Education Loan Options for Studying in Malaysia

Over 10 Malaysian universities are ranked among the top positions in the QS World University Rankings, making Malaysia a prominent country in global education. From renowned institutions offering varied degrees and programs to vibrant and affordable student life, Malaysia is quite attractive for international students. Read on to learn more cost of studying and bank education loan Malaysia, student loan Malaysia, the process of education loan for international students, major factors to consider, and much more!

Universities in Malaysia offer accredited and globally recognized courses, making it quite popular among international students. With warm hospitality, an English-speaking population, and easy access to education loan for international students, Malaysia has emerged as one of the best and most affordable study destinations.

 

The average annual tuition fee for a bachelor's degree is, while the average annual tuition fee for a postgraduate degree is RM 27,000–RM 47,297. PhD programs in Malaysia usually have lower tuition fees than bachelor's or master's programs. Also, education loan Malaysia banks also offer like RHB study loan malaysia etc.

 

Top 5 QS-ranked Malaysian Universities 2024

 

Kuala Lumpur, Subang Jaya, and Shah Alam are some of the most popular cities as per the QS Best Student Cities 2024. On average, an Indian student needs around INR 40,000 per month excluding house rent.

 

These factors are very important to consider for your financial planning and for your student loan Malaysia. Education loan for international students usually cover this expenditure but it has to be communicated to the bank. Here is a break-up of the cost of living in Malaysia:

Here are some of the top-rated universities in Malaysia for which education loan for international students are available:

 

• 
  Universiti Malaya (UM) 
• 
  Universiti Kebangsaan Malaysia (UKM) 
• 
  Universiti Sains Malaysia (USM)
• 
  Universiti Putra Malaysia (UPM)
• 
  Universiti Teknologi Malaysia (UTM)
• 
  Universiti Teknologi Petronas
• 
  Sunway University
• 
  Universiti Kebangsaan Malaysia

While this is not the complete list, however, you can get complete information about the list of universities, their courses, and education loan to study abroad Malaysia for international students by contacting Gyandhan.

 

Planning your higher studies in Malaysia is a great option, given the country is affordable, hospitable, and offers accredited and internationally recognized courses. However, with tuition fees, living expenses, and other expenditures, it is of utmost importance that you plan your finances appropriately. Fortunately, various bank educational loans for international students can make your study abroad dream a reality. For abroad education there are two types of loans secured and unsecured loans.

Secured Education Loan Options Malaysia:

Secured education loan for international students is provided by banks as well as non-banking financial corporations (NBFCs). However, public banks are preferred over private banks and NBFCs because of lower interest rates. One of the most important aspects of secured loans is that they require collateral as a guarantee against your education loan. Collateral can be an immovable property (like homes, shops etc.) or liquid assets like fixed deposits, government bonds, sovereign gold bonds etc. In case of re-payment failure of a loan, even after repeated intimations, the collateral is sold by the lender to recover the loan amount.

 

Secured educational loans for international students - overview

Unsecured Education Loan Malaysia:

Unsecured education loan for international students is usually provided by private banks and non-banking financial corporations (NBFCs). These types of loans do not require any collateral or guarantee, however, a co-applicant with a stable monthly income and a good credit rating is required. Co-applicants, usually, can be the applicant’s parents or blood relatives, however, some lenders allow close relatives as co-applicants too. Also, please note that the loan amount is lower and the interest rate is higher for unsecured education loans as compared to secured education loans, as the risk involved is higher for lenders.

 

Unsecured educational loans for international students - An overview

 

Also read: How to get an education loan with a low CIBIL score? 

Before you apply for an education loan for higher studies in Malaysia, consider the following important factors for educational loans for international students -

 

• 
  Make sure there is a co-applicant with a stable monthly income and a good credit score.
• 
  Co-applicant can be your parents or any blood relative. However, in some cases, lenders allow close relatives, family members or even friends to be co-applicant.
• 
  If you are planning to apply for an unsecured loan, make sure your co-applicant’s credit score and monthly income are within the lender’s required range.
• 
  If you are planning to apply for a secured loan, make sure that all the required documents of collateral are in order as per the lender’s requirements.

Education loan Malaysia study overseas cover the following costs and expenses. They can be broadly classified into the following categories:

Malaysia, being a highly affordable and hospitable destination for higher education has specific eligibility requirements when it comes to education loan for indian students in Malaysia. It can be broadly classified as follows:

Eligibility Criteria: Academics:

• 
  For Undergraduate Programs:

  • 
    Completion of 12 years of education (e.g., high school diploma, A-levels, IB).
  • 
    Minimum GPA or percentage set by the university of your choice.
  • 
    Competitive programs like medicine or engineering may have different GPA / percentage criteria

   
• 
  For Postgraduate Programs:

  • 
    Recognized bachelor's degree, typically with a minimum GPA of 2.5 (on a 4.0 scale) or minimum 75% in Unified Examination Certificate (UEC) or equivalent.
  • 
    Relevant work experience, if you are planning for work experience MBA course

   

Eligibility Criteria: English Proficiency:

• 
  IELTS: Minimum score of 5.5–6.5.
• 
  TOEFL: Scores of 500 (Paper Based Test), 173 (Computer Based Test), or 60–80 (Internet Based Test).

Eligibility Criteria: Financial Proof:

• 
  Minimum annual funds: MYR 70,000 (INR 1.4 L approximately). Proof can include bank statements or financial sponsor letters.

Eligibility Criteria: Student Visa Requirements:

• 
  Admission offer letter from a Malaysian institution.
• 
  Valid passport with at least 12 months’ validity.
• 
  Visa application forms and medical clearance.
• 
  Health insurance as per the Education Malaysia Global Services (EMGS) guidelines.

Make sure that the following documents are readily available before you proceed with your education loan application-