Need an overseas study loan? It is easier to get one from a global lender

The hitch is that they are in foreign currency and carry an exchange risk in case you want to work in India

Lucknow-based Himanshu Singh is set to begin a Masters in Finance course at the University of California, Irvine, this August. Says the 29-year-old: “I applied to a couple of Indian lenders for funding, but they took a long time to respond. One player said it would not need collateral but later changed its stance.” Singh then applied to a foreign lender called Prodigy Finance and was successful in getting a $50,000 loan.
 
Borrowing from domestic lenders not easy
 
Indian banks and non-banking finance companies (NBFC) that give foreign education loans impose a few pre-conditions. Most demand some collateral.