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.
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) |
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 |
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-
Check out how you can avail scholarships for studying abroad.