How To Get An Education Loan For Study In Abroad

Higher education loan is a process of generating funds specifically for study purpose. Whether you are planning to get higher education or are looking to generate funds for your kids, you can do it with the help of a higher education loan. You can get up to Rs.25 lakh from leading lenders to fund your needs as per your eligibility.
Sometimes when the amount required is not that significant, people also opt for a personal loan for higher education.
The process of applying for a higher education loan includes the submission of basic documents related to your income and personal profiles. Hence, you can avail the loan hassle-free.

THE BENEFITS OF USING EDUCATION OR PERSONAL LOAN

1.    Amount

When you are looking to get a higher education loan, the amount also needs to be substantial. With the help of financing services like these, you will be able to borrow the precise amount which is needed to facilitate your kids’ abroad education. Moreover, the decision regarding the amount is made depending on your income as well as the lender’s eligibility terms.

2.    Repaying

The next benefit that you receive while applying for higher education loans is the extended repaying time frame. In the case of most financing services, you need to start repaying interest as well as the principal amount since the beginning. When it comes to higher education loans, you can use a tenor ranging 12-60 months to repay it. You can opt for a smaller or a longer tenor as per your repayment capacity.

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3.    Interest Rates

The interest rate on personal loans or education loan is a bit higher as it is an unsecured loan facility. Therefore, it may become a bit tough to repay. However, if you have a robust CIBIL Score, then you can negotiate for a lower rate of interest. Always keep your Credit Score up when you wish to apply for a higher education loan. It will help pay smaller EMIs and manage monthly outlays easily.

4.    Multiple Options

The last but definitely not the least on our list is multiple options available for higher education loan. When you have made up your mind about borrowing an education loan, you can easily browse through the available options online. There are many financing firms that provide this facility, which makes shopping for finance very easy. Besides, it even gives you a chance to choose the best possible higher education loan as per your requirement.
Now here we give a full list of banks with their conditions and interest rate.
Name of BankLoan AmountRate of Interest per Annum
State Bank of IndiaStudies in India – Maximum Rs. 10 lakhs
Studies Abroad – Maximum Rs. 20 lakhs
10.25% (Upto Rs 7.5 lakhs)10.50% (Above Rs 7.5 lakhs)
Allahabad Bank50 lakhsUpto 4 lakhs- 11.45%Upto 7.5 lakhs- 11.45%
Above 7.5 lakhs- 10.95%
Axis Bank20 lakhs and beyond depending on requirementUpto 4 lakhs- 15.2%Upto 7.5 lakhs- 14.7%
Above 7.5 lakhs- 13.7%
HDFCUpto 10 lakhsMax-15.25%Min- 9.50%
Avg-12.41%
CredilaNo limit. Depends on requirement12.10%+ floating rate(depends on the risks points of the applicant)
Punjab National Bank (PNB)20 lakhsUpto 7.5 lakhs- 11.25%Above 7.5 lakhs- 11.85%
for education at premier foreign universities- 9.85%
IDBI Bank Depends on requirementUpto 10 lakhs-10.45%Above 10 lakhs-11.45%
Indian Overseas Bank (IOB)Upto 40 lakhsUpto 4 lakhs- 11.50%Upto 7.5 lakhs- 12.00%
Above 7.5 lakhs- 12.25%
State Bank of MysoreUpto 40 lakhsUpto 4 lakhs- 12.20%Upto 7.5 lakhs- 12.20%
Above 7.5 lakhs- 11.20%
Above 10 lakhs- 11.70%
Avanse Financial ServicesNo limit. Depends on requirement11.5%+ floating rate(depends on the risks points of the applicant)
Syndicate Bank20 lakhsUpto 4 lakhs- 11.00%Upto 7.5 lakhs- 11.25%
Above 7.5 lakhs- 12.25%
Canara Bank20 lakhs. Depends on requirementUpto 4 lakhs- 11.15%Upto 7.5 lakhs- 11.65%
Above 7.5 lakhs- 11.15%

Government of India

In consultation with Reserve Bank of India (RBI) and Indian Bankers’ Association (IBA), the Government of India has framed a Comprehensive Educational Loan Scheme. The new scheme covers all type of courses, including professional courses in schools and colleges in India and abroad.

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The salient features of the scheme related to study abroad are:
The scheme envisages loans up to Rs. 15 lacs for studies abroad.
For loans up to Rs. 4 lacs, no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lacs, the interest rate will not exceed PLR plus 1 percent.
The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies.
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