Steps to Apply for Education Loan

Advantages of Education Loan

An education loan for studying abroad provides numerous advantages that can significantly benefit students. Here are some key benefits:...

Eligibility Criteria for Education Loan

Before applying for an education loan, it’s essential to check if you meet the eligibility criteria set by the banks or financial institutions. Below are the general terms and conditions usually followed by most banks in granting education loans. Please note that individual banks might have specific guidelines that need to be adhered to when applying to them....

Documents Required for Education Loan to Study Abroad

Before applying for an education loan, it is essential to be well-prepared with the necessary documents. Here is a list of the documents required for securing an education loan for studying abroad:...

Technical Documentation

In addition to the standard documents required for an education loan, applicants may also need to provide certain technical documents to complete the loan application process. These technical documents are essential for verifying the property or assets being offered as collateral. Here is a list of technical documentation typically required for an education loan:...

Legal Documentation for Education Loan

In addition to technical documents, applicants may also need to provide legal documentation to support their education loan application. These documents help ensure the legality and authenticity of the property being offered as collateral. Here are the legal documents typically required:...

Interest Rates of Different Banks for Education Loan

Here are the interest rates provided by different prominent banks in India for study-abroad education loans:...

Steps to Apply for Education Loan

Here is a step-by-step guide on how to apply for an education loan:...

Top Education Loans Providers in India for Studying Abroad

Here are some of the top education loan providers in India for studying abroad:...

Study Abroad Education Loan from NBFCs

Apart from nationalized banks, students can also avail education loans for studying abroad from Non-banking Financial Companies (NBFCs). These institution provide loans covering complete tuition fees, and borrowers typically need to provide collateral as security, especially for loan amounts exceeding INR 7.5 lakhs. Here are some popular NBFC options for study abroad education loans:...

Crowd Funded Companies as Loan Providers

Some companies specialize in providing funding exclusively for students, focusing on loans tailored to meet the financial needs of those attending specific institutions. These companies provide loans in the local currency of the country where the student will be studying, ensuring security for both the borrower and the lender. It’s important to note that the borrowed amount must be repaid in the same currency it was borrowed in, adding convenience and simplicity to the repayment process....

Loan Schemes Offered by Indian banks

Here are some of the loan schemes offered by Indian banks for studying abroad:...

UGC’s Educational Loan Scheme

The University Grants Commission (UGC) has introduced an educational loan scheme through the ‘Vidya Lakshmi’ portal. Developed with guidance from the Department of Higher Education, the Department of Financial Services, and the Indian Banks Association, this initiative aims to provide financial assistance to students pursuing overseas education. Under this scheme, loans of up to Rs 15 lakh are available, with no collateral or margin required for amounts up to Rs 4 lakh. Interest rates are capped at the Prime Lending Rate (PLR) for loans up to Rs 4 lakh and at PLR plus 1% for amounts above Rs 4 lakh. Repayment periods range from 5 to 7 years, with a grace period of one year after completion of studies....

Education Loan Eligibility Criteria for Studying Abroad-FAQs

Who is eligible to apply for an education loan for studying abroad?...