Financial aid is an important factor for students who are planning to study abroad. Careful planning is both necessary and wise. Foreign nationals are required to show proof of sufficient funds to cover at least the first year of their college education to apply for a student visa.

The burden of securing necessary funding can be challenging, and sometimes frustrating. Your savings (or your family's) may be the only reliable source of funding you have as you begin your program of studies abroad.

Sources In India

Home Country Sources / Independent Sources

Sponsorship
This is perhaps the simplest option of all. The university presents an official estimate of study and living expenses, and you get a letter or affidavit from your parents or a rich relative, in which they declare their income and support for your studies. This is satisfactory for both the university and the visa authorities.

Loans
Loans for studying abroad can usually be got from two sources, either banks or trusts. Trusts have a much lower interest rate but their loan amounts are also very low. The details are as follows:

1. Bank Loans
State Bank of India, Bank of India, Oriental Bank of Commerce, Andhra Bank, Syndicate Bank and Canara Bank and many other banks have educational loan schemes which extend from schooling to research. The amount differs according to the course. Banks give a loan for studying abroad which is as high as Rs.10 lakh.

These loans are subject to many terms and conditions. Apart from being only a partial loan - at least 25% of the total course expenditure is to be paid by the parents of the student. The candidate has to provide security for the loan he gets. It can be in the form of a house mortgage, NSE shares or insurance policy. Some amount ofsecurity is fixed and varies from bank to bank.

However, the banks do not give these loans to anyone who applies for them. The first condition is that admission should be confirmed. Secondly, loans are not given for correspondence courses. And thirdly, the past academic record of the loan seeker should also be satisfactory. Anyone who fulfills these conditions is eligible for an educational loan which covers course fees, hostel fees, cost of books, equipment, and one way fare to the place of study if the parents of the candidate do not live there.

Repayment has to start 6 months after the completion of the course or if the person gets a job immediately after completing the course, one-month after getting the job. The maximum time given for the repayment is 15 years counted from the date of the first disbursement.

2. Trust Loans    
Loans from trusts have low rates of interest (2-4 percent), or are interest free. Some of the most well known trusts are listed below:

1. J.N. Tata Endowment: Low-Interest loans of Rs. 50,000 to Rs. 2 lakhs, and grant of Rs. 25,000 to Rs. 50,000, for several disciplines. Completed application forms must reach by 25^th February of each year for award to be  granted the same year..
   
   For more details and application form, write to:
   The Director,
   J.N. Tata Endowment,
   Bombay House,
   24 Homi Modi Street,
   Mumbai-400001

2. K.C. Mahindra Education Trust: Upto Rs. 65,000, for postgraduate studies in various disciplines. Forms must be requested before 28^th February of the year of award and completed forms must reach by 31^st  March of the year during which the award is applied for.
   
   For more details and application form, write to:
   The Managing Trustee,
   K.C. Mahindra Education Trust,
   Cecil Court, Mahakavi Bhushan Marg,
   Mumbai-400039

3. Mariwala Trust: Upto Rs. 50,000 interest free, for postgraduate studies in several disciplines. Application forms must be requested before 1^st March of the year in which the award is requested for. Completed forms must reach by 30^th April of the same year.
   
   For more details and application form, write to:
   The Managing Trustee,
   Mariwala CharityTrust,
   409 Shah and Nahar Industrial Estate,
   Dr. E. Moses Road, Worli Naka,
   Mumbai-400018
   Tel: (022) 4938307 Fax: (022) 4974704

4. R.D. Sethna Scholarship Fund: An amount of Rs. 20,000 to Rs. 50,000 at 2 percent annual interest for undergraduate and postgraduate studies in science, technology, commerce and education. Completed application forms must reach the institution by 31^st May of the same  year.
   
   For more details and application form, write to:
   The Chief Executive
   R.D. Sethna Scholarship Fund,
   Esplanade House,
   29 Hazarimal Somani Marg, Fort,
   Mumbai-400001

5. Sahu Jain Trust: The trust offers loan scholarships for higher studies in India as well as abroad.
   
   For more details, write to:
   The Secretary
   Sahu Jain Trust,
   4^th Floor, Times House 7,
   Bahadur Shah Zafar Marg,
   New Delhi -110002

 Fellowships   
Fellowships are very popular, and securing one is a very difficult because of the serious competition. A few important ones are listed here:

1. Aga Khan Foundation: This fellowship is available for development studies and courses not available in India. Forms are issued from January each year and completed forms must reach by 31^st March of the year in which the award is to be made.
   
   For more details and application form, write to:
   Aga Khan Foundation,
   Sarojini House, 2^nd floor,
   6 Bhagwan Dass Road,
   New Delhi -110001

2. Inlaks Scholarships: This fellowship is available for several disciplines. Applicants must be graduates, and 19-30 years old. Completed application forms must reach by 30^th August for the following year.
   
   For more details and application form, send a self-addressed envelope to:
   Inlaks Foundation,
   PO Box 2108,
   Delhi-110007

3. AT&T Leadership Awards (For U.S. only): U.S. $ 5,000 awards for the students from the Asia-Pacific region going to the U.S. for study in any discipline. Six of the 36 awards went to Indians in 1998. Applications must reach the programme’s Malaysia office by 15^th September. Decisions are announced by 31^st December.
   
   For more details and application form, write to USEFI or email awards@attmail.com or fax at (886) 2-2715-7013 (attn: AT&T Leadership Award)

4. Rotary Ambassadorial Scholarships: The scholarship amount goes up to U.S. $ 23,000 for studies in any subject and any country.
   
   For any information, contact any Rotary Club office or write to:
   The Scholarships Programme,
   Rotary Foundation,
   Rotary International, One Rotary Centre,
   1560 Sherman Avenue,
   Evanston, Illinois, U.S.A.

5. ITC Scholarships: These scholarships are available for studies abroad.

   For more details contact:
   Public Relations Department,
   ITC Ltd.,
   ITC Centre, 37 Chowringhee,
   Calcutta - 700071

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