According to a recent report of the Ministry of External Affairs, Government of India, more than 7,50,000 Indian students are studying in overseas and abroad destinations, and the USA is the most favoured nation. Banks and non-banking financial companies including Bajaj Finserv have made it possible for the students to realise their dream of studying their favourite course and program at any of the leading and reputed colleges of the world. However, the depreciating value of the rupee against the US dollar and other prominent foreign currencies may be a cause of concern. For instance, the value of the Indian rupee in relation to the US dollar has depreciated by around 13% since the year 2017. Here is how the depreciating value of the Indian rupee affects an education loan for abroad studies.
Mounting Expenses When the rupee falls to the dollar, parents and student have to shell out greater monetary amounts towards the fee and other expenditures related to foreign education. Therefore, students who choose the USA and other countries including the UK and Australia may find that their expenses are greater. But the rupee may be more stable in relation to the currencies of other countries including Germany, Australia, and Belgium, which are also destinations for quality education. Therefore, depending upon the choice of the country of education, parents may be required to seek additional education loans. If the loan requirement is not fulfilled by the bank, one can also transfer the loan to any other financial company. Remember that the top-up loans may carry an extra cost (for instance a higher interest rate) and therefore you need to choose an education loan for abroad studies carefully. Choosing a leading non-banking financial company like Bajaj Finserv will ensure that you get a hassle free and convenient process for your loan. These renowned firms can also offer you loans of the higher amount and have more attractive interest rates for the secured loans.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |