Indian students are getting more and more opportunities to study abroad with each passing year. Old favorite destinations are giving way to new ones like Canada. Studying abroad has, understandably so, been a romantic dream for many. Studying abroad means different things to various people, but mostly, it is all about experiencing a new culture, getting in-depth education on a chosen subject, getting world-class education, getting to see a new country, meeting new people and making new connections, and etc.
But for many, it remains a dream. This is generally due to a lack of funds. Studying abroad takes a lot of money. It includes tuition fees, travelling expenses, rent, and so much more. Not everyone can pay so much out of their pocket. Most require a loan.
And that’s why education loans exist, to give you the opportunity to have a great future which wouldn’t have been possible otherwise. And look, you can get these loans not just from banks these days, but from institutions and universities around the world. And that is apart from scholarships and grants.
Here’s a big reason why education loans are important nowadays: it directly affects the university, the type of course and the quality of education one can get! Thus, foreign study education loans are the best. You can get a wide variety of such loans and schemes from the various Indian banks. Most of these come with a flexible loan repayment option, which makes it much easier for you. Many education loans have a moratorium period as well, which is a certain period after the course completion, after which you should start repaying. Thus, you do get a lot of time to repay.
In this article, we are going to tell you about the top education loans you can take in 2021.
Anyone between 18 and 35 year of age is eligible for foreign education loans.
One can choose management courses, medicine, engineering, graduate courses, graduate degrees, architecture, arts, pure science, hotel management, and so much more.
Loan expenses include tuition fees, exam fees, caution deposit, lab and library fees, travel, equipment and books, projects, study tours, and more.
Borrowers get 5-15% margin for foreign education loans.
Loans can be paid through EMIs by ECS and post-dated cheques to the concerned bank.
Banks give education loans with various tenures, inclusive of the moratorium period.
One can get a co-applicant for full time courses, and they can be family members and spouse.
Banks are willing to give 20 lakh max with moratorium and a max of 10 lakhs without moratorium.
For loans till 4 lakhs, collateral is not needed. For loans between 4-7 lakhs, third-party guarantee is needed. For loans more than 7.5 lakhs, tangible collateral security is needed.
The SBI offers term loans to students looking forward to having a higher education experience abroad. This loan is for various job-related professional and technical courses including MCS, MBA and the like. Loans are also for technical courses at the Chartered Institute of Management Accountants, London and the Certified Public Accountant.
You can get up to 30 lakhs
Collateral needed only for loans beyond 7.5 lakhs
Loan margin is 15%
Moratorium period is given
Max tenure is 15 years
Interest rate shall be 2% of SBI’s current base rate
Required documents are KYC documents, loan application form, course cost details, co-applicant details, admission letter, and others
You can expect foreign studies education loans with competitive rates here at Axis Bank. Choose from a wide selection of career-oriented courses, technical courses, and more.
Maximum loan amount is 20 lakhs and minimum is 50000
No margin is needed for loans less than 4 lakhs, but 15% needs to be brought by the borrower for loans more than amount
Get loan within 15 working days after submission of documents
Co-applicants can be parents and guardians, and collateral security and third party guarantee is needed for special cases. You may be asked to give your LIC policy as security
Loan shall be disbursed to the concerned institution
There are no processing and prepayment charges
Interest rate is between 16.5% and 17.5%
Women applicants get special rates
Expect education loans at preferential rates and flexible repayment options for reputed universities. Pick from over 950 courses worldwide. Get loans up to 100% of the educational requirement, without the3 necessity to bring any loan margin.
Maximum loan is 20 lakhs
Get flexible security collateral and co-applicant options
Applicants can be between 16 to 35 years of age
Co-applicants can be family members, uncles and aunts, and in-laws
Processing is 1.5% of the loan amount
No fees on prepayment
Liabilities and assets of all the borrowers.
Proof of identity.
Proof of address.
Income Tax Returns that are less than 2 years old.
Passport-size photographs (two).
Foreign exchange permit.
Letter that confirms the scholarship.
Relevant mark sheets.
SBI may levy a processing fee depending on the loan amount. There is no processing fee on Scholar Loans.
In order to avail an education loan from SBI, you need to visit the nearest bank branch.