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Raghuvamshi Kanukruthi
Apr 22, 2024

http://Explore the 2024 benefits of education loans in India and abroad. Unlock opportunities for a brighter future through financial empowerment.

About the Education Loan for MS

From better job scope to global recognition, pursuing an MS opens doors to endless opportunities. This postgraduate degree is granted to students who have finished their bachelor's degree in one of technology, finance, or management. Are you considering pursuing an MS degree but worried about the financial crunch? You can take the education loan for MS and step towards your educational pursuit.

Whether you have decided to pursue an MS in India or abroad, the expenses associated with it are extensive. You may have to spend from ₹12 lakhs to ₹15 lakhs on MS education in India, whereas ₹50 lakhs to ₹60 lakhs abroad. Here are the features of education loans for MS you must know, along with their benefits, eligibility, and application process.

Cost Wise Breakdown of Doing MS in India and Abroad

When choosing between pursuing an MS in India and an MS abroad, many factors must be taken into account. The most important factor is the expense of studying for an MS abroad vs an MS in India. Here is a cost-wise breakdown of pursuing MS in India and Abroad:

Living Expenses

Living expenses are higher abroad than in India. These expenses include accommodation, food, transportation, and personal expenses.

  • To study in the USA and UK, you are required to maintain a minimum balance of $1000 and £1,334 in your bank account, respectively. 
  • The other expenses amount to about £1500-1800 in the UK and $1000-2000 in the US per month, depending on your way of life. 
  • Even if you are moving to a different city within India, your monthly expenses will be around 15,000-25,000 INR per month.

Tuition Fee

  • The tuition fee for an MS at top universities in the UK and USA is around £15,000-35,000 and $18,000-65,000 per year, respectively. 
  • For studying MS in India, your tuition fee will be around 100,000-300,000 INR per year.

Basic Features of MS Education Loan in India

MS or Master's of Science in India is a postgraduate course. It is offered by all the recognized universities and educational institutions under the government of India. With a duration of 1.5 years to 3 years, you can choose to pursue a master’s in science under multiple subjects such as Chemistry, Physics, Management, Computer Science and Software Engineering.

The important features of education loan for MD MS in India are as follows:

Parameter Information
Loan Amount Up to ₹50 lakhs without collateral
Up to ₹2 crores with collateral
Interest Rates 8.15% to 12.5% (Varies with the lender)
Moratorium Period Course duration plus 12 months
Repayment Period 15 years
Loan Processing Fees ₹10,000 + ₹1800 GST or 1 to 2% of the loan amount
Total Expenses Covered Tuition fees
Accommodation
Books, laptop, computer expenses
Traveling charges
Insurance premium

Basic Features of MS Education Loan Abroad

When you pursue an MS course abroad, you get an opportunity to acquire both practical and theoretical knowledge in their specialized course. You are also required to prepare a thesis as your graduation mandate. You generally need 2 years to complete your MS course, where you are likely to spend approx 55 lakhs, exclusive of living expenses. 

Parameter Information
Loan Amount Up to ₹1.5 crores on collateral loan
Up to ₹1 crore on unsecured loan
Moratorium Period Course tenure plus 1 year
Repayment Period 12 to 15 years
Loan Processing Fees ₹10,000 + ₹1800 (GST) or 1 to 2% of the loan amount
Total Expenses Covered Tuition fees
Accommodation
Books, laptop, computer expenses
Traveling charges
Insurance premium

List of Top Countries and Popular MS Programs

From Germany to the USA, there are numerous countries renowned for offering quality education for MS programs. Check the top countries and popular MS Programs below while you plan to pursue it abroad:

  1. USA
  2. Germany
  3. France
  4. UK
  5. Netherlands
  6. India
  7. Ireland
  8. Canada
  9. Australia
  10. Singapore

Courses 

  1. MS in Computer Science
  2. MS Finance
  3. MS Data Science
  4. MS in Marketing
  5. MBA
  6. MS in Architecture 
  7. MS Biology
  8. MS Information Technology

List of Expenses Covered by Education Loans for MS

The education loan for MS to India students covers the following expenses:

  1. Tuition Fees: It is a major chunk of your education loan amount. It is the basis of loans in India and abroad. 
  2. Living Expenses: Living expenses include all kinds of lifestyle expenditures such as rent, food and travel.
  3. Exam Costs: These expenses include library fees, laptops, books, extracurricular activities, and other study-related costs. 
  4. Traveling: If studying abroad, the loan covers air travel costs.
  5. Health Insurance: The health insurance pays the remaining loan balance in the event of an unanticipated death, disability, or income loss.

Education Loan for MS in USA

All the Indian private & public banks and NBFCs provide education loans for MS. These student loans are provided under different bank policies and multiple interest rates. Before exploring the eligibility and requirements, look at the ideal tenure during which you can apply for the education loan for MS in USA:

  • Summer intake (May) - Application starts in February or earlier
  • Winter intake (January) - Application starts in October or earlier
  • Fall intake (September) - Application starts in June or earlier

Eligibility to Apply for MS in USA

Indian Banks and NBFCs provide education loans for MS in USA at the rate of 8.3%. However, the final loan parameters depend completely upon your loan profile. You can get the amount of up to 1 Cr on unsecured education loans. Let’s look into eligibility and requirements to apply for MS in the USA:

Academic Requirements

  • You must not be less than 18 years old
  • You need to complete your bachelor’s program and must score not less than 60% score
  • You need to pass the GRE or GMAT exam 
  • You should have received the admission/acceptance letter from the university

Work Experience

  • Having work experience is not mandatory for applying for an education loan to study MS in the USA. However, if you have work experience, then you will be given consideration during the loan process.
  • Students prefer the USA as their study abroad destination to pursue MS in courses like data science, business analytics, and computer science.

Top Universities for MS in the USA

  1. Massachusetts Institute of Technology (MIT)
  2. Stanford University
  3. Harvard University
  4. University of Chicago
  5. University of California (CalTech)
  6. University of Pennsylvania
  7. Yale University
  8. Columbia University
  9. Cornell University

Education loan for MS in Germany

Germany is one of the most preferred and prioritized destinations for numerous students to pursue MS. In India, you can avail a  student loan for MS in Germany to get access to quality education. 

Eligibility to Apply for MS in Germany

Indian Banks and NBFCs provide Education loans for MS in Germany at an average interest rate of 10%. You can get an amount of more than 1 Cr on education loans.

Academic Requirements

  • You must complete your bachelor's degree in any subject or related subjects.
  • You must pass any one of the language proficiency tests among IELTS, PTE, TOEFL or DET
  • You must score a minimum of 6 CGPA in your bachelor's degree program
  • You should have received the admission/acceptance letter from the university

Top Universities for MS in Germany

  1. Ludwig-Maximilians-University
  2. Technical University of Munich
  3. Heidelberg University 
  4. University of Bonn
  5. RWTH Aachen University
  6. University of Freiburg
  7. University of Tübingen
  8. University of Göttingen
  9. University of Hamburg
  10. Karlsruhe Institute of Technology (KIT)

Documents Required for MS Education Loan Application

Before you start applying for an MS education loan, make sure that you have valid, self-attested and proper documents with you. The following documents are important for the success of education loan for MS:

  1. 2 passport size recent photographs
  2. Valid KYC through your and co-applicants/guarantor bank 
  3. PAN Card
  4. Passport for MS studies abroad 
  5. Proof of address, including your electricity bill, valid ration card, bank statement, telephone bill or voter ID card
  6. Bank account details (last 6 months) if your co-applicant is a salaried-class employee or details of last 1-year business transactions if he/she is self-employed
  7. Your valid academic documents, such as an admission confirmation letter from the university, scorecard of the qualifying exam like GATE, mark sheet certificate of class 10th or 12th, degree certificates and fee structure of the university. 
  8. Your co-applicants income proof: 2-year Form 16 for salaried class, company’s ID proof, 3-month salary slip, 2-year Income Tax Return (ITR), P&L and ITR of last 3 years for self-employed. 
  9. Some other documents like an affidavit (format: bank standard), co-applicant declaration for any additional expenses, loan statement for the last 12 months, previous loan statement (1 year), payment receipts and gap certificate (if applicable)
  10. Collateral documents, if you have a collateral education loan. (optional, as per student's eligibility)

Scholarships Available for MS for Study in India and Abroad

The Indian government, public banks and private banks offer many scholarships to students pursuing MS.

Scholarship Benefits
Aga Khan Foundation Scholarship 100% tuition fees and living expenses. 50% of total amount as scholarship and 50% loan
AAUW International Fellowship Student grant of up to $50,000
National Overseas Scholarship Grant of 15,400 USD, covering study materials, travel and cost of living expenses, health insurance and visa
Fulbright-Nehru Master’s Fellowship Covering part of tuition fees, travel and cost of living expenses, health insurance and visa

Invest in Your Dreams by Getting an Education Loan for MS with Propelld

At Propelld, we understand the financial hurdles students have to overcome. However, we don't allow them to come in between your dreams of pursuing higher education. We provide an education loan that helps students cover their education expenses. With Propelled, your loan application process follows the following steps:

  • Step 1: Register at Propelld and request a callback. After you receive the call, share loan-specific details with your assigned financial officer.
  • Step 2: The financial expert gauges your profile and finds the best lenders for you as per your eligibility from our extensive partners. 
  • Step 3: Choose the best lenders from recommendations and upload documents on the Propelld dashboard to initiate the loan process.
  • Step 4: Let our education loan experts negotiate the terms that suit your needs. 
  • Step 5: Complete the loan formalities by signing the necessary documents. Following the completion, the education loan amount will be disbursed to your account.

Final Takeaways

Banks and NBFCs have diverse options when it comes to providing education loans for MD MS in India or abroad. While you plan to take one, ensure that you completely evaluate and compare the offerings of different banks. Partnering with Propelld will help you assess this better.

Our financial officer will evaluate your profile eligibility and provide end-to-end assistance so that you can get the best education loan for MS at great terms. Contact us today to check your eligibility!

Education Loan Benefits 2024 : India and Aboard

Raghuvamshi Kanukruthi
April 22, 2024
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Shivam Bhardwaj
March 15th 2022

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About the Education Loan for MS

From better job scope to global recognition, pursuing an MS opens doors to endless opportunities. This postgraduate degree is granted to students who have finished their bachelor's degree in one of technology, finance, or management. Are you considering pursuing an MS degree but worried about the financial crunch? You can take the education loan for MS and step towards your educational pursuit.

Whether you have decided to pursue an MS in India or abroad, the expenses associated with it are extensive. You may have to spend from ₹12 lakhs to ₹15 lakhs on MS education in India, whereas ₹50 lakhs to ₹60 lakhs abroad. Here are the features of education loans for MS you must know, along with their benefits, eligibility, and application process.

Cost Wise Breakdown of Doing MS in India and Abroad

When choosing between pursuing an MS in India and an MS abroad, many factors must be taken into account. The most important factor is the expense of studying for an MS abroad vs an MS in India. Here is a cost-wise breakdown of pursuing MS in India and Abroad:

Living Expenses

Living expenses are higher abroad than in India. These expenses include accommodation, food, transportation, and personal expenses.

  • To study in the USA and UK, you are required to maintain a minimum balance of $1000 and £1,334 in your bank account, respectively. 
  • The other expenses amount to about £1500-1800 in the UK and $1000-2000 in the US per month, depending on your way of life. 
  • Even if you are moving to a different city within India, your monthly expenses will be around 15,000-25,000 INR per month.

Tuition Fee

  • The tuition fee for an MS at top universities in the UK and USA is around £15,000-35,000 and $18,000-65,000 per year, respectively. 
  • For studying MS in India, your tuition fee will be around 100,000-300,000 INR per year.

Basic Features of MS Education Loan in India

MS or Master's of Science in India is a postgraduate course. It is offered by all the recognized universities and educational institutions under the government of India. With a duration of 1.5 years to 3 years, you can choose to pursue a master’s in science under multiple subjects such as Chemistry, Physics, Management, Computer Science and Software Engineering.

The important features of education loan for MD MS in India are as follows:

Parameter Information
Loan Amount Up to ₹50 lakhs without collateral
Up to ₹2 crores with collateral
Interest Rates 8.15% to 12.5% (Varies with the lender)
Moratorium Period Course duration plus 12 months
Repayment Period 15 years
Loan Processing Fees ₹10,000 + ₹1800 GST or 1 to 2% of the loan amount
Total Expenses Covered Tuition fees
Accommodation
Books, laptop, computer expenses
Traveling charges
Insurance premium

Basic Features of MS Education Loan Abroad

When you pursue an MS course abroad, you get an opportunity to acquire both practical and theoretical knowledge in their specialized course. You are also required to prepare a thesis as your graduation mandate. You generally need 2 years to complete your MS course, where you are likely to spend approx 55 lakhs, exclusive of living expenses. 

Parameter Information
Loan Amount Up to ₹1.5 crores on collateral loan
Up to ₹1 crore on unsecured loan
Moratorium Period Course tenure plus 1 year
Repayment Period 12 to 15 years
Loan Processing Fees ₹10,000 + ₹1800 (GST) or 1 to 2% of the loan amount
Total Expenses Covered Tuition fees
Accommodation
Books, laptop, computer expenses
Traveling charges
Insurance premium

List of Top Countries and Popular MS Programs

From Germany to the USA, there are numerous countries renowned for offering quality education for MS programs. Check the top countries and popular MS Programs below while you plan to pursue it abroad:

  1. USA
  2. Germany
  3. France
  4. UK
  5. Netherlands
  6. India
  7. Ireland
  8. Canada
  9. Australia
  10. Singapore

Courses 

  1. MS in Computer Science
  2. MS Finance
  3. MS Data Science
  4. MS in Marketing
  5. MBA
  6. MS in Architecture 
  7. MS Biology
  8. MS Information Technology

List of Expenses Covered by Education Loans for MS

The education loan for MS to India students covers the following expenses:

  1. Tuition Fees: It is a major chunk of your education loan amount. It is the basis of loans in India and abroad. 
  2. Living Expenses: Living expenses include all kinds of lifestyle expenditures such as rent, food and travel.
  3. Exam Costs: These expenses include library fees, laptops, books, extracurricular activities, and other study-related costs. 
  4. Traveling: If studying abroad, the loan covers air travel costs.
  5. Health Insurance: The health insurance pays the remaining loan balance in the event of an unanticipated death, disability, or income loss.

Education Loan for MS in USA

All the Indian private & public banks and NBFCs provide education loans for MS. These student loans are provided under different bank policies and multiple interest rates. Before exploring the eligibility and requirements, look at the ideal tenure during which you can apply for the education loan for MS in USA:

  • Summer intake (May) - Application starts in February or earlier
  • Winter intake (January) - Application starts in October or earlier
  • Fall intake (September) - Application starts in June or earlier

Eligibility to Apply for MS in USA

Indian Banks and NBFCs provide education loans for MS in USA at the rate of 8.3%. However, the final loan parameters depend completely upon your loan profile. You can get the amount of up to 1 Cr on unsecured education loans. Let’s look into eligibility and requirements to apply for MS in the USA:

Academic Requirements

  • You must not be less than 18 years old
  • You need to complete your bachelor’s program and must score not less than 60% score
  • You need to pass the GRE or GMAT exam 
  • You should have received the admission/acceptance letter from the university

Work Experience

  • Having work experience is not mandatory for applying for an education loan to study MS in the USA. However, if you have work experience, then you will be given consideration during the loan process.
  • Students prefer the USA as their study abroad destination to pursue MS in courses like data science, business analytics, and computer science.

Top Universities for MS in the USA

  1. Massachusetts Institute of Technology (MIT)
  2. Stanford University
  3. Harvard University
  4. University of Chicago
  5. University of California (CalTech)
  6. University of Pennsylvania
  7. Yale University
  8. Columbia University
  9. Cornell University

Education loan for MS in Germany

Germany is one of the most preferred and prioritized destinations for numerous students to pursue MS. In India, you can avail a  student loan for MS in Germany to get access to quality education. 

Eligibility to Apply for MS in Germany

Indian Banks and NBFCs provide Education loans for MS in Germany at an average interest rate of 10%. You can get an amount of more than 1 Cr on education loans.

Academic Requirements

  • You must complete your bachelor's degree in any subject or related subjects.
  • You must pass any one of the language proficiency tests among IELTS, PTE, TOEFL or DET
  • You must score a minimum of 6 CGPA in your bachelor's degree program
  • You should have received the admission/acceptance letter from the university

Top Universities for MS in Germany

  1. Ludwig-Maximilians-University
  2. Technical University of Munich
  3. Heidelberg University 
  4. University of Bonn
  5. RWTH Aachen University
  6. University of Freiburg
  7. University of Tübingen
  8. University of Göttingen
  9. University of Hamburg
  10. Karlsruhe Institute of Technology (KIT)

Documents Required for MS Education Loan Application

Before you start applying for an MS education loan, make sure that you have valid, self-attested and proper documents with you. The following documents are important for the success of education loan for MS:

  1. 2 passport size recent photographs
  2. Valid KYC through your and co-applicants/guarantor bank 
  3. PAN Card
  4. Passport for MS studies abroad 
  5. Proof of address, including your electricity bill, valid ration card, bank statement, telephone bill or voter ID card
  6. Bank account details (last 6 months) if your co-applicant is a salaried-class employee or details of last 1-year business transactions if he/she is self-employed
  7. Your valid academic documents, such as an admission confirmation letter from the university, scorecard of the qualifying exam like GATE, mark sheet certificate of class 10th or 12th, degree certificates and fee structure of the university. 
  8. Your co-applicants income proof: 2-year Form 16 for salaried class, company’s ID proof, 3-month salary slip, 2-year Income Tax Return (ITR), P&L and ITR of last 3 years for self-employed. 
  9. Some other documents like an affidavit (format: bank standard), co-applicant declaration for any additional expenses, loan statement for the last 12 months, previous loan statement (1 year), payment receipts and gap certificate (if applicable)
  10. Collateral documents, if you have a collateral education loan. (optional, as per student's eligibility)

Scholarships Available for MS for Study in India and Abroad

The Indian government, public banks and private banks offer many scholarships to students pursuing MS.

Scholarship Benefits
Aga Khan Foundation Scholarship 100% tuition fees and living expenses. 50% of total amount as scholarship and 50% loan
AAUW International Fellowship Student grant of up to $50,000
National Overseas Scholarship Grant of 15,400 USD, covering study materials, travel and cost of living expenses, health insurance and visa
Fulbright-Nehru Master’s Fellowship Covering part of tuition fees, travel and cost of living expenses, health insurance and visa

Invest in Your Dreams by Getting an Education Loan for MS with Propelld

At Propelld, we understand the financial hurdles students have to overcome. However, we don't allow them to come in between your dreams of pursuing higher education. We provide an education loan that helps students cover their education expenses. With Propelled, your loan application process follows the following steps:

  • Step 1: Register at Propelld and request a callback. After you receive the call, share loan-specific details with your assigned financial officer.
  • Step 2: The financial expert gauges your profile and finds the best lenders for you as per your eligibility from our extensive partners. 
  • Step 3: Choose the best lenders from recommendations and upload documents on the Propelld dashboard to initiate the loan process.
  • Step 4: Let our education loan experts negotiate the terms that suit your needs. 
  • Step 5: Complete the loan formalities by signing the necessary documents. Following the completion, the education loan amount will be disbursed to your account.

Final Takeaways

Banks and NBFCs have diverse options when it comes to providing education loans for MD MS in India or abroad. While you plan to take one, ensure that you completely evaluate and compare the offerings of different banks. Partnering with Propelld will help you assess this better.

Our financial officer will evaluate your profile eligibility and provide end-to-end assistance so that you can get the best education loan for MS at great terms. Contact us today to check your eligibility!

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Frequently Asked Questions

How much loan can I get for MS?

In India, students can get up to ₹50 lakhs to pursue an MS. HDFC Credila covers loan amounts of up to ₹65 lakhs.

How to get a student loan for MS in the USA? 

You can get a student loan for MS in the USA through various Indian public banks, private banks, and NBFCs. Note that some banks require a co-signer while some don't. Depending upon the institution, you will have to present the co-signer who is a US citizen with a good credit history.

Can I get a loan for MS without collateral? 

Yes, you can get an MS education loan without collateral. However, lenders charge higher interest rates as they do not ask anything as security if you fail to pay the loan amount.  

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