Studying abroad can be an exciting experience, but it requires careful planning and preparation. From choosing the right program to securing funding and managing finances, there are many things you need to consider before beginning this adventure.
This blog post explores some essential tips that will help you prepare for studying abroad, including Education Loans and Forex Cards.
Obtaining an Education Loan
Studying abroad can be expensive, and not everyone can afford it out of pocket. If you need financial assistance, consider taking out an Education Loan. Many banks offer Education Loans specifically for students who want to study abroad.
Axis Bank offers Education Loans to cover tuition fees, travel expenses and other related costs. These loans are available to Indian nationals who have secured admission to a recognised institution abroad.
To apply for an Education Loan from Axis Bank, you will need to provide the following documents:
- Admission letter from the institution
- Breakdown of the cost of education
- Proof of income of co-applicant / guarantor
- Passport size photographs
- ID and address proof of applicant / co-applicant / guarantor
Getting a Forex Card
When you study abroad, you must have access to money in the local currency. One of the best ways to do this is by getting a Forex Card. A Forex Card is a prepaid card that allows you to load money in the local currency and use it to make purchases and withdraw cash from ATMs.
Axis Bank offers a multi-currency Forex Card that allows you to load up to 16 currencies on a single card. This means you can avoid the hassle of carrying multiple currencies and worrying about exchange rates. The card includes other benefits, such as emergency assistance and insurance coverage. Axis Bank is also currently presenting offers on its card for students where they can avail vouchers for Uber, airport meals, and a Times Prime membership. Furthermore, students can receive a complimentary membership for the International Student Identity Card (ISIC) with this Forex card. Applying for this card is a seamless digital process, with doorstep delivery included.
Familiarising yourself with the culture
Living in a foreign country can be a culture shock, especially if you are not familiar with the customs and traditions of the country. Researching and learning as much as possible about the culture before you leave is important.
Some things to consider include the language spoken in the country, the food, the social norms, and the climate. It is also a good idea to connect with other students who are from the same country or have studied in the same country before. They can offer valuable insights and advice on how to navigate the culture.
Understanding the visa requirements
Before you can study abroad, you must obtain a student visa. Each country has visa requirements, so it is important to research and understand the process for the country you will be studying in. Some common requirements include proof of enrollment in a recognised institution, proof of financial support and a valid passport.
Applying for your visa well in advance is important to avoid any delays or complications. You may also need to attend an interview at the embassy or consulate of the country you will be studying in. Make sure to prepare all the necessary documents and be ready to answer questions about your study plans and intentions in the country.
Also Read: [How to select the right Education Loan for you?]
Conclusion
Studying abroad is an exciting and life-changing experience but it can also be overwhelming and stressful. Planning and considering all the factors before embarking on this journey is important.
Obtaining an Education Loan, getting a Forex Card, and familiarising yourself with the country's culture are some things you must do before leaving. Axis Bank offers competitive education loan interest rates starting at ₹50,000 for students who wish to pursue their studies in India or abroad.
By opting for an Axis Bank Education Loan, you can enjoy a range of advantages such as hassle-free documentation, speedy loan approval, eligibility for tax deduction under section 80E, extended repayment period, and more.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
