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Loans to Study Abroad
India is rated third among the countries with the most students studying abroad. Every year, approximately 150,000 students study abroad in a variety of undergraduate and postgraduate programmes. Many students choose abroad education for a variety of reasons, including practical learning and global exposure. The expense of studying abroad is a major worry when considering studying abroad. Scholarships have a number of restrictions, making education loans a more convenient way to study abroad and earn a degree at the university of one's choice. Let's look at the various conditions and loan options for studying abroad.
There are a variety of nations where you can pursue higher education, thanks to the growing trend of studying abroad. Studying overseas can cost anything between 15 and 25 lakh rupees per year. The cost of studying abroad varies depending on the country, the courses offered, the duration of the programme, and the cost of living in the nation. Students can get educational loans from banks to help them follow their dreams. Every year, the market for studying abroad shrinks by 12%. Students who are struggling financially might turn to banks for help in obtaining cheap loans to study abroad. Banks provide loans for students to study abroad based on their needs and ability to repay the loan.
Before applying for loans to study abroad, there are a few things to keep in mind:
Applicants must check their eligibility for student loans before submitting an application.
The banks listed below provide educational loans to students who wish to study abroad. To determine which loan best meets their needs, students must examine the amount offered, interest rate, repayment term, and collateral security.
The State Bank of India, based in Mumbai, Maharashtra, is an Indian multinational public sector bank and financial services statutory entity. SBI is the world's 43rd largest bank and the only Indian bank in the Fortune Global 500 list of the world's largest firms for 2020, ranking 221st.
Types of Education Loans |
SBI Global Ed-Vantage Scheme |
Maximum Amount |
Rs 1.5 crores |
Loan Disbursement |
15 -20 days |
Repayment |
Up to 15 years + Moratorium |
Margin |
In case of Loans up to Rs.4 lac – No Margin required. |
Official Website |
https:// sbi.co.in / |
Syndicate Bank is one of India's oldest and most well-known commercial banks. Education is a vital area where parents are willing to invest in order to ensure that their children have a prosperous and bright future. Syndicate Bank provides highly efficient education loans with low interest rates. The Syndicate Bank Education Loan's major goal is to provide financial assistance to Indian students who want to pursue higher education in India or abroad. Students can apply for one of the following two education loans from the bank:
Types of Education Loans |
Synd Vidya Educational Loan |
Maximum Amount |
Rs 2 crores |
Loan Disbursement |
15 days |
Repayment |
Upto 15 years + Moratorium |
Margin |
In case of Loans up to Rs.4 lac – No Margin required. |
Official Website |
Vijaya Bank, which recently merged with Bank of Baroda, now offers a variety of educational loans to students who want to study in India or overseas. Vijaya Bank Education Loan Programmes offer low interest rates as well as additional incentives. The bank also provides free security loans up to INR 4 lakh, which are conveniently accessible to all Indian national students.
Name of the Loan |
Vijaya Bank Education Loan |
Applicable For |
India and Abroad |
Applicable Courses |
Professional graduation and post graduation courses* |
Eligibility Criteria |
Students who have secured the admission |
Loan Tenure |
Up to 15 years |
Loan Amount |
Up to 20 Lakhs |
Interest Rate |
Multiple |
Processing Fees |
Nil |
Under the ICICI Education Loan, an Indian multinational banking and financial services corporation, a student can borrow up to 50 lakh for education in India and up to one crore for study overseas. ICICI Bank also offers collateral-free loans of up to Rs. 40 lakh, which do not need the borrower to put up any assets or pledge any security. However, this loan must be repaid 6 months after the degree is completed.
Name of Loan |
ICICI Education Loan |
Eligibility Criteria |
Students who have secured admission |
Loan Tenure |
Up to 15 years |
Loan Amount |
Up to 20 Lakhs |
Interest Rate |
10.50% Secured10.75% Unsecured |
Processing Fees |
Nil |
IDBI Bank, formerly known as the Industrial Development Bank of India, is a government-owned financial services bank based in Mumbai. It is the tenth largest development bank in the world, with 1,853 branches, one foreign branch in Dubai, 3,350 ATMs, and 1,382 centres.
Maximum Loan Limit |
Rs. 20 lacs |
Processing Fee |
No Processing Fee |
Loan repayment |
15 years |
Loan collateral |
Up to Rs. 4 lacs no collateral |
Interest rate |
9 – 12 % |
The Bank of Baroda was established in 1908 and is owned by the Indian government. Bank of Baroda offers a variety of bank loans with varying interest rates. In addition, you may be eligible for an education loan subsidy as well as tax benefits under Section 80E of the Internal Revenue Code for interest paid. The length of time it takes to repay a loan depends on the type and quantity of money borrowed. The loan can be repaid over a period of 10 to 15 years. For loans up to 4 lakhs, Bank of Baroda does not require collateral or security under any plan.
Maximum Loan Limit |
Rs. 80 Lacs (for medical & aviation courses) |
Debit Card charges |
Free Debit Card |
Processing Fee |
No Processing Fee |
Concession |
0.25 % for females |
Loan repayment |
10 – 15 years |
Loan collateral |
Up to Rs. 4 lacs no collateral |
Interest rate |
8 – 10 % |
Education Loans for Abroad Studies
The oldest joint stock bank in India, Allahabad Bank, was founded in 1865. Allahabad Bank and Indian Bank merged in the year 2020. Following the merger, all account holders must use the Indian Bank IFSC code, cheque books, internet banking, and other services provided by the Indian Bank. The Allahabad Bank Education Loan will now follow the Indian Bank's rules and processes.
Maximum Loan Limit |
Rs. 20 Lacs |
Processing Fee |
No Processing Fee |
Concession |
0.50 % for females |
Loan repayment |
10 – 15 years |
Loan collateral |
Up to Rs. 4 lacs no collateral |
Interest rate |
7 – 11 % |
Canara Bank, one of India's largest banks, is controlled by the Indian government and was founded in 1906. Its main offices are in Bengaluru. Canara Bank Education Loans enable students continue higher education in India and abroad with interest rates ranging from 7% to 9%, with female candidates receiving a discount.
Maximum Loan Limit |
Rs. 40 Lacs + |
Margin |
Up to 4 lacs – NilAbove 4 lacs 5% |
Security |
Up to Rs. 4 lacs no collateral |
Processing Fee |
Nil |
Interest Rate |
7 – 10 % |
Loan Repayment |
10 – 15 years |
HDFC provides a variety of education loans to Indian students seeking admission to both domestic and international colleges. To eliminate the problem of concerns and security, HDFC Education Loan provides complete transparency to applicants while issuing loans. HDFC has built a substantial client base and a reputation as an industry leader over the last two decades.
Maximum Loan Limit |
Rs. 20 Lacs + |
Margin |
Up to 4 lacs – Nil |
Security |
Up to 7.5 Lacs – No collateral |
Processing Fee |
1% |
Interest Rate |
9 – 14 % |
Loan Repayment |
15 years |
Punjab National Bank provides students with a variety of financing choices for their education in India and overseas. Educational loans are accessible for students from the 12th grade through the master's degree level.
Bank |
Punjab National Bank |
Loans |
PNB Udaan |
Interest Rate |
7.30% to 9.20% |
Age Limit |
No Age Limit |
Repayment Period |
7 to 15 years |
Official Website |
Many organisations and non-banking services, in addition to banks, offer student loans for study abroad. Non-banking financial institutions offer a variety of popular loans, which are listed below.
Collateral is a moveable or immovable asset that can be presented to banks as a form of security in exchange for a loan. A collateral ensures that the bank has the right to confiscate your property if you default on your student loan. The majority of Indian banks demand collateral for school loans.
There are a variety of devices that can be used as collateral. They are as follows:
There are many education loans available without collateral because having such security is problematic for some people. Many of the country's most well-known financial institutions provide school loans with no collateral. The following are some of the most significant considerations to make while looking for the same:
Tuition costs, other expenses such as accommodation, uniforms, travel expenses, equipment (laptop or computer), books, and library expenses are all covered by the loan. Some banks also sell one-way airline tickets from India to their home country. Students can apply for education loans to study abroad in a variety of fields such as business, management, medicine, and engineering. The Indian government has introduced subsidised interest rates for students from economically disadvantaged backgrounds.
Which loan is best for studying abroad?
Bank of Baroda and SBI are the leading banks for loans to study abroad.
How much is the maximum loan amount you can get?
The maximum loan amount varies per bank, although most banks give loans of up to INR 20-30 lakhs. The interest rate rises in proportion to the amount.
What costs are covered under an education loan?
This differs by bank as well. An educational loan often covers tuition, examination fees, and hostel/accommodation fees. Some banks also offer students one-way flight tickets.
What are the documents required to apply for an education loan?
When should I start repaying the loan?
After the course, the student must repay the loan in EMIs (Equated Monthly Installments). After completing the course, banks normally expect the student to repay the loan within 6 months to a year.
Applying for study abroad loans and selecting the correct university to pursue a suitable course is a time-consuming and difficult process. To ensure that you make the greatest decision for your life, Leverage Edu's professional mentors assist you in making better decisions, providing the finest counsel and assistance, and assisting you in reaching your goal. Today is the last day to sign up for a free session!
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