Education Loans for Abroad Studies – List of Providers in India

By | February 24, 2020

Education Loans for Abroad Studies

Welcome to the webpage where you find the complete details about the Education Loans for Abroad Studies. Studying abroad can be a life-changing result, however, this doesn’t come simple. Those who want to pursue higher studies abroad, but finding it hard to arrange for money, now have the option to make arrangements for funding their education. In this article, we will cover each and every detail related to Top Education Loans Providers in India be it the process to apply for a loan, eligibility or documents required for it.

Education Loans for Abroad Studies

Eligibility Criteria For Education Loans for Abroad Studies

  • The applicant should be a citizen of India.
  • The candidates must have attained the age of 18 else his or her parents will have to take the loan.
  • The aspirants must have a good academic background.
  • The contestants 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.

Documents required for applying for Education Loan for Study Abroad

  • Filled application form
  • Photographs: Passport size photographs of the applicant and the co-applicant.
  • Photo ID: Photo ID of the applicant and the co-applicant. It can be a PAN card, driving license, Voter ID card, Aadhar Card, or Passport.
  • Residence proof: Resident proof of the applicant and the co-applicant
  • Mark sheet and certificates of the applicant
  • Income proof of the co-applicant
  • Last six months bank statements of the co-applicant
  • Admission letter shared by the university or college.
  •  Building approved plan
  • NOC for a mortgage from builder or societys

List of Providers Education Loans for Abroad Studies

  • Axis Bank

Maxi. loan amount – Rs. 20 lakhs 

Mini loan amount – Rs. 50,000

Interest rate – Ranges from 16.5% to 17.5% with special rates for women 

  • HDFC Bank

Maximum loan amount – Up to Rs. 20 lakhs 

Processing fees – Up to 1.5% of the loan amount 

  • Punjab National Bank

Loan edge -15% for loans above Rs. 4 lakhs. For loan amount below Rs. 4 lakhs, the loan margin is not required. Assistantship and scholarships can be added to the loan margin. PNB offers the base rate as the  

Interest rate – Base rate for pursuing the education at the top 200 universities across the world  

Freeze period – Up to a year with no prepayment charges levied by the bank 

Processing fees – 1% 

  • Canara Bank

Maximum loan amount – Upto Rs. 20 Lakhs 

Loan margin – 15% for loans taken above Rs. 4 lakhs 

Repayment tenure – Can be up to 10 years for loans below Rs. 7.5 lakhs and up to 15 years for loans above Rs. 7.5 lakhs.  

Career after 12th

Bank of Baroda

Maximum loan amount – Up to Rs. 20 lakhs 

Loan margin requirement – 15% 

  • Avanse Financial Services

Minimum loan amount – Rs. 1, 00,000 with the  

Maximum loan limit – Customized according to the borrower’s requirement 

loan tenure can be taken between 12 months to up to 120 months 

  • State Bank of India

Maxi. loan amount – Rs. 30 lakhs 

Collateral security required – For loans above Rs. 7.5 lakhs  

Loan margin – 15% for SBI education loan borrowers 

Interest rate – Up to 2% on the current base rate of SBI 

Repayment tenure – 1 year to 15 years 

SBI Education Loan

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