Dream of studying abroad can not be stopped if you are not able to crack a fellowship offered by foreign agencies and foundations such as Ford, Commonwealth, and Fulbright etc. There are so many Indian organizations offering scholarships and financial aid for talented students to realize their foreign education dreams. Corporate companies like Tata, Mahindra, ITC, Birla etc. are offering study abroad fellowships for candidates with good academic record. You should have successfully admitted in an accredited foreign educational institution to apply for most of these scholarships. Some foundations offer fellowships for identified disciplines and subjects. Professional courses like Engineering and Management are the priority disciplines for most of the foundations.

Indian Foundations and Trusts screen candidates at various stages. You need to complete formalities like references, research proposals, statement of purpose along with visa and passport requirements. Some foundations offer full assistance and some others grand aid towards tuition fee and important academic expenses only. Most of the organizations send the aid directly to the institution concerned. Following are some of the famous scholarships offered by Indian Foundations and some other in partnership with Indian trusts. Meritorious students from disadvantaged sections of society are encouraged by most of the foundations.

1. DFID Shared Scholarship. Website: www.britishcouncil.org
2. JN Tata Endowment Loan scholarship. Website: www.tata.com
3. Lady Meherbhai D Tata Scholarships. Email: sdtt@sdtatattrust.com
4. UKIERI Doctoral Scholarship for Research in identified areas of specialization. Visit www.britishcouncil.org for more details.
5. KC Mahindra Loan Scholarship (nanhikali.org)
6. ITC Overseas scholarships. Address: ITC Centre, 37, Chowringhee, Calcutta
7. HSBC Scholarships. Web: www.hsbc.co.in
8. Debesh – Kamal Scholarships for Higher Education / Research Abroad. Address: Ramkrishna Mission, Golpark, Calcutta.
9. Mariwala Trust Loan Scholarship. Address: Kanmoor House , 281/87, Narsi Natha Street, Mumbai.

The cost of abroad education is escalating enormously. For instance, pursuing Post Graduation in Engineering in India may not cost more than Rs. 2 lakh. But M.S. degree from a reputed university or college in USA can cost you minimum Rs. 15-20 lakh. So, getting admission in a better university is only a part of the work completed. You also need a good source of funding to pursue your dream career in a foreign university. Many public sector banks in India are providing study abroad loans. Candidates can avail these loans after scrutinising the formalities and conditions of the respective banks.

Oriental Bank of Commerce is offering education loans for all Indian nationals who are below 45 years of age to pursue higher courses in abroad. The applicants should have secured admission in an approved university and in a recognised course. This is the basic eligibility to apply for a loan to study in abroad. The loan covers most of the expenses including tuition fee, books, airfare, study tours etc. OBC also pays the accommodation fee but not directly to the student. It sends the amount to the management of the boarding house.

OBC imposes an upper limit for education abroad loan at Rs. 20 lakh. The approved candidate can utilise this loan for any expense that is required to complete the course. And here is the important aspect called interest on loan. For a loan of Rs. 4 lakh or less than that, the Bank charges an interest of 10.75 percent per year. For loans above Rs. 4 lakh, the interest rate is 11.5 percent per annum. These rates are subject to change according to the policies of the Bank.

The repayment period for the loan is 7 years. The candidates has to pay the total loan in 84 EMIs. The student shall get a year as a holiday period after he finishes the course. Those placed in a job are eligible to get a holiday period of 6 months after joining in the employment. The most important aspect of any loan is security. The amount of security required for approval depends upon the proposed amount of loan. For an amount of Rs. 4 lakh, co-obligation of guardian is a compulsory requirement. For a loan of up to Rs. 7.5 lakh third party guarantee is a must. For up to Rs. 15 lakh, security or assets equal to 100 percent of loan amount is needed.