Last Updated on September 5, 2024
Education loan Aspirations for studying abroad often die prematurely due to the perception that it is an expensive affair. Adding to the common myth is that studying abroad is only for the rich. While overseas education has its share of expenses to bear, it is not out of reach with the right planning, as reaffirmed by the data on foreign education. A study abroad consultant can tell you the correct path in this regard.
Education Loans for Study Abroad
Education Loan for Abroad Studies: Studying abroad can be a life-changing decision, however, this doesn’t come easy. Those who want to pursue higher studies abroad, but find it difficult to arrange for funds, now have the option to make arrangements for funding their education. In this article, we will cover every detail related to education loans for studying abroad and the opinions of the best study abroad consultants in Delhi.
Be it the process to apply for a loan, eligibility, or documents required for it. We will also cover various other aspects related to student loans like Indian banks giving student loans or the role of a guarantor. We will cover every aspect for all those who are looking for an education loan to study abroad.
Eligibility criteria to apply for the education loan
The first and foremost thing is to check whether you are eligible to apply for an educational loan or not. Provided below are the general terms and conditions that are usually followed by any bank in the process of granting an education loan. Kindly note that individual banks could have their eligibility guidelines which would have to be adhered to when applying to that particular bank. You can get this list from the study abroad consultants in Delhi with ease.
- The applicant should be a citizen of India.
- The applicant must have attained the age of 18 else his/her parents will have to take the loan.
- The applicant must have a good academic background.
- The applicant must have secured admission to a recognized foreign university/institution/college.
- The desired course which the applicant is going to study must be a technical or professional one, as banks give preference to job-oriented courses.
Education Loans Providers in India for Studying Abroad
- HDFC Bank
HDFC Bank is one of the largest private banks offering education loans abroad. The maximum loan amount offered by the bank is up to INR 20 lakhs. To avoid the last-minute rush, the bank offers study loans abroad even before the student has secured admission to the university.
- State Bank of India
SBI offers a maximum amount of INR 30 lakhs as an education loan for studying abroad with a loan margin of 15%. The Interest rate charged on the loan amount is up to 2% on the current base rate of SBI. Further, the loan repayment tenure can be 1 year to 15 years.
- Axis Bank
Axis bank offers study loans abroad at competitive interest rates. A margin of 15% has to be arranged by the borrower if the loan amount exceeds INR 4 lakhs. The bank offers a maximum of INR 20 lakhs and covers different costs like tuition, accommodation, and books.
- Punjab National Bank
PNB Udaan is the education loan scheme offered by the Punjab National Bank to students going to study abroad. The bank offers foreign education loans for students going to pursue graduate, post-graduate, job-oriented professional, and technical courses. The borrower needs to show a loan margin of 15% for the loan amount of above INR 4 lakhs. Also, the bank offers the base rate as the interest rate on loans taken for pursuing an education at the top 200 universities across the world.
How can I get an education loan to study abroad without collateral?
Education loan has come as a big relief to those who want to pursue quality education overseas but face a big challenge while arranging the funds. You also get an idea of the fees from the best overseas education consultants in Delhi. Now students can avail of a loan of up to INR 4 lacs without collateral. For loans, up to INR 7.5 lacs, parents or guardians are made joint borrowers and a third party guarantee is obtained. For a loan exceeding INR 7.5 lacs property or any other asset is required as collateral.
How much can you borrow against collateral?
If you want to take the loan with your immovable property as collateral, in that case, the bank’s representative will verify your property and prepare a report on whether it can be mortgaged or not.
Also, the bank’s representative will evaluate your property. Based on this report, the loan amount will be approved
Admissify of Delhi, considered the best study abroad consultants, offer incredible courses for the aspirants. Hence, do contact us for further information via our website.
Gaurav Kandari is a seasoned study abroad consultant with over 5 years of experience, specializing in guiding students to the UK, USA, Canada, and Australia. An avid traveler, he draws on his global adventures to enrich his consulting, providing invaluable insights to aspiring scholars.
