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When choosing a student loan, it’s usually better to go with an Indian lender. This way, you avoid dealing with currency exchange and other issues. Indian lenders offer rates that are similar to US lenders. For example, a 15% interest rate in India is like a 10% rate in the US.

Also to get the tax benefits under sec 80E, the loan must be from a recognized Indian institution. You can’t claim the deduction if the loan is from a foreign bank.

And when you take a student loan in US dollars and then move back to India, changes in the exchange rate can make your loan more expensive to repay.

For example, let’s say you took a loan of $50,000 when 1 USD was equal to ₹75. This means your loan was equivalent to ₹37,50,000 at that time. If you come back to India later and the exchange rate changes to 1 USD = ₹85, you will still owe $50,000, but now it’s equivalent to ₹42,50,000.

So, you end up paying ₹5,00,000 more because the rupee has weakened. This is why taking a loan from an Indian lender can be easier, as you avoid the risk of exchange rates going up.

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