Is it good to take an education loan of 65 lakhs to study in good university in UK as an Indian student And payback to bank in next 12 year?
- John PLv 74 weeks ago
What sort of sum is 65 lakhs worth in British pounds (GBP)?
- charlatanLv 72 months ago
monthly payment works out to 98632.00
at 10% per year,to be paid back in 8 years after the completion of
course duration of 4 years.(hopefully you
will be eligible for moratorium for repayment of principle
during study period.)
if you take a loan of 65,00,000 and start a business
and make 1% per month post all expenses,you will
make more money.
even delivery of milk 3000 liters milk per day
should get /earn 65 lakhs in 8 years.
but then wright,jobs,gates would not have achieved
what they did, by following /seeking advice from Y!A.
all the best.
- sunshine_melLv 72 months ago
Depends what you want to get out of it.
Studying in the UK doesn't lead to working in the UK; so you'd be returning to India on graduation. Will you get a good job there to pay it off?
(Also; I think studying abroad is more expensive than you're expecting)
- ibu guruLv 72 months ago
INR100,000 = about GBP1000. So do you really have enough money to pay all the rest of your school + living expenses + return transportation to India? Expect to need at least GBP30,000-40,000/yr. So what you plan to borrow will cover a little more than a year, maybe stretch to 2 yrs in a lower-cost school in lower-cost area in UK, IF you budget well. What do you plan to study in UK, and what are entry-level wages in that field in India? Will you actually be able to get a job in India when you complete your degree? You absolutely CANNOT remain in UK, and will NOT qualify for any job with temporary employment visa in any foreign country. You MUST return to your own country to work, and will need several years of top-notch experience before you might have any chance of working abroad. So how do you think you can possibly repay such a huge loan?
Covid has accelerated the growth of the Post-Jobs Era, and most computer people & many other occupations are switching to remote working. Which means if you eventually develop significant skills, international reputation for high-quality work, etc, you will work from within your own country at local wage rates, even if you can get clients abroad. A billion Indians want to go abroad, make more money, etc. Never gonna happen. There aren't enough jobs in the entire world for all those people. Expect to spend your entire working lifetime in India. So can you eran enough there to repay that loan? And do you already have all the remaining money you're going to need to study abroad? Your question indicates you have not done the math!
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- Rick BLv 72 months ago
No. It is a good idea to work, save up some money, and pay for your education. Why would you want to be straddled with debt for 12 years?!?!?!