In this modern era, internships and research projects play a major role in a student’s professional journey. Recognizing their significance, many foreign universities have made internships and research an integral part of their curriculum.

However, these internships and research often come with various expenses, especially while abroad. As a result, many students often wonder if student loans can be used to cover these expenses.

This article covers key information about education loans for internships and research abroad, along with a few tips for using study loans for internships and research projects.

What are Education Loans Used for?

Before knowing whether education loans can be used to fund internships and research projects abroad, let’s learn what they are used for. Education loans provide financial assistance to students for pursuing higher studies in India or abroad. 

Study abroad loans are typically used to cover various courses, including undergraduate, postgraduate, and professional courses, across several countries. Keep reading to find out about study loans for internships and research projects abroad.

Study abroad loans in India are mainly divided into two types based on the collateral requirement of the loan: secured and unsecured loans.

Expenses covered under Education Loan Funds

Abroad education loans are designed to cover various expenses associated with studying at a well-reputed foreign university. The expenses covered under education loans vary from lender to lender. However, the common expenses covered under abroad education loans from most lenders include:

  1. Tuition fees
  2. Living Expenses
  3. Travel Expenses (Flight Tickets)
  4. Cost of Study Materials
  5. Purchase of a Laptop
  6. Cost of Course-relevant equipment
  7. Miscellaneous Expenses

Can Education Loans fund Internships and Research Abroad?

Now, to answer the question, ‘whether education loans can be used for internships and research abroad?’ Yes, education loan funds can be used to fund internships and research projects abroad. 

These loans are specifically designed to help students cover their entire educational costs while studying abroad, including any research projects required by the course. And lenders also allocate a portion of these funds for miscellaneous expenses, which can be used during the internship period. However, the exact amount offered for the internship period or research projects involved in the course depends on various factors, including the lender, loan amount, and course requirements. Here’s how student loan funds support internships and research abroad.

Education Loan for Internships Abroad

Internships have become a crucial part of the academic curriculum in many foreign universities. Through abroad internships, students can get global exposure and gain practical experience. They provide for students after the end of their academic journey.

Recognizing the key role internships play in a student’s professional journey, many universities around the world have integrated internships into their courses. Most universities even include an internship in their courses, during which students can gain practical work experience before completing their course.

As internships are a part of the academic curriculum in many foreign universities, study abroad loan funds can cover them, depending on the lender. Education loans provide funds to help students cover their expenses even during the internship year. 

However, you should carefully assess your course curriculum regarding the internship support provided by your university. You should also check your lender’s terms about providing funds for an internship before taking an education loan from them.

Education Loans for Research Abroad

Research projects are a crucial part of many postgraduate and doctoral programs abroad. Pursuing research projects while studying abroad can help students gain deeper knowledge in their subjects.  It significantly enhances their academic performance and boosts their employment opportunities.

Students can gain practical skills and experience by taking up research projects in their subjects while studying abroad. However, research projects can involve several expenses, especially when you are studying abroad.

Education loans can help students cover their research project expenses as part of their academic program. An education loan for research abroad can cover various expenses, including living expenses, travel expenses, and material costs.

Tips to Use Education Loans for Internships and Research Abroad

The following are a few tips for using education loan funds for an internship and research projects while studying abroad.

  1. Choose the Right Lender:
    Choosing the right lender is essential when you’re planning to use education loans for internships or research projects abroad. Check the expenses covered for education loans from the lender before taking an education loan from them. Choose the lender that can cover your educational expenses related to internships or research projects.
  2. Read the Terms and Conditions of your Lender:
    Carefully read the terms and conditions of your lender before taking an education loan from them. Check the internship and research support offered by the lender. 
  3. The Internship or Research should be approved by the University:
    Lenders can provide education loans for research or internships when they are approved by the university. Make sure that your internships or research projects are approved by your university. Get a formal letter from your university about your internships or research has been approved by them to use education loans for internships or research.
  4. The internship or Research should align with Your Course:
    Ensure your internships or research projects align with the subject of your course. This is an assist in getting approval from your university and ultimately helps you use your education loan for internships and research abroad.

Get the best Student Loans for abroad with WeMakeScholars

WeMakeScholars is an organisation dedicated to providing expert education loan support for students. Being partnered with over 15 public and private banks, our team offers the best education loan deals to students.

Our team provides personalised guidance and helps students find the most suitable education loans, according to their eligility. Our experienced team connects you with the right lender to help you use the education loan fund for internships or research projects abroad. Here’s how to help you use education loans for internships or research abroad:

  1. Expert Guidance: When you approach us, a dedicated financial officer analyses your profile and connects you with the best lenders. They guide you at every step of your education loan process so that you can have a smooth and stress-free education journey.
  2. Quick Processing Time: We offer a swift education loan process, sanctioning within 6-7 days through a private bank or NBFC, and around 15-20 days to get your education loan sanctioned from a public bank. The above-mentioned processing time is applicable after all the required documents are submitted.
  3. Lower Interest Rates: Your financial officer will negotiate with your lender on your behalf to get you the best education loan with low interest rates.
  4. Simple Application Process: You can simply apply for education loans by filling out our application form online or request a callback now, and one of our dedicated financial officers will get back to you at the earliest.
  5. Complete Support: Our support and guidance don’t just end at the sanction of your loan; we provide our support and assistance till the repayment of the last EMI of your student loan.
  6. Free-of-cost: Since we are funded and supported by the IT Ministry under the Digital India Campaign, all our services are free of cost for students.

So what if you need support after taking the loan while studying abroad? No need to worry, as your financial officer will support you till the end of your tenure. To get a stress-free student loan, get in touch with us by requesting a callback now.

Conclusion

Internships and research projects play a crucial role in many students' academic and professional journeys. They help students gain practical knowledge and experience before beginning their careers. However, they often come with various expenses, especially while studying abroad. Students often look for education loans for internships and research abroad. 

Choosing the right lender is essential for planning internships or research. Students should make sure their internships or research are approved by their university and align with their course. With careful assessment and planning, students can use study loans for internships and research projects abroad.