Loan Schemes Offered by Indian banks
Here are some of the loan schemes offered by Indian banks for studying abroad:
- SBI Student Loan Scheme: This scheme is available to Indian students who have secured admission to any institute in India or abroad. They can avail a maximum loan amount of INR 20 lakhs at a nominal interest rate, repayable within 15 years. Collateral is required for loan amounts exceeding INR 7.5 lakhs, and repayment begins one year after course completion.
- SBI Global ED-VANTAGE Scheme: Indian students pursuing full-time courses abroad can avail this loan, with a maximum loan amount of up to INR 1.5 crore. Repayment is spread over 15 years, and collateral is required. Repayment starts six months after course completion.
- HDFC Bank Education Loan for Foreign Education: Indian students aspiring to study abroad can avail loans up to INR 20 lakhs at a nominal interest rate. The loan provide tax benefits and can be sanctioned before admission.
- Oriental Bank of Commerce Education Loan for Study in India and Abroad: This scheme caters to students pursuing higher studies in India or abroad. The loan amount for studying in the US depends on the institute’s fee structure. Notably, there’s no prepayment penalty, and insurance coverage is provided. A 15% margin is required for loan amounts exceeding INR 4 lakhs.
Best Education Loan for Studying Abroad in 2024: How to Apply?
Individuals aspiring to pursue higher education abroad, yet facing financial constraints, now have the opportunity to secure funding for their academic pursuits. This article aims to delve into the intricacies of securing the best education loan in India for studying abroad.
From the application process and eligibility criteria to the requisite documentation, we will explore various facets of student loans, including the involvement of Indian banks in providing financial assistance and the significance of a guarantor.
Table of Content
- Advantages of Education Loan
- Eligibility Criteria for Education Loan
- Documents Required for Education Loan to Study Abroad
- Technical Documentation
- Legal Documentation for Education Loan
- Interest Rates of Different Banks for Education Loan
- Steps to Apply for Education Loan
- Top Education Loans Providers in India for Studying Abroad
- Study Abroad Education Loan from NBFCs
- Crowd Funded Companies as Loan Providers
- Loan schemes offered by Indian banks
- UGC’s Educational Loan Scheme