Education Loans for Study Abroad

India is ranked third amongst countries whose students are pursuing their education abroad. Studying abroad comes with concerns about the cost of Living, Studying, and traveling. An Abroad education loan helps students who want to gain an education from one of the best universities in the world. We will cover various aspects related to student loans. Numerous banks offer different education loan schemes. We will suggest the best education loan for abroad studies that suits your profile.

Why take Education Loan for Abroad.

According to the growing trend of studying abroad, there are various countries for pursuing higher education. The cost of studying abroad can go up to 15-25 lakhs rupees per year. The cost of studying abroad can depend upon the country, the courses, duration, and living in the country. 

Banks are offering educational loans to students to pursue their dream. The study abroad market is increasing by 12% every year. Students struggling with financial burdens can rely on banks to provide them with easy loans for study abroad. Numerous banks offer different education loan schemes based on the need of the student and their capabilities to afford that loan.

Eligibility criteria to apply for the education loan

While applying for student loans, applicants must check whether they are eligible to apply.

·       Applicant age should be 18+ else parents have to take the loan.

·       The applicant should be a citizen of India.

·       Applicants submit confirmation from the college/university before applying for the loan.

·       The applicant must have good academics.

·       The financial stability of the co-applicants is most important for the approval of the loans to study abroad.

Documents required for applying for Education Loan for Study Abroad

• Identity-Related Documents (From Both Applicant & Co-applicant)

• Financial Documents (From the Co-Applicant)

KYC Document

• PAN Card

• Driving License

• Aadhar Card

Address Proof

• Aadhar Card

• Valid water/electricity/ LPG Bill

• Voter’s ID card

• Current House Lease Agreement

• Valid Passport

Academic Record Documents (From Applicant)

• 10th Result

• 12th Result

• Proof of Admission

• Under Graduate Result Semester Wise (If required)

• Entrance Exam Result – Abroad institutes (GRE, GMAT, TOEFL, etc.)

• Entrance Exam Result- Domestic institutes (CAT, CET, GMAT, CMAT, JEE, NEET, GRE, etc.)

• Top Education Loan Providers in India to Study Abroad

  Name of Bank	Loan Amount	Rate of Interest per Annum
  State Bank of India	20 L	Up to 7.5 L- 11.01% Above 7.5 L- 10.75%
  Allahabad Bank	50 L	Up to 4 L- 11.45% Up to 7.5 L- 11.45% Above 7.5 L- 10.95%
  Axis Bank	20 L and beyond depending on requirement	Up to 4 L- 16.50% Up to 7.5 L- 17.50% Above 7.5 L- 15.50%
  HDFC	Up to 10 L	Max-15.25% Min- 9.50% Avg-12.41%
  Credila	No limit. Depends on requirement	12.10%+ floating rate(depends on the risks points of the applicant)
  Punjab National Bank (PNB)	20 L	Up to 7.5 L- 11.25% Above 7.5 L- 11.85% for education at premier foreign universities- 9.85%
  IDBI Bank	Depends on requirement	Up to 10 L-10.45% Above 10 L-11.45%
  Indian Overseas Bank (IOB)	Up to  40 L	Up to 4 L- 11.50% Up to 7.5 L- 12.00% Above 7.5 L- 12.25%
  State Bank of Mysore	Up to 40 L	Up to 4 L- 12.20% Up to 7.5 L- 12.20% Above 7.5 L- 11.20% Above 10 L- 11.70%
  Avanse Financial Services	No limit. Depends on requirement	11.5%+ floating rate(depends on the risks points of the applicant)
  Syndicate Bank	20 L	Up to 4 L- 11.00% Up to 7.5 L- 11.25% Above 7.5 L- 12.25%
  Canara Bank	20 L  Depends on requirement	Up to 4 L- 11.15% Up to 7.5 L- 11.65% Above 7.5 L – 11.15