A guide to education loans for a doctoral programme

A guide to education loans for a doctoral programme

Embarking on a Doctor of Philosophy (Ph.D.) study programme marks the pinnacle of the academic journey for an aspiring scholar. A Ph.D. programme ranges from three to six years, depending on the specialisation and university. Navigating this academic journey involves a judicious choice of institution with a comprehensive curriculum tailored to one’s research focus. However, the pursuit of excellence often comes with financial considerations. Many students opt for education loans to fund their Ph.D. endeavours. Here is some essential information on educational loans for a doctoral programme.

Why take a loan?

An education loan helps cover expenses like tuition fees, travel expenses, accommodation costs, price of learning devices, living costs and other education-related expeneses. This initial foray into borrowing also works to create a positive credit score through repayment. This can help unlock multiple benefits later in life during other financial transactions such as getting a credit card or taking a car or home loan. A student loan also helps keep the family savings for emergencies.

Financial institutions typically offer two categories of education loans: secured (with collateral) and unsecured (without collateral). The collateral can encompass various assets, with residential property and non-agricultural land often being acceptable forms. Irrespective of the type of loan, the financier will thoroughly evaluate the student’s profile to determine employability potential. Therefore, variables will include academic performance, entrance exam scores, university pedigree, continuity in education, and so on.

To qualify for an education loan for a Ph.D. degree programme, certain prerequisites have to be met. First, the student should be an Indian citizen above 18 years of age. Two, he/she must confirm admission to the programme before disbursal. Finally, most institutions mandate a co-borrower who earns within India.

Whether abroad or in India, the borrower and co-applicant must provide some essential documents:

For the borrower, the required documents include academic transcripts, proof of admission, the fee structure, valid photo ID, two passport-sized photos, residence proof, proof of date of birth, and a document verifying his/her signature.