Education Loan for Study Abroad
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#study-abroadEducation Loan for Study Abroad
Education becomes difficult when funds are limited to accomplish it.
To help you make it a smoother pathway, we have brought you this blog to secure a student loan.
Studying abroad gives you the exposure and view of looking at life differently. The exposure you will get by studying abroad is at a different level altogether.
In this blog, we will cover what banks provide education loan and the documents required*
Government of India has directed all the nationalized banks and few NBFC (Non-Banking Financial Companies) to issue Education Loans to Study Abroad.
Banks for Education Loan To Study Abroad
- State Bank Of Indi: State Bank Of India, issue bank loans for almost any country for higher education. New Zealand, Australia, Canada, United Kingdom (U.K.), United States Of America etc.
- HDFC Bank: One of the best private bank to issue education loan to study abroad. They have a subsidiary company named "Credila" which process their education loan.
- Bank of Baroda: Bank of Baroda is another nationalise bank which helps you secure education abroad and disburse loan on ease. They have a cap for sanction amount. For the institutes under their panel, bank issue education loan up to 80 Lacks. And for non-listed institutes limit is 60 Lacks.
- Auxilo: Another NBFC which can help you secure the education loan. Auxilo issue a sanction letter before the admission. To show to the university that you have means to pay for the tuition fee and living.
- Avanse: Securing an education loan to study abroad with Avanse is a cakewalk. They are quite flexible with education loan sanctions. They have multiple branches all over the country and cater to tier 1, 2, and 3 cities also.
Eligibility for Education Loan to Study Abroad:
Banks Generally follow these eligibility criteria*.
- The student taking the study loan must be an Indian Citizen and 16 years old or above.
- There must be confirmed admission in the Institute before the final disbursement of the education loan.
- The student loan must be co-signed, by an earning co-borrower in India.
Co-Borrowers
- The co-borrower of abroad studies loan must be an Indian Citizen and could be a Parent, Sibling, Legal Guardian, or any other Relative.
- The co-borrower must have a bank account in any bank in India with cheque writing facilities.
- The Co-borrower would necessarily be the primary debtor.
Courses
- Graduation/ Post-graduation for job oriented professional/ technical courses offered by reputed universities outside India as well as courses and universities approved by Avanse for education financing.
Document Required
- Student KYC & Educational Documents.
- Course & Fee Details.
- Co-Borrower KYC and Income Documents.
- Collateral Documents.
Collateral policy
As per the Government of India, guidelines issued by the reserve bank of India
Student loan under 4, lacks generally do not require collateral / Margin, however, and above 4, lacks will require a margin of 15%.
Education loan also depends upon the bank/branch manager, how they want to execute the loan. Bank Manager has the power to issue the loan.
We hope this blog has cleared some of your doubts regarding education loan. If you need any assistance with education loan and would like to speak to our counsellor for the same, then do not hesitate to give us a call.
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*We Do Not Take responsibility of the criteria followed by the bank at different stages and banks or branch.
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