Introduction
Education in foreign countries may be a great adventure that will bring a lot of new impressions and new possibilities. However, let us be real; there will be occasions when that search feels daunting. That is where education loans play a role! Through such a loan, a student can study without much concern for bills, which would interfere continuously with their mind. In 2024, some of the Indian banks will provide students with easier ways than making the payment of their tuition fees in foreign universities. Now, it is time to have a look at the five best banks for availing study abroad education loans and know how they can help you.
HDFC Credila Education Loan: Tailored for Study Abroad
HDFC Credila is among the leading education loans for studying abroad companies that offer customer specific solutions to learners.
Loan Amount: There is no fixed price and it highly depends upon the student and course.
- Interest Rates: It begins at 11.75%, but it offers competitive terms, particularly to the best-ranked university.
- Features:
- Interest-free up to 100%, including bills and other expenses pertaining to living standards.
- Intangible benefits like the possibility to take a moratorium on repaying. Credit.
- In relation to an individual institution, Credit scoring.
- Eligibility: From the course and university ranking, records, and academic transcripts.
This makes HDFC Credila the best option for any student with NK who desires to study at world-class universities in foreign countries.
SBI Education Loan: Government Bank with Low Interest
SBI is one of the best and favorite banks for availing education loans among the students of India.
- Loan Amount: Up to ₹1.5 crore for study abroad programs.
- Interest Rates: As low as 9.55% for female students subsidized under government schemes and 60% for other students of the general category, respectively.
- Features:
- This means that loans of up to ₹ 7 lac amount do not attract any form of collateral. 5 lakh.
- Scholarships for female students enable them to pay a lesser interest on their loans.
- The coverage of the expenses is wide since it involves tuition, travel expenses, and equipment.
- Eligibility: Undergraduates having confirmation of admission to accredited universities in other countries.
SBI offers relatively low interest on loans, and this is backed by the government, making it suitable for students in terms of cost.
Bank of Baroda Education Loan: Wide Range of Financial Support
Baroda Scholar is the education loan product given by the Bank of Baroda, which covers all types of education loans for studying abroad.
- Loan Amount: Generally, top universities can borrow up to ₹1. 5 crore to promote the employability of the country’s youth.
- Interest Rates: Starts from 9.85%, with discounts for female students.
- Features:
- The grace period is as long as six months from the time the student completes a course.
- It entails coverage of other incidental costs including library charges as well as study tours.
- When it comes to repayment, the interest rate tends to be flexible depending on the time frame of the repayments.
- Eligibility: Must get admission to a recognized university of the respective country.
This makes the Bank of Baroda suitable for a variety of programs, especially in providing funds to cover education costs.
Avanse Education Loan: Flexible and Student-Friendly
Avanse Financial Services is a well-reasoned non banking financial company NBFC which deals in flexible education loans.
- Loan Amount: The number of marketing materials that can be delivered is unlimited, but the service is individualized depending on the course and the university.
- Interest Rates: Priced from 11.50 percent with the availability of affordable and competitive opportunities to study overseas.
- Features:
- There are ways of financing up to 100 percent of each cost, including pre-admission loans and GRE coaching offered to learners.
- The ability to take part in it and pay it back with earnings from a part-time job, for instance.
- Fast decision-making & less formalities of documentation.
- Eligibility: These loans are given according to the performance of the student and whether or not they have been admitted into an institution.
Avanse focuses on students as borrowers, so the loan options offered are rather liberal.
ICICI Bank Education Loan: Quick and Easy Loan Processing
Such features as fast approval of loans as well as low interest rates are some of the features of ICICI Bank. It offers educational loans for students who are from over fifty different countries.
- Loan Amount: For students studying abroad, up to ₹1 Crore.
- Interest Rates: Staring at 10.50%, with special schemes in regard to such premium institutions.
- Features:
- Thus, ICICI Bank provides a 100% loan that includes living expenses as well as travel costs.
- They also have pre-visa disbursement, which assists students in getting their loans processed before their visas are issued.
- The loan application is short, which is good for the students, especially when they need money urgently.
- Eligibility: Available to students who obtained admission to recognized universities in foreign countries.
If students need quick loan approvals and full coverage of the study costs, then ICICI Bank is ideal for them.
Conclusion
Studying abroad can be an expensive but rewarding experience. Education loans from banks like Credila SBI, Bank of Baroda, Avanse, and ICICI Bank offer great options for Indian students. These banks provide flexible repayment options, competitive interest rates, and full coverage of tuition and living expenses. With the right loan, students can focus on their studies without worrying about financial constraints.
Ready to turn your study abroad dreams into reality? EduLoans offers hassle-free education loans with flexible repayment options, competitive interest rates, and full coverage of tuition and living expenses. Whether it’s tuition, travel, or living costs, we’ve got you covered! Apply now with EduLoans and take the first step toward your global education adventure.
FAQs
What is the maximum amount I can borrow for studying abroad?
Banks like SBI and Bank of Baroda offer loans up to ₹1.5 crore. Other banks like HDFC Credila and ICICI also offer large amounts based on the student’s profile.
Do I need to provide collateral for an education loan?
Most banks require collateral for loans above ₹7.5 lakh. However, loans below ₹7.5 lakh, especially from banks like SBI, do not require collateral.
Can I use the loan for living expenses?
Yes, education loans usually cover all costs, including living expenses, travel, and even exam fees. Banks like HDFC Credila, Avanse, and ICICI offer 100% financing.
How long is the repayment period for education loans?
The repayment period depends on the bank and the loan amount. Most banks offer a repayment period of 5 to 15 years, with a moratorium period during your studies.