affordable.

With a number of student discounts and affordable inter-city commute options, your transportation costs don’t sting you in the pocket.

Here are a few basic prices to help you plan your budget and expenses.

Type of transportStudent rateCost in INR
Transit in Paris€342/year₹27,757
Transit outside Paris€250-€300/year₹20,299-₹24,358
Self-serve bicycle€19-€29/year₹1,542-₹2,355
SNCFdiscount card€50/year₹4,059

It is generally a wise option for international students to opt for available France student transport discounts.

6. Food Cost:

One of the biggest expenses you incur while studying abroad is the cost you spend on your food.
Cooking your own meal helps cut down on your expenses in France.

But, students can generally expect to spend about €300 – €500/month in France on food, depending upon the city they live in and the regularity with which they visit restaurants.

To give you a brief idea, here’s a list you can refer to

Food

Cost

Cost

Baguette

€1

₹81

croissant

€1.10

₹89

1kg of pasta

€1.50

₹121

1L of milk

€1.20

₹97

6 eggs

€1.50

₹121

Coffee

€2

₹162

University meals

€3.25

₹263.53

Fast Food

€7

₹567

Restaurant meals

€10 – €20

₹810 – ₹1621

Sandwich and drinks

€5 – €8

₹405 – ₹648

7. Other Additional Expenses:

The last regular expense you will incur during your study period will be any additional cost of stationery, internet, memberships etc.

You can set aside €500/month for the same.

France most certainly is a charming country.

But, despite its affordability, the sum of money might not be easily accessible to many.

Thus, to ease this for students, you have a number of banks who can help you with a student loan. We’ve gathered the list here for you:

 

Best Bank Loans for Indian Students to Study in France

To study in France, you can apply for secured loans with collateral such as fixed deposits with low-interest rates.
Or you can opt to take an unsecured loan that is an education loan without collateral for France at a comparatively higher interest rate.
The eligibility criteria for applying to any of these education loans to study abroad are:
● You need to be a resident of India.
● Should be between 18 to 35 years at the time of loan application.
● Have confirmed admission to a recognized institution in France.
● A co-applicant who can either be a parent or guardian is required.
● Co-applicants should have a stable income source.
Listed below are some of the Indian bank education loan for abroad studies:

Bank Sector Processing Fee Maximum Loan Amount Interest Rate Period of Loan
Axis Bank Private At the discretion of the bank Upto ₹40 Lakhs Starting at 11.25%pa Course length + 12 years moratorium period
Bank of Baroda Public ₹10,000+gst ₹ 80 Lakhs 8.25% for boys, 7.75% for girls 15 Years
Canara Bank Public Nil ₹40 lakhs 6.90% to 8.80% p.a. 15 Years
Federal Bank Private Nil ₹2O Lakhs Up to 10.05% pa Course period and 5-7 Years
HDFC BANK Private ₹1000 OR 1% of loan ₹30 Lakhs 9.55% pa 15 Years Including moratorium
SBI Public ₹10,000 ₹1.5 Crore 8.65% pa 15 Years
Punjab National Bank Public 1% of the loan amount, subject to a minimum amount of ₹10,000 As per requirement as repayment capacity RLR+BSP+2.00% onwards 15 Years
IDBI Bank Private Upto ₹2O Lakhs (requires no collateral for up to 4 Lakhs) 6.75%- 8.65% 15 Years

By securing any of these education loans to study abroad, you will be one step closer to achieving your dreams.
In addition to that, securing an education loan to study abroad via FundRight will help you bag the best deal to study abroad.
FundRight assists you with the best bank for education loan for abroad studies.

Studying in France will exceed your expectations by giving you an enriching adventure with its diversity and multicultural experiences.
Thus, keep in mind to plan your finances well prior to studying in France.

India's First Loan Bidding Platform

Get online lenders to bid on your profile to get the best student loans.

What Is Margin Money for Education Loan And Why It Matters?

What Is Margin Money for Education Loan And Why It Matters?

Margin money for an education loan is the amount that you pay from your pocket. While taking out a loan to study abroad, you can sponsor yourself entirely from the loan, or partly from the loan. In the case of the latter, the other part comes from your savings. That part is known as the margin money.

Why is margin money important?

Because it reduces the amount of interest you have to pay. This is one of the most prevalent reasons that aspiring Indian students get a couple of years of work experience and save up some money. This alleviates a lot of mental agony while being a foreign student in an expensive city.

What is the margin money amount?

It depends on many factors. As every profile is unique, it will serve you well to inquire the same with the moneylender. RBI has informed that a 15% of margin money may be insisted on students going abroad for study. There are certain banks and non-banking financial institutions that are happy to sponsor you completely for your higher studies abroad. This is a good decision for the bank as they will be getting more interest. From your perspective, you have to keep your current financial situation in mind. Insisting on a higher margin money amount might hurt your family’s way of living and will give you lots of stress when you are abroad. On the other hand, if you get a higher loan amount, it will cost you a bit more as interest in the long term. Most students choose to pay less as the extra bit of interest seems little in comparison to the loan amount.

How does choosing the right college affect your margin money?

The college or university where you plan to do your Masters determines the following things: 1. Your future earning potential. Reputed colleges and universities give their students better opportunities as their alumni network is stronger and they have better relationships with various companies in different industries. 2. Your cost of living. If your college/university is in an expensive city, you will be spending a lot there on rent and amenities. 3. Your international travel expenses. Through the course of your study, you will be traveling back and forth to India. This, although by a relatively smaller margin, affects the money you will be spending. 4. Scholarships from foreign universities. A lot of students are benefited by financial assistance in the form of scholarships. The probability of you getting a scholarship depends on which college you have applied to. All the above factors decide the loan amount for studying abroad. At GradRight we will send personalized college recommendations to you. After you roughly calculate or estimate your loan amount, you need to secure the best loan. The best loan will alleviate your financial stress as you go abroad and start a new chapter in your life. Here is how we can help you secure the best student loan for you to study abroad.

How does FundRight get you the best education loan for studying abroad?

Compare loan offers from 30+ moneylenders We have a diverse set of moneylenders who are ready to help you get a degree abroad. Public and private banks, Non-Banking Financial Companies (NBFCs), and private moneylenders will be offering you a loan. Create an account and we will get you started. We are constantly adding more moneylenders to our list so that you will have more options while choosing the best education loan.

Fast and efficient

If you went to any bank in India for any reason, you know how slow their processes are when it comes to approving loans. You will begin by submitting a lot of paperwork, then talk to the right person, submit some more paperwork, and wait until they call you. Margin Money for Education Loan

Not to mention, the availability of the right individuals and network in the banks are the most important factors. Keeping all of that in consideration, it will at least take you weeks, if not months, to get a quotation from one bank.

Of course, you will need multiple options to make sure that you are making the right choice. That translates to you running around banks for months at a time.

On FundRight, you’ll find your best loan within two days.

48 hours. That’s how long we take because that’s how long we need. After you fill in your details, we will share your profile with all the moneylenders in our database. We will compile all the quotations at once and send it over to you.

With FundRight, you have to fill your profile only once.

Moneylenders will compete for you

FindRight is India’s first loan bidding platform which means, you are the prize. We will have all 30+ moneylenders (more are constantly being added) competing for you so that you get the best deal while getting an international education loan.

You will save 2-5% in interest on your education loan for studying abroad.

As you will have the loan’s terms and conditions right in front of you from the very beginning, you can make the right choice. What makes this even better is the speed. This will give you more time to think over each of the offers and make the best decision for you.

Receive unbiased financial advice

Every bank, NBFC, and private money lending organization has “experts” who are supposed to help you secure the loan with lowest interests.

Unfortunately, that is not true.

They are salesmen in disguise. After examining your profile, they give you a deal that is best for them, in terms of profit. They consider information like your earning potential, your family’s current monthly income, etc., to make a profitable decision for them.

We will have your loan applications examined anonymously by experts.

At FundRight, we believe in empowering students who want to study abroad. One of the ways we do that is by hiding certain details that might get you any biased advice.

Get low interest, no collateral loans

For a lot of reasons, no collateral loans are preferred. It doesn’t put any of your property on the line, it reduces the long term risks, etc. But there is a catch. No collateral loans often come with a lot of interest.

This puts most applicants off as the financial advantage gets nullified. We have understood that problem and have solved it.

Secure low interest, no collateral loans with FundRight.

Create your profile, answer a few questions that will help us give you the best loan options for studying abroad.

Getting Education Loan For Studying In Canada Just Got Easy For Indian Students

Getting Education Loan For Studying In Canada Just Got Easy For Indian Students

Get low-interest loans in two days.

Yes, within 48 hours.

In your email inbox.

Here is how we can get you the perfect education loan to study in Canada.

How Fundright Get You The Perfect Education Loan To Study In Canada Fast

Education Loan For Studying In Canada

FundRight gives a lot of advantages to Indian students who want to do their Master’s in Canada. Here is a complete list of the benefits you can look forward to.

1. Get Loan options within 48 hours

If there is one challenge that international education loan applicants face, it is the unreasonably long turnaround time (TAT) of the banks.

It can range from a few days to a few weeks depending on the mindset of the bank employees. Your application will be delayed naturally when the bank asks you for numerous documents that take days to obtain. Then, the slow pace of paperwork in banks will delay it further.

FundRight sends you loan options to your email inbox within 48 hours.

That’s right. We need two days because that’s how long it requires. Create your profile, tell us a bit about yourselves and we will send you the best loan options that you can choose from.

2. Compare 30+ moneylenders before choosing the best option for you

By manually sending loan applications to banks, you will have 3-5 options at most. Also, these options will be limited to your geographical location.

With FundRight, you can select the best from 30+ options.

We will get you quotations from public banks, private banks, Non-Banking Financial Companies (NBFCs), and international moneylenders. They will compete among themselves to give you a student loan for studying abroad.

3. Save 2-5% on your student loan interests

It is our objective to get you a low-interest no collateral education loan to study abroad. We ensure that outcome by having moneylenders bid on your profile and leave it to you to make the choice.

The interests decide what kind of a lifestyle you can lead while studying and how much sacrifice your parents need to make.

FundRight gets you a no collateral loan with the lowest rate of interest.

We have empowered countless students by reducing the burden of high-interest education loans for studying in Canada. You can save up to ₹23 lakhs in your loan journey.

4. Receive unbiased expert guidance

New loan applicants are swarmed with advisors who help them choose the best loan option. Often, these advisors are bank agents or at least affiliated with banks. Their recommendation is always in the best interests of the institutions they are representing.

At FundRight, we will give you unbiased advice.

To ensure that, we hide identifying details from your profile and show only the relevant details to our in-house experts. Our experts have already helped countless students make a wiser financial choice while choosing an education loan for Canada.

5. You Will Get It All From Your Home

Did we mention that you don’t even have to step out of your house to do all of that?

Studying abroad is one of the most exciting moments of your life. But that all goes away because you have to run to and from banks, government offices, and more. It is hard to think about your future when you are occupied by problems.

Fortunately, we have a solution for that.

FundRight saves you weeks of hard work.

Create your profile today.

study loan for Canada

The next thing for you is to start thinking about your stay in Canada and all the opportunities you will have access to. But it is not just career opportunities that make Canada a great destination for students.

Canada is now the new destination for ambitious Indian students for a variety of reasons.

Why Should You Study In Canada?

Canada is increasingly becoming the popular choice among Indian students who want to do their Masters abroad. Here are some of the benefits you can look forward to if you choose to study in Canada.

Less Tuition Fees

The average tuition fee for studying in Canada per year is about ₹15 lakhs as compared to ₹25 lakhs in the USA. That is ₹20 lakhs in two years.

If you are from a middle-class family in India, that makes a huge difference. Furthermore, due to globalization and drivable distance from the USA, you will have similar access to career opportunities.

Low Cost Of Living

Just like tuition fees, you will save a lot by studying in Canada as the rent is lower. On average, you will save at least 25% on rent and monthly expenses.

This will give you more financial freedom while staying abroad. Having more spare cash will help you deal with unforeseen situations easily. On top of that, your total loan amount will be lower.

Better For Immigrants

Getting permanent residency and citizenship in Canada is relatively easier as compared to the USA. Also, benefits like universal healthcare and cheaper education are great motivators for Indian-origin students to settle abroad.

One of the biggest reasons Indian students don’t consider Canada is because getting a low-interest education loan is difficult. We have listed the causes of this financial roadblock.

Challenges In Getting An Education Loan To Study In Canada

High-Interest Rates

Banks are known for high-interest education loans. There are numerous instances where people are surprised when they know that a car loan has a lower rate of interest than an education loan.

It will be even more if you take loans from private moneylenders and NBFCs.

If you don’t have collateral, your rate of interest increases drastically. This scares a lot of meritorious students away from chasing their goals.

Long Duration Before Approval

study in canada

Banks, especially government banks are known for their extremely slow paperwork. In this hyperfast world, you will be at a major disadvantage.

Your loan approval process in banks will be slower for a number of reasons.

1. It depends on the availability of the relevant bank employees.
2. Banks could get temporarily shut down if COVID-19 starts to infect people with the next variant.
3. You will have to get an extra document from a government office which will take its own time.

It is no wonder that getting a loan approval or the initial details will take at least a few weeks or even a month.

No Proper Guidance

This is the most important one.

Every student will have a lot of questions that they need the answer to so that they can make an informed choice. Unfortunately, a lot of online advice is doctored, sponsored by the banks to get more customers, or coming from people who have no idea about the process at all.

All these challenges are easily solved with FundRight.

Get low interest, low collateral international student loans in two days.

Create your profile today.

All You Need To Know About Student Loans for Studying in Australia

All You Need To Know About Student Loans for Studying in Australia

As of January 2021, over 1 million Indian students study outside the country. And 77,000 of the students study in Australia.

Australia has some of the best-ranked universities in the world. However, when compared to 15 other popular study destinations, the cost of studying in Australia is the highest.

That’s why student loans for studying in Australia are necessary. Getting funding from any source is a hurdle and a half. But using FundRight will make the experience so much better for you.

We have over 30 lenders on our platform. You can compare all of the rates from your home.

What’s more, lenders will bid to give you a loan on our platform. This way, you can get the lowest interest rate for your study abroad loan.

But now let’s talk specifics about student loans for Australia.

 

Cost of Studying in Australia

Degree-wise breakdown

International students make up a fifth of the higher students in Australia. So universities in Australia lost a significant portion of their revenue in 2020. So the cost for many courses increased multifold in Australia.

Here’s a breakdown of the approximate cost for various courses in Australia in 2022.

Degree

Cost in AUD

Cost in INR

Arts

$58,000

₹31,63,763.70

Engineering

$37,000 – $49,000

₹20,18,263 – ₹26,72,835

Medicine

$255,200 – $630,000

₹1,47,13,500 – ₹3,63,22,500

Computer Science

$38,000 – 92,000

₹20,72,810 – ₹50,18,384

Psychology

$32,000 – $50,400

₹17,45,525 – ₹27,49,201

Other expenses

Australia is a pretty expensive country to live in. So international students will also have to spend a large portion of their budget on their living needs.

Here are the average monthly living costs for various cities in Australia without rent.

● Sydney: $1,446.69
● Melbourne: $1,222.10
● Adelaide: $1,311.06
● Canberra: $1,222.10
● Perth: $1,296.13
● Brisbane: $1,394.91
● Newcastle: $1,281.27

A large one-time expense you’ll have to plan for is your student visa. A student visa for Australia costs $630. That is approximately ₹35,000.

If you are planning to work in Australia after finishing your course, then you’ll need a temporary graduate visa. This costs $1,680 or ₹92,000. Though this won’t be an immediate cost for you, it’s one you’ll need to plan for.

Getting A Student Loan for Studying in Australia

It’s always a good idea to be ahead of the loan application game. Some banks can drag the application process for more than two months.

Plus, you need to show proof of funds for getting a student visa to Australia. So start your loan research process parallel to the college applications. And once you get your admission, immediately apply for the loan.

But, if you do find yourself in a situation where your visa appointment is next week and you still don’t have a sanctioned loan, worry not. FundRight can ease your pain. If you’re in a crunch, we can get your loan approved in 2 days.

If you’re not, then we can help you find the best rates. We are India’s first loan bidding platform. You can choose between 30+ lenders to get your education loan for Australia.

Potential Providers

There are widely two types of education loan lenders – banks and NBFCs. And even within banks, you can borrow from nationalized banks or private banks.

The key difference between these types of lenders is the interest rate you’ll pay. Typically, NBFCs have higher rates of interest. This is because they have to cover their borrowing cost and spread.

But the benefit you get with NBFCs is the option of not submitting collateral for even high loan amounts. This applies only in specific cases. And you can also get the loan sanctioned quicker.

Banks, especially nationalized banks, will have a lower ROI. But, the processing time in banks is typically longer. In India, most banks don’t offer loans over 4.5 lakhs without collateral. So that’s another point to consider.

Student Loans for Australia

Process For Applying

Most lenders will need your offer letter from your college. So step one is getting accepted into a program in Australia.

Your next order of business should be to research the best interest rates and terms for your study loan for Australia.

No matter the final lender you choose, the documents you’ll need to submit are pretty much the same. So make sure you have all your documents prepared. Here’s a list of the documents you’ll need.
     ● PAN Card (of applicant and co-signer)
     ● Aadhar Card (of applicant and co-signer)
     ● Academic Records – 10th, 12th, and UG mark sheet if applicable (of applicant)
     ● Passport Sized Photo (of applicant and co-signer)
     ● Cost of study documents
     ● Proof of admission
     ● Co-signer’s income proof, bank statements, and IT records

Once the lender approves your application, you’ll sign an education loan agreement document. This document will dictate the terms of repayment and interest type.

Wait, there’s more.

How To Allocate Your Funds

Most lenders prefer to disburse your loan directly to your university’s account. But for studying in Australia, the embassy has different requirements.

For study loans for Australia, the lender should transfer the money to you, the student. You should then send your university the proof of receipt.

The university will then send you a Confirmation of Enrollment (CoE) letter. This is crucial for your Visa application process.

The money will reside in your Indian savings account with a hold on it. So only when you need the money can you access it.

The Easiest Way To Get Funds

Unless you enjoy jumping through hoops, FundRight is the best way to get an education loan for Australia.

Just submit your profile to us and we’ll help you find the right lender. Our financial experts can answer any questions you may have about the borrowing process. Write to us at grad@gradright.com to start your education loan process.

 

Student Loan for UK: Costs, Funding, Lenders Interest Rates

Student Loan for UK: Costs, Funding, Lenders Interest Rates

UK is one of the leading study abroad destinations in the world. Housing 90 top QS ranked universities, the UK is a popular choice among students because of its quality education and innovative teaching methodologies. Despite being an international destination, UK is made affordable to the Indian bright minds thanks to the affordable education loans and UK’s student-friendly education system.

Most Indian students prefer studying in the UK as English-taught courses and Master’s can be completed in a year, allowing students to save on fees and accommodation. Additionally, to manage expenses, international students are also allowed to work for 20 hours a week during their course.

Working part-time in the UK helps students make a living during their course.

 After the completion of your course, the UK government allows you to work for 2 years with a post-study work visa. 

The average annual salary of a UK working professional ranges from 8 lakhs to 50 lakhs. Thus, offering an attractive career to anyone aspiring to move to the UK. 

Considering the advantages and number of international students in the UK, it is safe to say that UK is one of the easiest, safest and most accessible places to study. 

In this blog, let’s give you an overview of the cost of studying in the UK along with the top education loan lenders in India.

 

Cost of Studying in the UK: How Much Will You Spend in the UK?

Despite the affordability, the unmatched global exposure, living and cultural experiences cost you a hefty Indian rupee in the UK.
To give you an overview, begin with the university fees of the top UK universities.

 

1. UK University Fees: Study Cost of UK

Tuition fees for various UK undergraduate and postgraduate courses range from £8000 to £65,000.
Some of the top UK universities and their fees are:

UK University

Fees

Fees in INR

University of Oxford

£22,930 – £65,520/year

Rs 21,99,198 – Rs 62,83,967 lakhs

University of Cambridge

£23,340 – £60,942/year

Rs 22,38,519 – Rs 58,45,152 lakhs

Imperial College London.

£31,750 – £57,200/year

Rs 30,45,851 – Rs 54,87,328 lakhs

The University of Edinburgh

£23,200 – above/year

Rs 22,25,426 lakhs

The University of Manchester

£21,000 – £32,000/year

20,14,730- 30,70, 065 lakhs

The University of Nottingham

£15,600 – £16, 200/year

Rs 14,96,999 – Rs 15,54576 lakhs

The University of Southampton

£19,300 – £23,720/year

Rs 18,51,298 – Rs 22,7,274 lakhs

King’s College London

£21,870 – £42,840/year

Rs 20,97,829 – Rs 41,09,273 lakhs

University Of Bristol

£21,100 – £25,900/year

Rs 20,14,730 – Rs 24,84,364 lakhs

University of Glasgow

£9,175 – £52,000/year

Rs 8,80,079 – Rs 49,88,028 lakhs

University College London

£31,200 – above per year

Rs 29,93,170 lakhs

London School of Economics and Political Sciences

£23,330 – above per year

Rs 22,37,541 & above

Suggested Read: How To Choose Among Top UK Universities To Study Abroad?

Fun Facts About Studying in the UK

● Durham University, UK offers an entire course module on Harry Potter. However, there are no flying lessons involved (pun intended).

● Other unique courses offered in the UK include Parapsychology (for paranormal activities), Equestrian Psychology, Sports Science and more. 

Check out help guides to apply to UK universities abroad.

2. Visa and Travel Expenses

To study in the UK, you will have to take a student visa depending on the type and duration of your course.
Also, acquiring a tier 4 visa requires you to show £1015/month (₹90,000) as proof of sufficient funds to study in the UK.

Type of Visa

Application Fees

Short-term student visa (6 – 11 months)

INR 19,369

Tier 4 student visa

INR 36,238

Flight fares vary depending on seasonality. However, you will have to pay about Rs 50,000 – Rs 90,000.

3. Accommodation Costs

Students looking to rent private rooms or one-bedroom apartments would have to spend around £400 – £600/month.

Cheaper options such as residence halls costing around £300 – £500/month are provided by the universities too.

4. Commute Costs

Public transport system in the UK is easily accessible and well connected.

For the benefit of students, the UK offers student passes that can be obtained at just £32/month.

So, the estimated cost of commuting within the UK will cost you about Rs 3,021.

5. Food Costs

Estimated monthly spend on food in the UK is about £160 – £200 (approximately INR 15,000 – 20,000).

Cooking on your own would reduce the cost by half to approximately INR 7000 – INR 9000.

6. Health Insurance and Other Costs

Essential services like electricity, water, gas, stationery, household goods, etc too are important expenses to keep in mind while studying in UK.

The over costs you will incur for other essentials will be around £50 – £120/month (INR 4,500 – INR 11,000).

7. Health Insurance

International students pay £470/per year for health insurance to study in the UK.

Round Off: A Wrap Up Cost Of Studying in the UK

Expense

Cost

Tuition Cost

7,10,000 – 62,83, 900 lakhs

Visa (TIER 4)

36,000 INR

Accommodation

30,000 – 50,000 INR per month

Travel

3000 – 5000 INR per month

Food

7000 – 20,500 INR per month

Other essentials

4,500 – 11,000 INR per month

Health Insurance (health surcharge)

40,000+ INR per year

Disclaimer: Currency and expenses vary according to timeliness, city, university, personal choice of expenditure, etc.

As a student, these costs might seem overwhelming. However, studying in UK is worth it.

After all, London has bagged the world’s best student city award by QS top university ranking.

Student Loans for UK: Funding Options to Study Abroad in the UK
Before opting for an education loan for UK in India, you need to be eligible to take a study loan.

To secure a student loan for UK, you should:

● Be a resident of India
● Should be between 18 to 35 years at the time of loan application
● Have confirmed admission to a recognized institution in UK
● A co-applicant who can either be a parent or spouse is required
● Co-applicants should have a stable income source
Types of Education Loan You Can Take to Study in the UK:
You can take up two types of loans to study in the UK, that are loans with collateral and non-collateral education loan.
A secured education loan for study abroad is when you will have to provide a security or collateral to avail a loan.
The pay-back interest amount on secured loans is comparatively lower than non-collateral loans.
The security can be tangible or intangible such as FDs or fixed assets such as property.
If a financial constraint worries you, banks provide student loans without collateral too as a solution.
Bank Name Maximum Loan Amount Interest Rate Period of Loan Loan Eligibility
Bank Of Baroda Rs. 60.00 lakhs 9.70 – 11.20% Course period + 1 year or 6 months after getting a job, whichever is earlier. Repayable in 180 maximum installments for loan amount above Rs 7.50 lakhs

1. Should be an Indian National

2. Secured admission to foreign Universities/Institutions.

PUNJAB NATIONAL BANK Need-based finance subject to repaying capacity of the parents/students with margin 9.45 – 11% Maximum up to 15 years

1. Should be an Indian resident

2. should have secured admission in university abroad through entrance test, after completion of HSC or +2 equivalent exam

Central Bank of India Rs 10 lakhs – 20.00 lakhs

9% for male students

8.50% for female students

Repayment to commence 12 months after completion of studies or 6 months after securing a job whichever is earlier.

1. Indian national

2. Secured admission in foreign university

Canara Bank Need based finance One-year MCLR + 2.00% interest Repayment up to 15 years after the completion of the course Indian resident
State Bank of India Rs.20 lakh under SBI Student Loan Scheme and Rs.1.5 crore under SBI global Ed Vantage 8.65% (0.50% less for girls) Repayment of the loan will commence one year after completion of the course or 6 months after securing a job. The maximum repayment period is 15 years All courses having employment prospects are eligible.
Bank of India Rs. 20 lakhs One-year MCLR+ b 1.70% 15 years repayment period after course completion Should be an Indian National and secured admission in a foreign university
HDFC BANK RS. 45 lakhs Preferential interests rate provided if secured admission Repayment up to 14 years Indian resident between 16-35 years of age.

By taking any of the listed loans with the help of FundRight, you get the best student deal possible to study in the UK.
The UK remains a favorite destination for its hassle-free application process.
While the universities provide hands-on learning approaches, it is also a great chance for students to experience the various cultures and explore the English heritage.