Does Education Loan covers the living expenses? if yes, what's the procedure

Does Education Loan covers the living expenses? if yes, what’s the procedure…

Yes , Every lending institution covers the living expenses of the loan applicant. However, the extent of amount will vary for every financial institution. The living expenses include expenses like accommodation (on or off campus), food, daily travel expenses, passenger money, etc. If you are planning for abroad studies , then mostly all banks and lending institutions of India covers all such expenses which are ancillary to your tuition fees .

Few point an applicant should keep in mind while considering his / her living expenses requirement :

  1. Determine the appropriate amount to pay for accomodation and other costs.
  2. Examine your lender list of approved expenses and ask them to adjust it to meet your needs.
  3. Determine whether part-time work opportunities exist in the nation you are relocating to; if not, include any necessary living expenses.

To begin the loan application procedure in accordance with your needs, get in touch with The Gyandhan team .

Depending on the government banks’ policies, living expenditures are deposited into the bank account in different ways. It is standard procedure in many government banks is to give the student the whole amount of their living expenses.

A Foreign Travel Card (FTC), a kind of prepaid card, is frequently used for this. The money is loaded onto this card by the bank, giving you an easy way to get cash during your first few days in the foreign nation.

Therefore, if you open a foreign bank account, the process entails first receiving living costs through the FTC and then potentially switching to direct payments to your foreign bank account. This allows you to manage your living expenditures while studying overseas with flexibility and guarantees seamless bank transactions.

You will usually need to transfer your living expenditures to a foreign account prior to receiving your visa if you need to create a Guaranteed Investment Certificate (GIC) for living expenses or a blocked account.
Some regulations needs to be followed in this regard which varies country to country .
For more such information please reach to our expert counselors by checking the eligibility here …

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