The United States of America is a dream destination for most international students. The country is home to some of the best universities in the world. Degrees earned from educational institutes of the US are highly attractive to employers around the globe. However, studying in the USA costs a lot of money in addition to the high cost of living. Opting for an education loan could ease the financial burden on students. There are many national and private financial institutions offering financial assistance in form of loans to Indian students in need of assistance.
Listed are some banks in India offering education loans to Indian students for studying abroad –
HDFC Bank Education Loan for Foreign Education
- This loan is available to Indian citizens only
- The scheme offers attractive
- This scheme offers a maximum of Rs.20 lakhs as loan at attractive rates of interest.
- The amount is sanctioned before admission and borrowers can enjoy tax benefits on the same.
SBI Student Loan Scheme
- SBI grants loans to Indian students to students that have been accepted for a course in a recognized university overseas.
- A maximum loan of INR 20 lakhs is offered at attractive interest rates.
- Repayment towards the loan is over a maximum period of 15 years.
- The bank starts the repayment 12 months after the course ends.
- If the loan amount exceeds INR 7.5 the borrower has to pledge a collateral against the required amount.
SBI Global ED-VANTAGE Scheme
- SBI offers loans under this scheme to Indian students who seek admission to pursue full-time courses abroad.
- The loan amount provided covers a cost of INR 20 lakhs to 1.5 crore
- Repayment towards the loan is over a maximum period of 15 years.
- The bank starts the repayment 6 months after the course ends.
- Borrowers have to pledge collateral against this loan amount.
Corp Vidya Scheme
- This loan scheme is the undertaking of the Corporation Bank to assist student with their dream of study abroad.
- The bank offers up to Rs.20 lakhs as loan.
- The loan is be paid off within 15 years.
- The period of repayment begins one year after the course ends
- Loan amounts exceeding INR 7.5 Lakhs requires the applicant to pledge collateral.
- The loan does not apply for a research and PHD program outside India.
Bank of Baroda Scholar Loan
- The Bank of Baroda offers loans to Indian students to study abroad. Interest rates are attractive.
- The scheme has 2 lists of institutes called List A and List B. It provides loan to people who apply in any of the institutes mentioned in both the lists.
- The loan scheme applies to students that are admitted to institutes that are listed in the banks approved lists of A and B institutes.
- Loan amounts are disbursed bases the students admission to colleges on List A and B. Students that qualify in List A and List B receive a maximum loan of INR 60 Lakhs. Students that are not admitted to colleges in List A or List B are offered a maximum loan of INR 40 lakhs
- Repayment for a loan amount of up to INR 7.5 Lakhs should be done in 10 year, for a loan amount exceeding INR 7.5 Lakhs should be repaid in 10 years and 6 months.
- The bank requires the applicant to pledge a collateral if the amount exceeds Rs.7.5 lakhs.
SYNDVIDYA Scheme
- The Syndicate Bank offers monetary assistance to Indian students planning to pursue their higher education overseas.
- A maximum of INR 20 lakhs is disbursed for international education.
- The bank allows the applicant to pat the loan overs a maximum period of 15 years.
- The repayment of the loan begins after 1 year of course completion.
- Students may take the loan to fund their education at levels of graduation or post-graduation.
- The bank allows students to use the loan amount to courses offered by CPA, CIMA, etc. and to study certain degree or diploma courses.
Oriental Bank of Commerce Education Loan for Study in India and Abroad
- Students seeking higher education overseas may apply a loan with the Oriental Bank of Commerce
- For students particularly applying to study in the US, the loan amount depends on the fee structure declared by the institute.
- This scheme offers top-up facility.
- For a loan amount the above INR 4 lakhs the bank charges a margin of 15%
- The bank, through this scheme does not charge a prepayment penalty from borrowers
- Insurance protection is offered through this scheme.
BOI Star Education Loan
- The BOI offers attractive scheme options to students to assist them financially with their dream of being educated outside India.
- Degrees permitted to be pursued under this scheme include – Graduate, post-graduate, and selected degree/diploma courses in the USA.
- The maximum amount offered as a part of this scheme is INR 20 lakhs for international study
CENT Vidyarthi
- A loan amount of for a maximum of INR 20 lakhs is offered to Indian students for foreign study by the Central Bank of India.
- Under this scheme a student is covered for life insurance as well.
- 10 years is the repayment period for a loan amount of up to INR.7.5 lakhs; for a loan mount above INR Rs.7.5 lakhs the maximum repayment period is 15 years.
PNB Udaan
- Punjab National Bank offered loans to Indian students to pursue foreign education.
- The student can be availed by students studying a graduation or post-graduation level.
- Certain degrees, diploma courses, and courses offered by CPA in USA, CIMA – London, etc.
- The loans can be repaid in 15 years.
- The repayment period commences one year after the course ends.
Allahabad Bank Education Loan Scheme
- A meritorious Indian student can get a maximum loan of INR 50 lakhs through the Allahabad Bank
- The applicant on the loan has to ensure that the overseas education in pursue is for a professional or technical job oriented course.
- This loan can be repaid after the course ends.
There are umpteen options for Indian students to realize their dream of education overseas without having to worry about finances.
Still confused or need financial advice? Our experienced international education counsellors are just a call away.