Although various scholarships and other financial aid alternatives exist for study abroad candidates, not all students become qualified for them. Subsequently, education loans are viewed as one of the important parts of the study abroad plan of a study. Education loans for studying abroad are given by all the significant banks in India. We present names of some of the Top Education Loan Providers in India for study abroad candidates.
Top Education Loan Providers in India to Study Abroad
|
Name of Bank |
Loan Amount |
Rate of Interest per Annum |
|---|---|---|
|
State Bank of India |
20 lakhs |
Upto 7.5 lakhs- 11.01% Above 7.5 lakhs- 10.75% |
|
Allahabad Bank |
50 lakhs |
Upto 4 lakhs- 11.45% Upto 7.5 lakhs- 11.45% Above 7.5 lakhs- 10.95% |
|
Axis Bank |
20 lakhs and beyond depending on requirement |
Upto 4 lakhs- 16.50% Upto 7.5 lakhs- 17.50% Above 7.5 lakhs- 15.50% |
|
HDFC |
Upto 10 lakhs |
Max-15.25% Min- 9.50% Avg-12.41% |
|
Credila |
No limit. Depends on requirement |
12.10%+ floating rate(depends on the risks points of the applicant) |
|
Punjab National Bank (PNB) |
20 lakhs |
Upto 7.5 lakhs- 11.25% Above 7.5 lakhs- 11.85% for education at premier foreign universities- 9.85% |
|
IDBI Bank |
Depends on requirement |
Upto 10 lakhs-10.45% Above 10 lakhs-11.45% |
|
Indian Overseas Bank (IOB) |
Upto 40 lakhs |
Upto 4 lakhs- 11.50% Upto 7.5 lakhs- 12.00% Above 7.5 lakhs- 12.25% |
|
State Bank of Mysore |
Upto 40 lakhs |
Upto 4 lakhs- 12.20% Upto 7.5 lakhs- 12.20% Above 7.5 lakhs- 11.20% Above 10 lakhs- 11.70% |
|
Avanse Financial Services |
No limit. Depends on requirement |
11.5%+ floating rate(depends on the risks points of the applicant) |
|
Syndicate Bank |
20 lakhs |
Upto 4 lakhs- 11.00% Upto 7.5 lakhs- 11.25% Above 7.5 lakhs- 12.25% |
|
Canara Bank |
20 lakhs. Depends on requirement |
Upto 4 lakhs- 11.15% Upto 7.5 lakhs- 11.65% Above 7.5 lakhs- 11.15% |
Government of India
In consultation with the Reserve Bank of India (RBI) and the Indian Banker's Association (IBA), the Government of India has framed a Comprehensive Educational Loan Scheme. The new plan covers all types of courses, including professional courses in schools and colleges in India and abroad.
The salient features of the scheme related to studying abroad are:
State Bank of India
The State Bank of India gives the SBI Student Loan proposal for Indian nationals to pursue their education abroad. The education loan for studying abroad is given work-oriented professional, specialized Graduation Degree courses, or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed colleges.
For studying abroad, the maximum loan of the amount given is Rs. 30 lacs and the repayment will start one year after finishing of course or 6 months after securing a job, whichever is prior. The repayment time frame differs from 10 years to 12 years depending upon the loan amount.
Allahabad Bank
Some other Top Education Loan Providers in India to study abroad on similar terms as that of Allahabad Bank Education Loan are:
The Allahabad Bank gives education loans to Indian residents who confirm admission to professional or specialized courses in standard foundations abroad through an entrance test or merit-based selection process after finishing HSC. The study abroad courses competent for the Allahabad Bank Education Loan are:
Axis BANK
Axis Bank's Education Loan expects to give economic support to justifiable students for pursuing higher professional or specialized education in India and abroad. The education loan is given to students who have obtained admission to career-oriented courses e.g. engineering, management, medicine and etc., either at the graduate or post-graduate level.
The quantum of a fund under the Axis Bank Education Loan proposal is capped at Rs 20 lacs for studies abroad, which would include the cost of books, tuition fees, hostel charges, etc. The minimum amount of an education loan is Rs 50,000. There is no edge for education loans up to Rs 4 lacs, and for loans above Rs 4 lacs, there is a 15% margin for studies abroad.
HDFC Bank
The features of the HDFC Bank Education Loan for Foreign Education are:
Credila
Credila is a non-bank finance company concentrated on education loans. It is a subsidiary of HDFC Ltd.
Punjab National Bank (PNB)
The PNB offers the PNB Saraswati scheme for giving education loans to meritorious students to pursue higher education and technical education in India and abroad.
The real pointers of the PNB education loan scheme are:
Courses approved:
Quantum of Finance: up to 20 lacs
Graduation: For work-oriented professional or specialized courses offered by reputed colleges.
Post-graduation: MCA, MBA, MS, etc.
Courses directed by CIMA - London, CPA in the USA, etc.
Degree or Diploma courses like shipping, pilot training, aeronautical, etc gave are standard by proficient regulatory bodies abroad with a view of work in India or abroad.
Repayment period: up to 10 years for loans of Rs. 7.50 lacs or below and up to 15 years for loans above Rs. 7.50 Lacs
Edge of 15% for credit above Rs. 4 Lacs
Expenses Covered under Education Loan by IDBI Bank:
IDBI Bank
IDBI Bank offers education loans to justifiable students for pursuing higher education in India and abroad. The facility is also being presented to the estimable students who have reserved admission through Management Quota.
The quantum of the fund is a maximum of Rs. 20 lacs for studying abroad. The repayment time frame is from 10 to 15 years. Find below the IDBI Bank education loan Rate of Interest table.
|
Loan Amount |
Rate of Interest |
|---|---|
|
Loans qualifying as Priority Sector Lending(PSL) : Up to Rs. 20 lacs for studies Abroad |
BR+1% (currently 11.25%) (Floating) |
|
Loan amounts not qualifying as Priority Sector Lending(PSL) : Above Rs. 20 lacs for studies abroad |
BR+2% (currently 12.25%) (Floating) |
HSBC India
Given below is a list of a few other Education Loan Providers in India to study abroad.
HSBC, in association with Global Student Loan Corporation, offers education loans to students who are looking to achieve a world-class education at a school or college in the USA. HSBC India Student Education Loan Program empowers students to borrow funds to cover the expense of education – educational cost-tuition, fees, room charges, boarding, books, and other education-related costs.
Some of the exceptional elements of the HSBC education loan to study abroad offered are that up to Rs. 1 crore is given against private property and the residency is up to 15 years.
Indian Overseas Bank (IOB)
The IOB gives education loans to Indian nationals who have secured admission to proficient or specialized courses abroad. The loan is offered just for Graduation and Post Graduation Courses offered by reputed colleges. The quantum of credit accessible is dependent upon Rs. 40 lacs for studying abroad. The repayment time frame is for a most extreme time of 5 - 7 years excluding holiday time of six months after getting the job or 12 months after finishing the course, whichever is prior.
State Bank of Mysore
The State Bank of Mysore's Gnanamitra Educational Loan scheme gives loans to students to cover the educational cost and different fees, maintenance expenses, books and equipment, and cost of a section for studies abroad, etc., to pursue studies at recognized college, college or establishment. The courses qualified for the loan are diploma, graduate, and post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science, and Computer Certificate courses of reputed foundations authorize by the department of electronics or affiliated to college. The maximum amount of loan given is Rs. 20 Lacs.
Avanse Financial Services
Avanse gives education loans to Indian citizens over 18 years old for seeking after graduation or post-graduation for work-oriented professional or technical courses offered by reputed colleges outside India and additional courses and colleges confirmed by Avanse for education financing. With a minimum amount criterion of Rs. 1 lacs, there is no maximum limit and the loan amount is calculated according to need. The repayment time frame can be 12 to 120 months depending upon the loan amount.
Syndicate Bank
The Syndicate Bank's extensive Education Loan Scheme, SyndVidya, gives need-based funds to cover costs related to education, for example, fees payable to the college, hostel, examination, library, research center expenses, caution deposit, building fund, or refundable deposit up to 10% of equipment, cost of books, tuition fees, travel costs for studies abroad, etc. Just capitation fees, donations, or external coaching expenses are not included. The loan scheme has a maximum limit of Rs.20 lacs for abroad courses. The repayment time frame is five to seven years. The study abroad courses qualified for the SyndVidya scheme are:
Canara Bank
The Canara Bank offers education loans to study abroad for work-oriented, specialized or professional graduation and post-graduation courses. The quantum of a fund is dependent upon Rs. 20 lacs and the repayment time frame is up to 10 or 15 years relying upon the loan amount.
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