- November 11, 2016
- Posted by: Mega Immigration
- Category: Study Visa
Top Indian Banks offering an Education Loan for Studying Abroad
As the opportunities are growing across the world, more and more Indian students are aspiring to study abroad at various universities. Students now have various options to choose as the universities and institution are providing various courses in each field of study. We all know that studying abroad is a very expensive process. The cost involves not only the university’s tuition fees but also accommodation and living expenses. When you decide to study abroad, you must pay as much attention to how will you finance your education abroad.
For Free Profile Assessment Call us 0172 507 1177, WhatsApp 9056 7777 31 or Request a Call Back
Student loans are offered under certain terms and conditions and definitely under a set scheme of interest. Indian banks offer student loans for studying abroad on a confirmed admission to a foreign university for full-time courses. Banks consider a student’s past academic record and offer the loan only if they find it satisfactory. All these conditions for financing education apply generally, but in the end, each bank follows its own scheme. Here are some top Indian banks offering an education loan for Studying Abroad :
State Bank of India’s Education Loan for Studying Abroad
SBI offers educational loans at very attractive interest rates. It can be availed for graduate or post graduate courses approved by UGC/AICTE/IMC/Govt. Extra expenses like hostel fees, travel expenses, laboratory fees can also be considered for the loan. A student can get up to 30 lakhs for studying abroad. The repayment period varies from up to 10 years to up to 12 years depending on the loan amount.
Central Bank of India-Cent Vidyarthi Education Loan for Studying Abroad
Central Bank of India offers loan up to 20 lakhs to study in a foreign university or college. It offer loan to all graduate courses like management course, professional courses or job oriented courses of recognized universities or institutes. Loan is also provided for postgraduate courses in Science, Technology, Engineering or Management courses etc. A student must have a consistent academic record with 60% in high school or senior secondary school.
For studies abroad, Rs.500 for loan up to Rs.10 lakh and Rs.1000 for loan above Rs.10 lakh will be charged while considering the applications, but refunded when loan is availed by the student i.e. within 6 months from the date of sanction.
Axis Bank Education Loan for Studying Abroad
Axis Bank offers education loan at competitive rate of interest for Indian student planning to study abroad. Students can apply for technical or professional courses, career oriented courses etc. and avail an education loan from Axis Bank. Axis bank offers a maximum loan of Rs 20 lakhs which covers hostel fees, tuition fees, book costs or other expenses. The minimum loan amount that can be availed is Rs. 50,000. A margin is not required for loan amounts below Rs. 4 lakhs, but 15% has to be brought in by the borrower for loans above Rs. 4 lakhs. The educational loan will be disbursed directly to the institution where the borrower has received admission from. Also Axis Bank does not charge any processing fees or prepayment charges for education loan.
HDFC Bank Education Loan for Studying Abroad
HDFC Bank offers education loans with flexible repayment tenures and preferential rates for reputed universities. The maximum loan amount that will be sanctioned by HDFC Bank is up to Rs. 20 lakhs. Also no collateral is required for loans up to Rs. 7.5 lakhs. Indian residents aged between 16 to 35 years are eligible to apply for an education loan. The co-applicant can be any family member like parents, siblings, in-laws, uncle or aunt, which is mandatory for full-time courses. The processing fees charged by HDFC Bank for education loans is up to 1.5% of the loan amount, with no fees levied for prepayment of the loan.
Punjab National Bank- PNB Udaan Education Loan for Studying Abroad
Punjab National Bank offers financial assistance for graduate and post graduate courses from recognized colleges and university. Job oriented courses can also be pursued from abroad by availing loans from this bank. Punjab National Bank offers the “PNB Udaan” education loan scheme for students planning to study abroad. Admissions secured by students should be at premier institutions abroad. The PNB education loan covers university fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses. PNB sanctions as per the requirement of the borrower, with a loan margin requirement of 15% or loans taken above Rs. 4 lakhs. For education loan amounts below Rs. 4 lakhs, no loan margin is required. The tenure options available for PNB education loan borrowers are up to 15 years.
Canara Bank Education Loan for Studying Abroad
Students can avail education loan from Canara Bank for studying abroad for eligible professional and technical courses, graduate or post graduate courses which promise job opportunities. A student must secure admission in a recognized university or institution. Canara Bank’s educational loan covers payment of course fees, purchase of books, equipments, instruments, payment of hostel fees, examination fees, study tools, travel expenses etc. You can secure up to 20 lakhs to study abroad. Education loans have to be taken along with a co-borrower and 100% collateral security will be required for loans above Rs. 7.5 lakhs. The repayment tenure chosen can be up to 10 years for loans up to Rs. 7.5 lakhs and up to 15 years for loans above Rs. 7.5 lakhs.
Indian Overseas Bank Education Loan for Studying Abroad
Indian Overseas Bank provide loan up to Rs 40 lakhs for studying abroad. The educational loan to study in foreign university or institute is made available for undergraduate and postgraduate courses. The repayment of the loan can be made in equal monthly installments for a maximum period of 5 to 7 years excluding holiday period of six months after getting the job or 12 months after completion of the course whichever is earlier.
IDBI Bank Education Loan for Studying Abroad
Students enrolling in professional and technical graduate courses, post-graduation courses, and diploma are eligible to avail the education loan from IDBI Bank. The IDBI Bank education loan covers university fees, travel, exam fees, lab fees, library fees, cost of computers, book/equipment fees and other related expenses. The maximum loan amount that will be sanctioned by IDBI Bank is up to Rs. 20 lakhs. There is no processing fee for studies in India while studying abroad there is 1% of the loan amount subject to a maximum of Rs. 5000 plus taxes. The repayment tenure chosen can be up to 10 years for loans up to Rs. 7.5 lakhs and up to 15 years for loans above Rs. 7.5 lakhs