I am going to France for my Master's, May I know if in the future...

Yes, it is generally possible to transfer your education loan to another bank or financial institution in the future if you find a better offer. This process is known as loan refinancing or loan balance transfer. Right now, I have been living in the USA for the last 4 years. I had completed my master's over here, and I was reached here with the help of an education loan from a high-interest-rate bank. Still, at that time, I have already visa in my hand, but I was facing financial issues at that time; I didn't calculate interest rates or other policies. Still, after I reached over here in the USA, I met one of my university mates; he was a South Indian guy. One day, I was talking to him, and we had a small conversion on interest rates. His bank has a lower interest rate than mine and it was almost something 2 percent.

Yeah, it was hard for me, and the time-consuming process also required me to pay some fees and maintain some other stuff, but I saved a 2% interest rate. It is just 2%, but if we calculate numbers in money terms, it is actually a considerable number.

Steps to Transfer an Education Loan:

• First ensure your current loan agreement allows for a balance transfer.
• Please confirm that the new bank or institution offers loan refinancing for international education loans.
• Research and look for better terms such as lower interest rates, extended repayment periods, or flexible repayment options.
• Then submit an application to the new bank, providing details of your existing loan and academic progress.
• The new bank will evaluate your application, your repayment history, and possibly your co-applicant’s (or guarantor’s) financial standing.
• Once approved, the new bank pays off the outstanding balance to your current lender, and your loan shifts to the new bank.
• Enter into a new loan agreement with the new bank with revised terms.

That whole process was very hard for me but became very easy with the help of abroad cube I am really thankful to Rahul sir and their team.