Education Loan For Abroad Studies

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Education Loan For Abroad Studies

The best way to chase your dream of higher education in overseas universities is through an education loan. Students can pursue their dream of studying abroad by applying for education loans abroad. There are various options to choose from when it comes to the best bank for education loans abroad. Some of the public banks include Bank of Baroda and SBI education loans. If you wish to choose a private bank, like HDFC Cedilla, Auxilo, Axis Bank, ICICI Bank which is another good option.

NBFCs, Private Banks & Nationalized Bank provide both Unsecured as well as Secured Loan. For an Unsecured loan, a student needs to declare academic performance, aspiring overseas country and university along with their parent’s annual income proof according to requirement. For Secured loans, students need to place an eligible property whose title deed is clear for mortgage or other liquid assets such as LIC, Govt. Bonds, Post Office deposits, Term deposits and take the loan against it.

Quantum of Finance:

Unsecured Loan ROI Secured Loan ROI
NBFC’s up to 40 lacs for the USA and another country up to 20 lacs 11.50% – 13% (USA)

13%-15% (other country)

NBFC’s upto 50 lacs 11%- 12.50%
Private Bank: Prime A- 40 lacs

Prime B- 25 lacs

11.50% – 12.7% (USA)

13%- 15% (other country)

Axis Bank up to 75 lacs

ICICI Bank up to 1  cr

Axis Bank & ICICI Bank- 11% – 12%
BOB upto 7.5 lacs Premier – 8.75%

Non Premier – 9.50%

BOB up to 80 lacs- the premier

BOB up to 60 lacs- Non Premier

Premier – 8.75%

Non Premier- 9.50%

SBI up to 7.5 lacs 7.90% SBI up to 1.50 cr 9.7%

(0.50% for girl’s concession)

Criteria of Loans:

Unsecured Loan Secured Loan
GRE: 300 | TOEFL: 90 | IELTS: 6.5 Academic: 55% (Less Backlogs)
Parents’ Annual Income: Above 5-6 lacs Loan Sanctioned: 75-80% against property value
MS/PG level- Stem & Mgmt course

UG Diploma/Bachelors- No loan

Loan for all levels of courses
Academic: 60% (fewer Backlogs with no GAP) Average Annual Income: 2.0 lacs
Cibil Score: 700+ Cibil Score: 650+
Age Criteria: up to 28 years No Age Criteria

Before you make a decision

It is important that you gather all the required details before deciding which bank to go for. Here are certain factors that you must bear in mind-

  • Interest rate
  • Tax benefits
  • Eligibility and Documentation
  • Loan Disbursal Time
  • Costs covered
  • Moratorium Extension
  • Prepayment Terms
  • Total Cost over EMI
  • Service Charges

Check out how you can avail scholarships for studying abroad.

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700

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Years Of Experience

600

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