Education loan is the very important factor when its comes to study abroad, we have analyse some of the great bank loans deals specially for students. please take a look.
Top Education Loan Providers in India to Study Abroad
|Banks||Loan Amount Maximum||Interest Rate per Annum|
|State Bank of India||20 lakhs||Upto 7.5 lakhs- 11.01%|
Above 7.5 lakhs- 10.75%
|Allahabad Bank||50 lakhs||Upto 4 lakhs- 11.45%|
Upto 7.5 lakhs- 11.45%
Above 7.5 lakhs- 10.95%
|Axis Bank||20 lakhs and beyond depending on requirement||Upto 4 lakhs- 16.50%|
Upto 7.5 lakhs- 17.50%
Above 7.5 lakhs- 15.50%
|HDFC||Upto 10 lakhs||Max-15.25%|
|Credila||No limit. Depends on requirement||12.10%+ floating rate(depends on the risks points of the applicant)|
|Punjab National Bank (PNB)||20 lakhs||Upto 7.5 lakhs- 11.25%|
Above 7.5 lakhs- 11.85%
for education at premier foreign universities- 9.85%
|IDBI Bank||Depends on requirement||Upto 10 lakhs-10.45%|
Above 10 lakhs-11.45%
|Indian Overseas Bank (IOB)||Upto 40 lakhs||Upto 4 lakhs- 11.50%|
Upto 7.5 lakhs- 12.00%
Above 7.5 lakhs- 12.25%
|State Bank of Mysore||Upto 40 lakhs||Upto 4 lakhs- 12.20%|
Upto 7.5 lakhs- 12.20%
Above 7.5 lakhs- 11.20%
Above 10 lakhs- 11.70%
|Avanse Financial Services||No limit. Depends on requirement||11.5%+ floating rate(depends on the risks points of the applicant)|
|Syndicate Bank||20 lakhs||Upto 4 lakhs- 11.00%|
Upto 7.5 lakhs- 11.25%
Above 7.5 lakhs- 12.25%
|Canara Bank||20 lakhs. Depends on requirement||Upto 4 lakhs- 11.15%|
Upto 7.5 lakhs- 11.65%
Above 7.5 lakhs- 11.15%
Gov. of India
For loans around Rs. 4 lacs, no margin or collateral is a requirement, and the rate of interest isn’t to transcend the Prime Lending Rates (PLR). For loans over Rs. 4 lacs, the rate of interest won’t exceed PLR and one percent.
The State Bank of India
The State Bank of India Provides that the SBI Student Loan Scheme for Indian nationals to pursue their schooling overseas. The instruction loan for education abroad supplied for job oriented professional, specialized Graduation Level classes, or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. provided by reputed universities.
The newest scheme covers all kind of classes, such as professional classes in universities and colleges in India and overseas.
For studying overseas, the most quantity of loan awarded is Rs. 30 lacs and the repayment would start one year following completion of 6 or 6 weeks after securing work, whichever is sooner.
The loans should be paid back within a span of 5 to 7 years using a supply of grace period of one year following completion of research.
The Allahabad Bank
The Allahabad Bank provides electronic education loans to Indian nationals who procure admission into professional or specialized courses in established institutions overseas through entry test or merit-based selection procedure after the conclusion of HSC (10 and two or equal). The study abroad classes qualified for your Allahabad Bank Education Loan are:
Graduation: To Job oriented technical or professional courses offered by reputed universities
Post Graduation: MCA, MBA, etc
Standard Diploma or Degree classes including aeronautical, pilot instruction, transport, the institute recognized by the qualified university, State Body, Local Aviation, or Shipping Authority. The amount of loan supplied is demand based topic to repaying ability of their parents or pupils using a ceiling of Rs. 20 Lacs.
The Canara Bank offers instruction loans to study abroad for job oriented, specialized or skilled graduation and post-graduation classes. The amount of the fund is left up to Rs. 20 lacs and the repayment period is up to 10 or even 15 years based on the amount of the loan.
Axis Bank’s Education Loan intends to offer financial aid to deserving students for pursuing higher technical or professional education in India and overseas. The instruction loan provided for pupils who have got entrance to career-oriented courses, e.g., medication, technology, management, etc., both at the graduate or post-secondary degree.
IDBI Bank provides schooling loan to deserving and meritorious students for pursuing higher education in India and overseas. The center is also provided to the students who have secured admission.
The Syndicate Bank
The Syndicate Bank’s comprehensive Education Loan Scheme, SyndVidya, supplies demand based fund to pay expenses associated with education such as charges payable faculty, hostel, evaluation, library, lab fees, warning deposit, construction fund, or refundable deposit up to 10 percent of tuition cost, cost of books, equipments, and travel expenditures for research overseas etc. Only outside or fees, contribution coaching fee isn’t insured. The loan scheme has a maximum limit of Rs.20 lacs for different classes. The repayment period is five to seven decades.
Credila is a non bank fund firm exclusively focused on loans. It’s a subsidiary of HDFC Ltd..
State Bank of Mysore
Some of the particular characteristics of this HSBC schooling loan to study overseas offered are up that to Rs. 1 crore provided against residential property as well as the tenure is up to 15 decades.
Repayment period: around ten years for loans of Rs. 7.50 lacs or under and approximately 15 years to get the loan over Rs. 7.50 Lacs.
HSBC, following International Student Loan Corporation, provides instruction loan to students that are attempting to reach a world-class instruction at a university or college in the united states. HSBC India Student Education Loan Programme allows students to borrow money to pay the expense of schooling — tuition, fees, room fees, boarding, novels, and other education-related expenses.
Amount of Finance: around 20 lacs
Punjab national bank
The PNB provides the PNB Saraswati strategy for supplying instruction loan to meritorious students to pursue more excellent technical and professional education in India and overseas.
Also Read: 5-amazing-gold-mine-banks-for-education-loan