Loans to Study in Foreign Universities 2023

Loans to Study in Foreign Universities 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you going to apply for an education loan to study abroad? If yes then you are at the right platform, because in this blog I will tell you about the list of banks that are providing education loans to study at prestigious foreign Universities. Not all students will get a chance to take scholarships, due to the smaller number of scholarships offered nowadays. For those students we are offering education loans, that will help them to cover their all expenses, like tuition fees, traveling expenses, living expenses, food expenses, and many other. So, to know about which banking companies are providing education loans to study abroad, read the whole blog carefully, and get all the details related to the bank, and which type of loans they are providing to students in 2023.

Why take Education Loan Abroad?

As all the students are willing to study abroad, get quality education, and make their future bright. In previous years the costs of studying in foreign universities are estimated from INR 15 lakhs to INR 25 lakhs for each year, which will increase in 2023, due to a rise in the inflation rate. How many costs are needed to study in a foreign university, is based upon the university, country, period of course, and the course you selected. Due to this, the expenses of studying abroad are making burden on both students and their parents. To share that burden, several government and private Indian banks are providing facility of education loans to all Indian students to make studying abroad easier.

Eligibility for Loans to Study Abroad

The students that are willing to apply for education loans for studying abroad 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 INR 50 lakhs per family.

List of Banks providing education loans to study abroad

Now I will provide the list of the banks that are providing education loans for students to study in foreign universities and to complete any degree outside the country. It covers all the academic and non-academic expenses of the students.

Syndicate Bank Education Loan

Syndicate Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

Vijaya Bank Education Loan

Vijaya Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

ICICI Education Loan

ICICI Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

IDBI Education Loan

IDBI bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

Bank of Baroda Education Loan

Bank of Baroda provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

Allahabad Bank Education Loan

Allahabad Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

Canara Bank Education Loan

Canara Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

HDFC Education Loan

The Housing Development Finance Corporation Limited (HDFC) provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

PNB Education Loan

Punjab National Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12^th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.

What is Collateral?

An asset or property, that was given to the bank or organization, as a security to get a loan. It is the bank’s right to take hold of that asset, or property if the debtor is not able to refund the loan amount on time. Almost all of the Indian banks require collateral for the education loan in the amount of more than INR7.5 lakhs.

Which is accepted as Collateral?

The following things can be accepted as collateral security by several banks. Those things include;

• Agricultural lands are not accepted as collateral
• Bank Deposits
• Bonds
• Commercial Property
• Debentures
• FD
• Gold
• House
• Life Insurance Policy
• Mutual Fund Units
• Normal Land
• Shares

How can I get an education loan to study abroad without collateral?

The following ways are to keep in mind the applicant, if he/she is willing to get an education loan for studying abroad, without collateral;

• If you are taking a loan from a government bank, and above INR 4 lakh, then you are not eligible to get a loan without collateral.
• According to RBI, other private banks can only provide education loans without collateral for the loan amount below INR 7.5 lakh
• Applicants that want to take loans of more than the amount of INR7.5 lakhs, they can choose private or NBFCs as they offer a loan of up to INR 50 lakh without collateral.

Loan Coverage

The following expenses are generally included in an education loan;

• Tuition fees
• Examination Fees
• Library/Lab Fees
• Insurance Facility
• Caution Deposit
• Refundable Deposit
• Purchase of Books/
• Purchase of Equipment
• Purchase of Uniforms
• Other expenses necessary to complete the course
• Computer purchase at reasonable expenses

Loan Benefits

Now I will tell you some edges of education loans for studying abroad, besides financial benefits;

• Least interest rate
• No hidden charges
• No administrative charges
• Simple processing
• No processing fees
• No security is required for loans up to 4 Lakhs
• 50% discount for female applicants

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