I want to study Master's in USA so I decided to take loan of 20lakhs in sbi... So could I repay loan within time by doing part-time work
Dear Divya, if you plan to go to USA on a student visa, you get to work only part time and for a specific period of hours in a week and not beyond that. And Banks allow you to pay only the interest amount until you finish the course and get a job. Post that, you also need to take care of the Principal and the Interest towards your student loan. Your student visa allows you to work for 20 hours in a week in the campus and upto 40 hours a week during break periods. And during the 1st year, you cannot accept any off campus work which means your opportunities are limited. And so will be your income. So the first year what you earn might be sufficient to take care of your own bills because you still need to figure out a way to spend smart and save even smarter. To be honest, with part time it is unlikely that you can pay off the whole loan. You can do it once you get a full time job post your Masters. And whether you can repay it on time or not depends on how much you pay towards the student loan. If your loan is a floating interest type, as and when you pay towards the Principal, the interest is added only towards the remaining principal. If your loan is a fixed interest loan, you will continue to pay the same interest no matter what might be your Principal. So this is something that you need to consider before taking a loan for that huge amount.