Loans to Study in Foreign Universities 2023
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Types of Education Loans | Syndicate Vidya Educational Loan Syndicate Vidya Abroad Educational Loan Syndicate Super Vidya |
Maximum Amount | INR 2 crores |
Loan Disbursement | 15 days |
Repayment | Up to 15 years + Moratorium |
Margin | In the case of Loans up to Rs.4 lac – No Margin is required. In case of Loans above Rs.4 lac – 5% for study in India and 15% for study abroad |
Official Website | https://www.syndicatebank.in/ |
Vijaya Bank Education Loan
Name of the Loan | Vijaya Bank Education Loan |
Applicable For | India and abroad |
Applicable Courses | Professional graduation and post-graduation courses |
Eligibility Criteria | Students who have secured the admission |
Loan Tenure | Up to 15 years |
Loan Amount | Up to 20 Lakhs |
Interest Rate | Multiple |
Processing Fees | Nil |
Official Website | http://www.bankofbaroda.in/ |
Vijaya Bank provides education loans for students to complete their higher education in India and abroad. These education loans are offered to students from 12th 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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Name of Loan | ICICI Education Loan |
Eligibility Criteria | Students who have secured admission |
Loan Tenure | Up to 15 years |
Loan Amount | Up to 20 Lakhs |
Interest Rate | 10.50% Secured10.75% Unsecured |
Processing Fees | Nil |
Official Website | https://www.icicibank.com/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Maximum Loan Limit | Rs. 20 lacs |
Processing Fee | No Processing Fee |
Loan repayment | 15 years |
Loan collateral | Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral |
Interest rate | 9 – 12 % |
Official Website | https://www.idbibank.in/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Maximum Loan Limit | Rs. 80 Lacs (for medical & aviation courses) Rs. 10 Lacs (for other courses) |
Debit Card charges | Free Debit Card |
Processing Fee | No Processing Fee |
Concession | 0.25 % for females |
Loan repayment | 10 – 15 years |
Loan collateral | Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral |
Interest rate | 8 – 10 % |
Official Website | http://www.bankofbaroda.in/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Maximum Loan Limit | Rs. 20 Lacs |
Processing Fee | No Processing Fee |
Concession | 0.50 % for females |
Loan repayment | 10 – 15 years |
Loan collateral | Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral |
Interest rate | 7 – 11 % |
Official Website | https://indianbank.in/departments/e-allahabad-bank/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Maximum Loan Limit | Rs. 40 Lacs + |
Margin | Up to 4 lacs – Nil
Above 4 lacs 5% |
Security | Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral |
Processing Fee | Nil |
Interest Rate | 7 – 10 % |
Loan Repayment | 10 – 15 years |
Official Website | https://canarabank.com/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Maximum Loan Limit | Rs. 20 Lacs + |
Margin | Up to 4 lacs – Nil Above 4 lacs 5% |
Security | Up to 7.5 Lacs – No collateral Above Rs.7.5 Lacs -Residential Property, HDFC Bank Fixed Deposit |
Processing Fee | 1% |
Interest Rate | 9 – 14 % |
Loan Repayment | 15 years |
Official Website | https://www.hdfcbank.com/ |
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 12th class to graduation, and postgraduation, along with also providing a chance to complete vocational and skill-based studies.
Bank | Punjab National Bank |
Loans | PNB Udaan PNB Saraswathi PNB Honhaar PNB Pratibha PNB Kaushal |
Interest Rate | 7.30% to 9.20% |
Age Limit | No Age Limit |
Repayment Period | 7 to 15 years |
Official Website | Oneindia. in |
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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