25 M sole earner in family of 4. taking 10 Lakhs education loan to study abroad

[captainwonderful]

Hi guys, need some advice I'm currently working in dubai for almost 2 years. Taking an MBA and studiying abroad was always my dream, My father passed away when i was 15 year old. I'm eldest child and was responsible for taking care of my siblings.

As i put hold on my abroad dreams and started working in Dubai after graduation.

Now after 2 year of working, my sister wedding is done 1 brother have graduatred.

So is it a good time to study ? Which is the best bank to take education loan ? any advices on what need to be checked ?

 

[rey56bi]

@captainwonderful You have a couple of years more left to take this option. Try to see if you can find a one year program

 

[captainwonderful]

@rey56bi Thanks, it's a 1 year program. But I'm afraid as long as the years go by my responsibilities are also becoming huge..

 

[jcr591]

@captainwonderful Where do you plan on studying bro? What course and university?

 

[captainwonderful]

@jcr591 MBA from Madrid ,
Schiller university

 

[chas4all]

@captainwonderful I'm 28M who studied abroad with an education loan at 3 years of work ex.

My advise would be to hold on to this plan for some more time if your family is dependent on you. I had taken an education loan for 35L to study in Europe and due to Covid everything was messed up. Now I work in India with decent pay but a huge chunk goes towards loan.

If you can wait 1-2 years more and save this 10L instead, there's nothing like it. Please be debt free as it puts a lot of pressure on you.

Objectively answering your question - go for any public sector bank through Vidyalakshmi portal. They have the lowest interest and if you have collateral, its the best way to finance education.

 

[captainwonderful]

@chas4all I'm sure I cannot save this much amount , because there will be some emergencies in the family..
I have already saved around 5 L.
I'm also planning to study in Europe.
Can I message you ?

 

[chas4all]

@captainwonderful Yes you can DM

 

[yusufftaiwo]

@captainwonderful Private banks provide loans more easily than the PSUs. Being the devil's advocate- what are your goals for studying abroad? Where- in the Middle East, US, Europe? How will that degree help you? Do you really want to study or want to spend time in that country? If the later, can you find a job there? Maybe go for a deputation for your current job. Since you are the sole earner, have you saved for the next 18 months for your family's expenses?