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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

Should you take an education loan or use retirement kitty to pay the fees?
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Many lenders also insist on a co-borrower, usually a parent. The co-borrower acts as the guarantor who has to settle the dues if the student defaults

Bindisha Sarang Mumbai
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.

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First Published: Jun 18 2021 | 7:11 PM IST

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