Everything About Education Loan for MS 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you willing to complete your MS degree? Or, you are looking for an education loan to pursue your higher education to get an MS degree? If yes, then you are at the right platform, because today I will tell you about the banks in India and USA that provide education loans to students, to fund their educational expenses. So, read the whole blog carefully to get all details related to the Education loans for MS in 2023.
Benefits of Taking an Education Loan for MS
The following benefits are provided to the students that are willing to get education loans for an MS degree;
- All Kinds of Expenses Get Covered
- Personal Savings are Protected
- Lower Interest Rates
- Easy Availability
List of Education Loans for MS Abroad
As per data from the Consumer Financial Protection Bureau (CFPB), 90% of new private education loans need a consigner. But I will tell you a list of the education loans for MS degrees for international students.
- Earnest: It provides private student loans without a cosigner and for this, applicants must require to have better credit to get permitted. It will cover the whole tuition fee, up to an amount of $250,000 (INR 1.88 Cr).
- Funding U: It provides private student loans without a cosigner and for this, applicants must require to have better credit to get permitted. It will cover the whole tuition fee, up to an amount of $1,50,000 (INR 1.13 Cr) for each year, and for a lifetime loan, you will get an amount of $75,000 (INR 56K).
- Discover grants education loans to all international students that have good credit permitted by their respective government country. And the good thing is that for this education loan, you don’t need any consigner.
- Common Bond: Common Bond, also provide education loan to all international students. They provide loans worth up to 6 digits. Consigners, are not ready to give you a 6-digit loan. This Common Bond is providing you education loan without a consigner.
- Sallie Mae: Sallie Mae, is also a private student lender company, that works to provide education loans to all international private students. They are mostly providing loans to students with Masters’s degrees, and willing to get MS degrees, without consigners.
- Citizens Bank: Citizen Bank, also provide education loan to all international students having good credit. No application charges are applicable, and these loans are provided without any consignee.
Education Loan for MS in the USA
In the USA, secured loans are provided to students that will cover all their educational expenses. It’s a bit easy to get an education loan in the USA because investors are more interested to fund your courses. Following banks and organizations, provide education loans in the USA for MS degrees;
- Public Banks: Public banks provide secured educational loans for all national and Indian students to pursue their MS degrees. You will get a loan payment amount of 1.5 crores reliant upon the value of collateral security, with an interest rate of 8.9%
- Private Lenders: private lenders provide unsecured educational loans for all national and Indian students to pursue their MS degrees. You will get a loan payment amount ranging from INR 40 lakhs to INR 60 lakhs reliant upon the value of collateral security, with an interest rate ranging from 10% to 12.5%.
- Foreign Lenders: foreign lenders provide unsecured educational loans for all national and Indian students to pursue their MS degrees. You will get a loan payment amount ranging from INR 50 lakhs to INR 75 lakhs reliant upon the value of collateral security, with an interest rate ranging from 12% to 15%.
Top Education Loan for MS in India
After knowing about the top education loan for MS that is available to study abroad, below we have listed down the best education loans for pursuing your masters in India.
SBI bank provides education loans for popular courses like MBA, MCA, MS, etc. at the professional graduate and postgraduate levels, with regular technical and professional degree and diploma courses.
|Schemes||Maximum Loan Amount||Applicable Interest Rate|
|SBI Global Ed-Vantage Scheme||INR 1.5 Crore||9.55%|
|SBI Student Loan Scheme||INR 20 Lakh||9.55%|
|SBI Student Scholar Scheme||INR 40 Lakh||7.45% to 8.75%|
|SBI Take Over Education Loan||INR 1.5 Crore||9.55%|
Axis Bank Education Loan
Axis Bank provides education loans to study for students that are willing to get their MS degree. You can get a loan amount ranging from INR 10 lakhs to 20 lakhs INR from the bank.
|Loan Amount||Repo Rate||Spread|
|Up to INR 4 Lacs||4.00%||11.20%|
|INR 4 lacs – 7.5 Lacs||4.00%||10.70%|
|More than 7.5 Lacs||4.00%||9.70%|
HDFC Bank Education Loan
HDFC provides education loans, for students that are willing to complete their MS degree from India or outside India. And, almost all the educational expenses are covered by the education loan provided by HDFC bank.
|Maximum Loan Limit||Rs. 20 Lacs +|
|Margin||Up to 4 lacs – Nil
Above 4 lacs 5%
|Security||Up to INR 7.5 Lacs – No collateral
Above INR 7.5 Lacs -Residential Property, HDFC Bank Fixed Deposit
|Interest Rate||9 – 14 %|
|Loan Repayment||15 years|
Other Banks Providing Education Loans for MS
Now I have provided a list of some other banking networks and organizations that provide education loans to complete their MS degree from any national or international university, with least interest rates;
- ICICI Bank Education Loan
- Avanse Education Loan
- Syndicate Education Loan
- IDBI Education Loan
- Vijaya Bank Education Loan
- Canara Bank Education Loan
- Bank of Baroda Education Loan
The students that are willing to apply for education loans to complete their MS degree from any national and international university, must have to fulfill some conditions. These conditions are different for different banks, or organizations. But some general eligibility conditions are given below;
- The applicant must be at or above the age of 18 years
- The co-applicants must have a regular income resource
- Applicant must have 50% marks in the recent degree
- Students must have to continue their higher education at a recognized institute
- Students are eligible to take a maximum loan of amount Rs 30 lakhs per family.
Applicants must have to attach the following documents to apply for the education loan to get their MS degree. In case of any missing document, you are not eligible to secure an education loan;
- Evidence of Identity through PAN Card, AADHAAR Card, or Voters ID
- Evidence of Residence through Electricity bill, water bill, LPG/gas pipe bills
- Legal Passport (not expired)
- All academic transcripts-
- Entry Test results (IELTS, TOEFL, GMAT, or GRE)
- Offer Letter offered by the university abroad that has accepted you
- A statement stating your projected cost of studying and living costs
- 2 passport-size photographs
- Preceding Loan statement (if taken)
- Bank Statement
- Details of Co-Applicant
- Student loan application form
How to Apply for Education Loan for MS?
The following steps are involved to apply for an education loan for an MS degree;
- Estimate the precise tuition fees you are essential to pay for that course
- Make a comparison of the several types of education loans you can apply for and select the one which provides all of your educational expenses
- After selecting the appropriate education loan, fill out the application form carefully on the official website of the relevant bank or by visiting the nearest branch of the bank
- The bank administration will reach you with all the additional information as soon as your loan gets permitted
- After you sign the final legal responsibility form the bank will transfer your loan amount to your account
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