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Financial Aid & Scholarships

Financial aid is an important factor to consider for students applying abroad. Careful planning is both necessary and wise. Foreign nationals are required to show proof of sufficient funds to cover at least the first year of their college education to apply for a student visa. To compare the total cost of studying in various countries, check out Cost of Education

The burden of securing necessary funding can be challenging, and sometimes frustrating. Your savings (or your family's) may be the only reliable source of funding you have as you begin your program of studies abroad.

Important : University funding is easier to get in the United States than in U.K., Canada, Australia or New Zealand. Most students who go to Australia and U.K. are self funded students.

We list here the various options for financing your education abroad:

Sources In India



New Zealand

State Bank of India, Bank of India, Andhara Bank, Syndicate Bank and Canara Bank and many other banks have educational loan schemes which extend from schooling to research. The amount differs according to the course. Banks give a loan for studying abroad which is as high as Rs. 10 lakhs.

These loans are subject to many terms and conditions. Apart from being only a partial loan - at least 25% of the total course expenditure is to be paid by the parents of the student. The candidate has to provide security for the loan he gets. It can be in the form of a house mortgage, NSE shares or insurance policy. Security for a loan of upto Rs. 25,000 is nil but for a loan of over Rs. 25,000 to Rs. 3 lakhs, it is 100%. For a loan of Rs. 3 lakhs to Rs. 5 Lakhs, the security to be provided is 150 % and it is 200% for a loan of over Rs. 5 lakhs.

However the banks do not give these loans to anyone who applies for them. The first condition is that admission should be confirmed. Secondly, loans are not given for correspondence courses. And thirdly, the past academic record of the loan seeker should also be satisfactory. Anyone who fulfills these conditions is eligible for an educational loan which covers course fees, hostel fees, cost of books, equipment, and one way fare to the place of study if the parents of the candidate do not live there.

Repayment has to start 6 months after the completion of the course or if the person gets a job immediately after completing the course, one-month after getting the job. The maximum time given for the repayment is 15 years counted from the date of the first disbursement.

Loans from trusts have low rates of interest (2-4 percent), or are interest free. Some of the most well known trusts are listed below:

  1. J.N. Tata Endowment:

    Low-Interest loans of Rs. 50,000 to Rs. 2 lakhs, and grant of Rs. 25,000 to Rs. 50,000, for several disciplines. Completed application forms must reach by 25th February of the year of award.

    For more details and application form, write to:
    The Director,
    J.N. Tata Endowment,
    Bombay House,
    24 Homi ModyStreet,

  2. K.C. Mahindra Education Trust:

    Upto Rs. 65,000, for postgraduate studies in various disciplines. Forms must be requested before 28th February of the year of award and completed forms must reach by 31st March of the year of award.

    For more details and application form, write to:
    The Managing Trustee,
    K.C. Mahindra Education Trust,
    Cecil Court,
    Mahakavi Bhushan Marg,

  3. Mariwala Trust:

    Upto Rs. 50,000 interest free, for postgraduate studies in several disciplines. Application forms must be requested before 1st March of the year of award and completed forms must reach by 30th April of the year of award.

    For more details and application form, write to:
    The Managing Trustee,
    Mariwala CharityTrust,
    409 Shah and Nahar Industrial Estate,
    Dr. E. Moses Road, Worli Naka,
    Tel: (022) 4938307 Fax: (022) 4974704

  4. R.D. Sethna Scholarship Fund:

    An amount of Rs. 20,000 to Rs. 50,000 at 2 percent annual interest for undergraduate and postgraduate studies in science, technology, commerce and education. Completed application forms must reach by 31st May of the year of award.

    For more details and application form, write to:
    The Chief Executive
    R.D. Sethna Scholarship Fund,
    Esplanade House,
    29 Hazarimal Somani Marg, Fort,

  5. Sahu Jain Trust:

    The trust offers loan scholarships for higher studies in India as well as abroad.

    For more details, write to:
    The Secretary
    Sahu Jain Trust,
    4th Floor, Times House 7,
    Bahadur Shah Zafar Marg,
    New Delhi -110002


Fellowships are very popular, and securing one is a very difficult because of the serious competition. A few important ones are listed here:

  1. Aga Khan Foundation:

    This fellowship is available for development studies and courses not available in India. Forms are issued from January each year and completed forms must reach by 31st March of the year of award.

    For more details and application form, write to:
    Aga Khan Foundation,
    Sarojini House, 2nd floor,
    6 Bhagwan Dass Road,
    New Delhi -110001

  2. Inlaks Scholarships:

    This fellowship is available for several disciplines.Applicants must be graduates, and 19-30 years old. Completed application forms must reach by 30th August for the following year.

    For more details and application form, send a self addressed envelope to:
    Inlaks Foundation,
    PO Box 2108,

  3. AT&T Leadership Awards (For U.S. only):

    U.S. $ 5,000 awards for the students from the Asia-Pacific region going to the U.S. for study in any discipline. Six of the 36 awards went to Indians in 1998. Applications must reach the programme’s Malaysia office by 15th September. Decisions are announced by 31st December.

    For more details and application form, write to USEFI or email [email protected] or fax at (886) 2-2715-7013 (attn: AT&T Leadership Award)

  4. Rotary Ambassadorial Scholarships:

    The scholarship amount goes upto U.S. $ 23,000 for studies in any subject and any country.

    For any information, contact any Rotary Club office or write to:
    The Scholarships Programme,
    Rotary Foundation,
    Rotary International, One Rotary Centre,
    1560 Sherman Avenue,
    Evanston, Illinois, U.S.A.


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