Foreign Education Loan: What can be the challenges, know before taking

Personal Finance


Foreign Education Loan : Often parents take education loan for the education of their children. Suppose a student is going to Georgia, Europe for a medical course. The fee for a 5-year course is around Rs 30 lakh, which is being managed by his father. So they will need to take a loan. But the value of the Indian rupee has depreciated and inflation is affecting budget spending. In such a situation, the cost of living in Europe will also change. What are the problems faced by education loan, we will tell you here.

Foreign Education Loan: These challenges may come

Rupee fall is a problem
Like in the above case, some other Indian students want to study abroad, while those who have already got jobs are facing a worse situation this year in the form of rupee depreciation. The rupee has fallen by more than 7% against the dollar since the beginning of 2022. This is a problem in foreign education loans.

interest rate hiked
In March this year, if a student has taken a loan when the rupee is 75 against the dollar, then his loan will increase by a few lakhs. 7 will increase for every dollar of the loan and this has increased the interest on the loan as well.

Foreign Education Loan: These challenges may come

tuition fees
Indian students actually have to support themselves after the increase in the cost of living abroad when tuition fees are included. Eurozone inflation was estimated at 10%, inflation in the US has reached a 40-year high, badly affecting the pockets of students studying abroad. Most of the Indian students are going there for their career. This is trouble for them.

rising interest rates
The third problem is rising interest rates. Interest rates are rising. In the same financial year, the Indian central bank increased the repo rates. The base rate now stands at 5.9%. Interest rates are expected to rise further. If the repo rate increases, then the loan rates also increase. This too is a new burden on the pocket.

Foreign Education Loan: These challenges may come

MCLR and BPLR will show an increase in interest rates in the post-loan period. Due to this the EMI of current and subsequent borrowers will increase. The depreciating rupee will have a psychological effect on the minds of students going to the US and Europe, including their parents.

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english summary

Foreign Education Loan What challenges can come know before taking

Similar to the case above, some other Indian students who want to study abroad, while those who have already got jobs, are facing an even worse situation this year as the rupee weakens.

Story first published: Saturday, November 12, 2022, 20:25 [IST]

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