Education Loan For Abroad Studies: Get Student Education Loan

The Student Helpline is highly regarded as a free admission consultancy service to guide aspiring students on obtaining education loans for abroad studies. They help in gathering all the necessary documents, ensuring their eligibility for desired loans.

Moreover, The Student Helpline provides an added advantage with Scholarships worth up to USD 5000*, further empowering and supporting students in their pursuit of international education.

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Top 5 Banks That Offer Education Loan For Abroad

Bank/Institution	Student Education Loan	Loan Amount	Rate of Interest
SBI	SBI Education Loan for Abroad	Rs 20 Lakhs – 1.5 Cr	9.30-11.15
Bank of Baroda	Bank of Baroda Education Loan for Abroad Advertisement	Rs 20 Lakhs – 40 Lakhs	9-11.23%
HDFC	HDFC Education Loan for Abroad	Rs 20 Lakhs – 80 Lakhs	9-14%
Axis Bank	Axis Bank Abroad Education Loan	Up To Rs 75 Lakhs	11.50-13%
PNB	Punjab National Bank Abroad Education Loan	Up To 20 Lakhs	9-14%

How to Get an Education Loan for Abroad Studies Without Collateral? Step-by-Step Guide By The Student Helpline

Obtaining an education loan for abroad studies without collateral is a significant concern for many aspiring students. The Student Helpline offers a step-by-step guide to navigate this process successfully:

Research: Begin by researching banks and financial institutions that offer education loans without the need for collateral. Identify specific schemes and eligibility criteria.
Loan Requirements: Ensure you meet the academic and admission requirements set by the lenders. Prepare documents like admission letters, academic records, passport, identity proofs, etc.
Loan Amount: Calculate the total cost of your education, including tuition fees, living expenses, and other related costs. Apply for a loan amount that covers these expenses.
Interest Rates: Compare interest rates offered by different lenders to choose the most affordable option.
Loan Application: Fill out the application form with accurate information and submit it along with the necessary documents.
Co-signer or Guarantor: Some lenders may require a co-signer or guarantor with a good credit history to support your application.
Loan Approval: Once the lender evaluates your application and documents, they will approve the loan if you meet their criteria.
Disbursement: After approval, the funds will be disbursed directly to your university or institution.

Know More About: Low Interest Education Loan Bank

Which Bank Gives Education Loan Without Collateral For Abroad?

Lenders offering education loan for abroad without collateral can be broadly classified into public and private institutions.

Notable public banks such as SBI and Bank of Baroda extend loans up to 7.5 Lakhs without collateral.
On the other hand, private banks like Axis Bank, ICICI Bank, and HDFC provide students with loan amounts up to 40 lakhs, with a repayment period of approximately 10-12 years and an interest rate ranging from 10-12%.
Additionally, NBFCs (Non-banking financial companies) like Auxilo also offer abroad education loan without collateral, supporting students with loan amounts up to 40 Lakhs and interest rates spanning between 10-18%.
For those seeking foreign lenders, options like Leap Finance and Prodigy Finance are available. These lenders provide overseas education loans without collateral, covering up to 80% of the total expenses. The interest rates offered by these foreign lenders typically fall within the range of 10-16%.

If You Are Eligible For Education Loan Without Collateral - Contact The Student Helpline

Best Education Loan for Abroad Studies By Indian Government

According to The Student Helpline's research, the following are considered the best government education loan for studying abroad:

Gujarat Government Education Loan for Studying Abroad

Type	State Government Loan to Study Abroad
Eligibility Criteria	The applicant should be a resident of Gujarat, India.
	A minimum score of 60% in the 12th standard is required to qualify for the loan.
	The annual family income should not exceed 6 Lakhs to be eligible for the loan.
	The student must provide an acceptance letter from a recognized college or university abroad. Advertisement
Amount Offered as Loan	Up to 15 Lakhs

Vidya Lakshmi Education Loan

Type	Government Loan for Study Abroad
Eligibility Criteria	The applicant must possess an acceptance letter from a recognized college or university abroad, confirming their admission.
Eligibility Criteria	Educational Qualification: Completion of the 12th standard from a recognized institution and board is a prerequisite for eligibility.
Amount Offered as Loan	Up to 30 Lakhs

Education Loan Scheme of the NBCFDC

Type	Government Loan for Study Abroad
Eligibility Criteria	Applicants should possess a valid caste certificate.
	The annual family income must not exceed 3.3 Lakhs to be eligible for the loan. Advertisement
	The student should have an acceptance letter from a recognized college or university abroad.
	A minimum score of 70% in the 12th standard from a recognized institution and board is necessary for loan consideration.
Amount Offered as Loan	Up to 20 Lakhs

Padho Pardesh Scheme

Type	Government Loan for Study Abroad Through Canara Bank
Eligibility Criteria	The loan is available only for the first year of the student's study abroad program.
	The annual family income should not exceed 3.3 Lakhs to be eligible for the loan.
	The applicant must possess an acceptance letter from a recognized college or university abroad. Advertisement
	A minimum score of 60% in the 12th standard from a recognized institution and board is required for loan consideration.

Amount Offered as Loan	Up to 20 Lakhs

Dr. Ambedkar Central Sector Scheme

Type	Central Government Loan for Abroad Study
Eligibility Criteria	Applicants should possess the necessary caste certificates.
	The gross annual family income must not exceed 3.0 Lakhs to qualify for the loan.
	Students must provide an acceptance letter from a recognized college or university abroad.
	A minimum score of 60% in the 12th standard from a recognized institution and board is a prerequisite for loan consideration. Advertisement
Amount Offered as Loan	Up to 20 Lakhs

Apply For Higher Education Loan at The Student Helpline

Education Loan For Girl Students in India: Women Education Loan Schemes 2023

The Student Helpline has recently released an updated and comprehensive list of education loans and schemes, catering to the diverse needs of aspiring learners. This initiative aims to ease the financial burden on students and promote accessibility to quality education.

The list encompasses a wide array of options, including government-funded schemes, private lenders, and non-profit organizations offering financial assistance at low interest rates and flexible repayment terms.

With this valuable resource, students can now make informed decisions about their educational pursuits, regardless of their financial backgrounds. The Student Helpline's efforts are commendable as they pave the way for a brighter and more inclusive future in education.

Talk to Loan Experts

7 Top Education Loan Schemes For Girls in India

Here is the list of seven education loan schemes.

Central Bank of India Cent Vidyarthi

Central Bank of India provides an education loan scheme of up to Rs. 10 Lakh for women seeking higher studies in India. For studying abroad, the loan can go up to Rs. 20 Lakh. The Cent Vidyarthi loan interest rate for ST and SC women is MCLR = 1.5%. It covers course fees, hostel fees, books, laboratory, library, exam fees, travel expenses for education abroad, and other education-related costs. Collateral allows an unlimited loan amount.

Corp Vidya Scheme

The Corporation Bank of India's education loan scheme for women offers a concession of up to 50 bps below the interest rate for loans taken to study in India or abroad. The loan covers travel, accommodation, college fees, exam fees, library fees, books, instruments, equipment, uniforms, and all course-related expenses.

Indian Overseas Bank Education Loan – Vidhya Jyoti

Indian Overseas Bank's education loan for girls provides a 0.5% interest concession. The maximum loan amount for studying in India is Rs. 30 Lakh, and for pursuing courses abroad, it is Rs. 40 Lakh. Girl students can choose to repay the interest while studying or along with the principal, with a flexible repayment tenure of 5 to 7 years.

Besides the mentioned banks, other popular banks like SBI, Punjab National Bank, Bank of Baroda, etc., offer interest rate subsidies for female students. For instance, SBI's interest rate for women is 8.3%, while for men, it is 8.8%.

IDBI Bank Education Loan for Abroad Studies

IDBI Bank allows women to apply for an education loan covering expenses for specialised courses like shipping, aeronautics, pilot training, and other professional courses.

Bank of Baroda Education Loan for Study Abroad

Bank of Baroda offers education loans to women pursuing a graduate, postgraduate, or doctorate course abroad. The Baroda Scholar loan covers the one-way travel expense to the education destination abroad, and interest during the moratorium period is calculated as simple interest.

Axis Bank Education Loan for Study Abroad

Axis Bank offers education loan for women covering a wide range of graduate and postgraduate courses abroad, including tuition fees, book costs, and hostel fees.

Credila Education Loan

Credila, an HDFC Ltd. Company, provides education loans to women aspiring for higher education overseas, without any cap on the upper limit for the sanctioned loan amount.Top of Form

Methodology Used To Pick The Best Bank For Education Loan For Abroad Studies

The Student Helpline conducted a comprehensive evaluation of 18 public and private sector banks in India, analysing 43 education loan products across 15 data points. They assessed interest rates, processing fees, loan terms, security requirements, repayment options, and ease of access to information. Based on their analysis, they selected the top seven lenders with a rating of four stars or higher.

The weightage for each category is as follows:

Interest rates: 30%
Application process: 20%
Loan terms: 20%
Security: 10%
Repayment: 10%
Fees: 5%
Ease of access to information: 5%

The evaluation also considered various parameters within each category, such as special concessions for meritorious students and women borrowers, takeover options for existing loans, income-based repayment plans, deferment options, and availability of loans for schooling in addition to colleges and universities.

Lenders offering interest rates below 10%, flexible repayment options, no prepayment charges, loans for non-Indian residents, and minimal fees scored the highest in the evaluation.

Frequently Asked Questions

Which Bank is Best for Education Loan for Abroad?

According to The Student Helpline, SBI (State Bank of India) has been ranked as the top choice for Education Loan for studying abroad. Their evaluation of various banks and lenders found that SBI offers the most favourable terms and conditions, making it the preferred option for students seeking financial support for overseas education.

With competitive interest rates, flexible repayment options, and efficient customer service, SBI stands out as the best bank for aspiring students looking to pursue their educational dreams abroad.

What is SBI Education Loan Interest Rate for Abroad?

SBI offers an Education Loan Interest Rate for Abroad at 11.15% (Floating), with a 0.5% concession for female applicants. This competitive interest rate makes it an attractive choice for female students aspiring to study overseas.

The floating rate allows for potential adjustments based on market conditions, ensuring that borrowers can benefit from any future interest rate reductions. SBI's commitment to supporting higher education and providing special incentives for female applicants makes it a preferred option for those seeking financial assistance for studying abroad.

Can I Get 100% Loan To Study Abroad?

Obtaining a 100% education loan for studying abroad is possible with the assistance of reputable study abroad consultancies like The Student Helpline. They specialise in guiding students through the loan application process and provide support to secure the entire cost of studying overseas.

Additionally, The Student Helpline offers a range of scholarships to further aid students in funding their education abroad. Their expertise in financial aid options and scholarship opportunities makes them a valuable resource for aspiring international students, ensuring that financial constraints do not hinder their pursuit of quality education and global opportunities.

What is The Eligibility For Education Loan For Abroad Studies?

To be eligible for an international education loan, the following conditions must be fulfilled:

The applicant must be an Indian citizen.
A parent or guardian must be a co-applicant for the loan.
A valid letter of acceptance from a recognized overseas university is mandatory.
The borrower's financial stability needs to be established for the loan to be disbursed.

Is It Safe To Take Education Loan To Study Abroad?

Opting for an education loan to pursue overseas studies is a wise decision. Not only does it enable you to fulfil your aspirations, but it also offers financial benefits. Under Section 80E of the Income Tax Act, you can claim a tax deduction on the interest payments of your education loan for up to 8 years. This tax benefit can lead to significant savings, making the education loan an advantageous choice to support your academic journey abroad.

What is The Maximum Amount of Education Loan For Abroad Studies?

Students seeking to study abroad can obtain education loans ranging from Rs. 4 lakhs to Rs. 40 lakhs. Private banks may even offer higher loan limits based on individual requirements, subject to specific terms and conditions.

These additional benefits are designed to cater to students' diverse financial needs, ensuring that they can access the necessary funds to pursue their education abroad comfortably. It is essential to explore the various loan options provided by private banks to identify the most suitable loan package that aligns with one's educational aspirations and financial capabilities.

Disclaimer:

The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.