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Financial burden for families
Prashant A Bhonsle, the founder and CEO of Kuhuhu Edufinch, highlighted the challenges to this depreciation for families.
He said, “Rupees are important implications for Indian students studying abroad. The same tuition and living expenditure fees will be very high in the dollar now. It derailed the financial plan for a middle class family. Could, “They explained.
Students who rely on loans to finance their education abroad will see an increase in debt sizes, which will increase the debt burden on families.
Bhonsle said, “If they are taking education loan, the size of the loan will increase, which will increase the debt burden for the family.”
While education loan companies may experience short -term growth due to large loan amount, Bhonsle warned that rising debt could lead to risk.
“Increased loan amount per student may have some risk challenges, especially if students do not align with increasing costs by employment or starting.”
A silver lining for students earning abroad
For students already working or those who secure campus jobs, depreciation can work in their favor.
Bhonsle said, “The same depreciation can be beneficial for students who have already got a job or they will get a campus job. They will be able to repay the higher EMI as the conversion ratio will be favorable for arrival removal. . “
What should those who seek loans do?
Ethana Education co-founder Rahul Subramaniam advised the students to assure their financial plans.
He said, “The depreciation of the Indian rupee increases tuition fees, living expenses and financial burden, making it mandatory for families to reconsider their strategies,” he said.
Look beyond America and UK
Students should explore countries such as Germany, France and Switzerland, where public universities provide subsidized education and low tuition fees.
Subramaniam emphasized the importance of looking beyond traditional sites.
Apply for scholarship and financial assistance
Subramaniam also encouraged the students to detect merit-based and need-based scholarships.
“These resources can reduce financial strands,” he said, advised students to search for available financial assistance programs.
Active financial strategies
For protection against currency instability, Subramaniam recommended active measures.
“It is advisable for students to pay tuition fees in advance when exchange rates are favorable,” he said.
Additionally, students should carefully budget, reduce unnecessary expenses, and find part -time work opportunities to complement their income while studying abroad.
According to Ankit Mehra, a general rule of Kofounder and CEO, Ginde, thumb is responsible for a certain depreciation in currency on an annual basis when planning your education expenses. On the other hand, depreciation keeps students working abroad in better place because the local currency gives them more purchase power.
A look at education loan rates and conditions from various banks:
| Edge | Loan amount | Interest rates | Maximum amount given | Repayment tenure |
| SBI Education Loan | Up to ₹ 4 lakh | 13.35% PA | For study in India: ₹ 10 lakh | 5 to 7 years |
| For studies abroad: ₹ 30 lakh | ||||
| ₹ 4 lakh – ₹ 7.5 Lakh | 13.60% PA | |||
| Over ₹ 7.5 lakh | 11.60% PA | |||
| Axis bank education loan | Up to ₹ 4 lakh | 16.95% PA | For study in India: ₹ 10 lakh | Up to 7 years |
| For studies abroad: ₹ 20 lakh | ||||
| ₹ 4 lakh – ₹ 7.5 Lakh | 17.95% PA | |||
| Over ₹ 7.5 lakh | 15.95% PA | |||
| Hdfc education loan | Up to ₹ 4 lakh | 12.00% PA | ₹ 10 lakh for studies in India | Up to 15 years |
| ₹ 4 lakh – ₹ 7.5 Lakh | 13.00% PA | |||
| Over ₹ 7.5 lakh | 12.50% PA | |||
| PNB Education Loan Scheme | ₹ 4 Lakh – ₹ 10 Lakh | Personally calculated | ₹ 10 lakh for studies in India | Up to 15 years |
| Indestructible education loan | Minimum ₹ 50,000 for maximum requirement | Personally calculated based on the course | not specified | 1 to 10 years |
,Source: Paisabazaar)
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