About 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.
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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:
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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.
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:
- USA
- Germany
- France
- UK
- Netherlands
- India
- Ireland
- Canada
- Australia
- Singapore
Courses
- MS in Computer Science
- MS Finance
- MS Data Science
- MS in Marketing
- MBA
- MS in Architecture
- MS Biology
- MS Information Technology
List of Expenses Covered by Education Loans for MS
The education loan for MS to India students covers the following expenses:
- Tuition Fees: It is a major chunk of your education loan amount. It is the basis of loans in India and abroad.
- Living Expenses: Living expenses include all kinds of lifestyle expenditures such as rent, food and travel.
- Exam Costs: These expenses include library fees, laptops, books, extracurricular activities, and other study-related costs.
- Traveling: If studying abroad, the loan covers air travel costs.
- Health Insurance: The health insurance pays the remaining loan balance in the event of an unanticipated death, disability, or income loss.
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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
- Massachusetts Institute of Technology (MIT)
- Stanford University
- Harvard University
- University of Chicago
- University of California (CalTech)
- University of Pennsylvania
- Yale University
- Columbia University
- Cornell University
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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
- Ludwig-Maximilians-University
- Technical University of Munich
- Heidelberg University
- University of Bonn
- RWTH Aachen University
- University of Freiburg
- University of Tübingen
- University of Göttingen
- University of Hamburg
- 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:
- 2 passport size recent photographs
- Valid KYC through your and co-applicants/guarantor bank
- PAN Card
- Passport for MS studies abroad
- Proof of address, including your electricity bill, valid ration card, bank statement, telephone bill or voter ID card
- 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
- 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.
- 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.
- 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)
- Collateral documents, if you have a collateral education loan. (optional, as per student's eligibility)
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Indian Banks Offering Loans to Study in the USA
Some of the loan schemes offered by Indian banks for studying abroad are:
- HDFC Bank Education Loan for Foreign Education: This loan scheme can be availed by Indian students who wish to pursue studies abroad. The maximum amount available in this scheme is INR 20 lacs at a nominal rate of interest. Also, it offers tax benefits to the borrower and it can be sanctioned before admission as well.
- SBI Student Loan Scheme: This scheme can be availed by Indian students who have secured admission in any institute in India or abroad. A maximum of INR 20 lacs can be availed at a nominal interest rate and it has to be repaid within 15 years. Also, if the loan amount is more than INR 7.5 Lacs, then borrowers need to furnish collateral as security. The repayment starts after one year of completion of the course.
- SBI Global ED-VANTAGE Scheme: This loan can be availed by Indian students who wish to pursue a full-time course abroad. Students can avail a loan of up to INR 1.5 crore and have to repay it within a period of 15 years. The borrowers need to provide collateral to secure this loan and will have to start repayment after 6 months of completion of the course.
- Oriental Bank of Commerce Education Loan for Study in India and Abroad: This loan scheme is offered to students who wish to pursue their higher studies in India or abroad. If the student wishes to pursue his studies in the US, then the amount of the loan will depend on the fee structure of the institute they have applied to. The highlight of this scheme is that it does not charge prepayment penalties from the borrowers and also gives insurance coverage as well. The margin for the loan amount exceeding INR 4 Lacs is 15% on the loans taken for studying abroad.
- PNB Udaan: The loans taken under this scheme can be repaid in 15 years. The repayment period starts after the course ends plus 1 year extension. The margin offered for loans is 15% if the loan amount exceeds INR 4 lakh. Applicants will have to provide collateral if they are availing loan amount above INR 7.5 lakh.
- BOI Star Education Loan: Can be availed for a variety of undergraduate and postgraduate courses along with CPA in the USA, CIMA - London, etc. The maximum amount of loan offered by the scheme for foreign education is INR 20 lakhs. The margin for foreign education loans of over INR 4 lakhs is 15%. Security will be required to be submitted for loan amounts exceeding INR 7.5 lakh.
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Loans from NBFCs (Non-banking financial companies) to Study in USA
Apart from the nationalised banks, student loans can also be availed from non-banking financial companies/institutions (NBFCs). Non-banking institutions can offer complete tuition fees to students. Borrowers need to provide collateral as security to the banks as the loan amount is generally more than INR 7.5 Lacs. NBFCs also provide non-collateral loans to students.
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.
How to Apply for 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 Propelld, 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.
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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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