Dreaming of studying abroad? It's time to turn that dream into a reality with the expert guidance of overseas education consultants in Hyderabad. In this comprehensive guide, we'll walk you through the ins and outs of securing an education loan to fund your international education journey. Whether you're in Hyderabad or anywhere else in India, our study abroad consultants in Hyderabad are here to help. At Siddhartha Overseas Consultancy, we're not just consultants; we're your partners in making your study abroad dreams come true. Plus, we offer Free Student Counselling to ensure you're on the right track from the start.
1. Unveiling the Magic of Education Loans for Abroad Studies
Embarking on a journey to study abroad? Education loans for abroad studies can be your magic carpet to success. These loans provide you with the financial support you need to pursue your higher education dreams, whether in India or across the globe. With a touch of humor and a sprinkle of guidance, our student visa consultants in Hyderabad are here to unveil the secrets of making your study abroad dreams a reality.
2. Meet Your Study Abroad Superheroes - The Top Education Loan Providers in India
Are you ready to meet your study abroad superheroes? Let's introduce you to the champions of education loans for overseas studies:
| | |
Name of Bank | Loan Amount | Student Loan Interest Rates |
State Bank of India | Upto 1.5 Crores | 10.5% |
Punjab National Bank | Based on Requirement | Upto 7.5 Lakhs - 11.25% Above 7.5 Lakhs - 11.85% For Education at Premier Universities - 9.85% |
HDFC | Upto 30 Lakhs | 14% |
Canara Bank | Upto 40 Lakhs | 6.90 to 8.80% |
IDBI Bank | Depends on requirement | Upto 40 lakhs- 8.4% Above 75 lakhs-8.75% |
Indian Overseas Bank (IOB) | Upto 40 lakhs | As per the bank's discretion |
Axis Bank | 40 lakhs and beyond depending on the requirement | 40 lakhs and beyond depending on the requirement |
Bank of Baroda | Upto 1.5 Crores | 8.50-9.15% |
Avanse Financial Services | No limit. Depends on the requirement | 11.5%+ floating rate (depends on the risks points of the applicant) |
Union Bank of India | up to 30 lakhs | 6.90 to 8.80% |
2.1 SBI - Study Buddies with Competitive Edge
Picture this: SBI, your financial companion in your study abroad journey. With attractive loan options, flexible repayments, and extended repayment periods, SBI is the Gandalf to your Frodo, guiding you through the world of education financing.
Education Loan Eligibility | Citizenship - The candidate must be an Indian Citizen. Must have obtained admission to any of the foreign-recognized universities/institutions. |
Highlights | Up to Rs. 1.50 crore in loans, with a minimum loan amount of Rs. 7.50 lacs Favorable interest rate A quick online application process Loan sanction before i20/Visa Repayment through EMI upto 15 years Tax benefit: Under 80(E) The application processing fee is Rs 10,000 |
Documents Required for Education Loan | Class 10th, 12th, Graduation mark sheets (if applicable), entrance exam result Offer Letter Course expenses schedule Scholarship letter copies Gap certificate (if applicable) Passport size picture of student/parent/co-borrower Co-applicant's asset-liability statement Last 6 months' bank account statement of parent/guardian/guarantor Latest salary slip and Form 16 (for salaried people) PAN Aadhaar Passport OVD submission |
2.2 PNB - Your Personal Nurturing Bank
Punjab National Bank (PNB) isn't just a bank; it's your nurturing partner in your study abroad adventure. Offering loans for various academic programs, PNB's got your back with no loan margin for amounts under Rs. 4 lakh. Now that's a bank that speaks your language!
Education Loan Eligibility | Fees reimbursement paid within 6 months might be taken into consideration on the individual merits of the case Margin: Up to Rs 4 lakh - None, Above Rs 4 lac - 15% Maximum upto 15 years of repayment, There are no payment charges |
Highlights | Resident of India Should have got admission to a higher education program in recognized institutions outside India via an entrance exam/merit-based selection process after HSC. |
Documents Required for Education Loan | Class 10th, 12th, Graduation mark sheets (if applicable), entrance exam result Offer Letter Course expenses schedule Scholarship letter copies Gap certificate (if applicable) Passport size picture of student/parent/co-borrower Co-applicant's asset-liability statement Last 6 months' bank account statement of parent/guardian/guarantor Latest salary slip and Form 16 (for salaried people) PAN Aadhaar Passport OVD submission |
2.3 CANARA - Bank of Dreams
Dreams of studying abroad? Canara Bank turns dreams into reality with its favorable terms and conditions. The bank's education loans cover everything from university fees to travel expenses. Canara Bank: Where dreams take flight.
Education Loan Eligibility | Students studying in STEM courses are eligible The student should be an Indian national The college or university must be there in the bank prime institute list |
Highlights | Maximum loan amount: Need-based finance Loan margin: 15% for loans taken above Rs. 4 lakhs Repayment tenure: The repayment period is of maximum 15 years Security: Not required for loans below Rs. 4 lakhs. For loan amounts above Rs. 4 lakhs, tangible collateral security is required Interest rate: Collateral Security 100% and above – 9.4%, Collateral Security 75% to 100% - 9.65%, Collateral Security less than 75% - 9.9% |
Documents Required for Education Loan | Application form Basic documents for Applicant (student) and co-applicant and/or Guarantor Applicant academic documents Income documents of Co-applicant Additional docs (if applicable) Collateral documents (Optional) PAN Aadhaar Passport |
2.4 Bank of Baroda - Baroda Scholar: Your Study Abroad Buddy
Bank of Baroda's "Baroda Scholar" program is your ticket to international education. With a transition period akin to a moratorium, they give you the breathing space you need before you become a loan-paying superhero.
Education Loan Eligibility | Should be an Indian citizen Should have obtained admission to professional/technical programs outside India via entrance exam/merit-based selection procedure |
Highlights | Processing fees: 1% (Maximum Rs. 10,000) for loans above Rs. 7.5 lakhs For up to Rs 7.50 lakh there are no processing fees No margin on loans up to Rs. 4 lakhs Free debit card There will be no charges for documentation No security up to Rs 7.50 lakh |
Documents Required for Education Loan | Applicant and Co-applicant’s KYC Academic Documents Admission Proof Entrance Exam Result (if required) Statement of Tuition Fees Co- applicant’s proof of income (if salaried) Last 6 month's bank account statement Property document (if applicable) |
2.5 Indian Overseas Bank (IOB) - Where Dreams and Reduced Interest Rates Meet
Indian Overseas Bank (IOB) believes in dreams and reduced interest rates. Get competitive loans, conquer your studies, and wave goodbye to high interest rates. IOB: Your financial sidekick.
Education Loan Eligibility | Applicants must be Indian citizens. Applicants must have secured at least 60% in the last appeared exam – 12th or graduation. Applicants must have secured admission in India or Abroad through a proper entrance test or based on merit. Applicants must not be employed. The reputation of the college/university is often considered while providing loans, in cases where admission is not through the entrance. |
Highlights | Up to Rs. 1.50 crore in loans, with a minimum loan amount of Rs. 7.50 lacs Favorable interest rate A quick online application process Loan sanction before i20/Visa Repayment through EMI upto 15 years Tax benefit: Under 80(E) The application processing fee is Rs 10,000 |
Documents Required for Education Loan | Class 10th, 12th, Graduation The loan application form from the bank is to be filled Two passport-size photos Proof of age Offer Letter from the University GMAT/IELTS/TOEFL/GRE results Proof of residence The Marksheet of the last exam appeared Co-borrowers’ statement of assets and liabilities Scholarship letter if present Documents supporting the financial status Collateral documents Entrance exam results |
2.6 HDFC - Finance Your Dreams with a Dash of Experience
HDFC, your study abroad financing guru for over two decades, offers transparent loans, quick disbursement, and a side of competitive rates. With HDFC, you're not just a student; you're a financial VIP.
Education Loan Eligibility | Between the ages of 16 and 35, Indian residents All full-time programs require a co-applicant, who might be a parent or guardian, or a spouse or parent-in-law. Students must have been accepted into a higher education program at a recognized institution in India or abroad either an entrance exam or a merit-based selection process. |
Highlights | HDFC Education Loan for studies abroad covers expenses like hostel fees, book fees, tuition fees, along with travel expenses. Borrowers must pay 1.5% of the total loan amount as processing fees. The loan finances up to 100% of the cost of education and also approves loan amounts above Rs 20 lakhs. If the education loan is pre-closed within 12 months from the date of the agreement, then applicants have to pay 4% of the principal amount as prepayment charges. The tuition fees and the hostel fees are disbursed directly to the institutions to which the students have been admitted. Education loans taken for studies abroad have to be repaid in monthly installments. |
Documents Required for Education Loan | Address proof Identification card Application form Passport-size photographs Admission Letter Income proof of the guarantor Collateral Security documents GRE/IELTS/TOEFL/GMAT Score 10th and 12th exam mark sheets Latest 6 Months Bank Statement of the Salary Account. Latest 2 Salary Slips carrying the date of joining details |
2.7 IDBI Bank - Beyond Fees and Exams
IDBI Bank's education loan covers it all - fees, exams, labs, and even that expensive laptop. Loans under Rs. 4 lakhs? No collateral needed. They've got you covered, no strings attached.
Education Loan Eligibility | Students must be Indian nationals including NRIs The student should secure admission to an IDBI-recognized institution abroad through academic merit or an entrance test. Examples of IDBI-recognized institutions are those featured in the rankings by QS, Webometrics, etc. The course of study must be listed by IDBI |
Highlights | Flexible tenure and loan enhancement facility Attractive interest rate Maximum loan amount: Up to Rs. 30 lakhs Repayment tenure: Maximum of 15 years after the completion of the moratorium period Interest rate: Upto 7.5 lakhs – 9%, Above 7.5 lakhs – 9.5%, 0.5% concession for female student A third-party guarantee is required for loans between Rs. 4 lakhs and Rs. 7.5 lakhs. An education loan has to be taken along with a co-borrower. 100% collateral security is required for loans more than Rs. 7.5 lakhs |
Documents Required for Education Loan | Address proof Identification card Application form Passport-size photographs Admission Letter Income proof of the guarantor Collateral Security documents GRE/IELTS/TOEFL/GMAT Score 10th and 12th exam mark sheets Latest 6 Months Bank Statement of the Salary Account. Latest 2 Salary Slips carrying the date of joining details |
2.8 Axis Bank - Where Simplicity Meets Support
Axis Bank knows that applying for a loan shouldn't be rocket science. That's why they offer straightforward loans, no maximum limit, and support for all your study expenses. It's like studying with a financial safety net.
Education Loan Eligibility | Indian citizenship holder Minimum 50% marks in HSC and graduation Students should be enrolled in career-oriented programs at the graduate or postgraduate level Should have got admission from a recognized institute via entrance exam/merit-based selection process after completing HSC Parent/guardian should have a regular income source |
Highlights | No margin on education loans up to Rs 4,00,000 15% margin on education loans up to Rs 4,00,000 for abroad studies The education loan which you will take can be disbursed within two days after getting sanctioned One can also pay the older installments which are paid towards the course re-financed once the loan is approved |
Documents Required for Education Loan | Income Statements Last 6 months' bank statement/passbook Offer Letter's copy with fee schedule Mark sheets of SSC/HSC/ degree courses/national level entrance exams Proof of Age Proof of Address Photo ID Passport-size pictures of applicant and co-applicants Guarantor form (not mandatory) |
2.9 Avanse Financial Services - Your Loan, Your Way
Avanse Financial Services offers loans as diverse as your study options. From pre-visa disbursement to fast-track loans, they've got a loan for every phase of your study journey. Avanse: Because one size doesn't fit all.
Education Loan Eligibility | Are Indian citizens who are 18 or older The loan applicant must have a co-applicant who can be a blood relative, with a regular source of income and good credit history. The course of Study must be listed by Avanse |
Highlights | The loan will get sanctioned within 72 hours Students can choose between secured and unsecured loan options Interest rates start from 9.5% and 1% onward processing fees The repayment option is flexible Loan tenure up to 15 years Maximum loan limit can be customized according to the borrower’s requirement |
Documents Required for Education Loan | Income Statements Last 6 months' bank statement/passbook Offer Letter's copy with fee schedule Mark sheets of SSC/HSC/ degree courses/national level entrance exams Proof of Age Proof of Address Photo ID Passport-size pictures of the applicant and co-applicants Guarantor form with required documents (mandatory |
2.10 Union Bank of India - Your Co-Applicant in Success
Union Bank of India knows that family matters. From parents to spouses, they're ready to co-sign your success. They're not just a bank; they're your study abroad family.
Education Loan Eligibility | Applicant must be holding Indian nationality Applicant should have been accepted in an Indian institution or abroad for technical/higher/professional education by clearing the relevant exam and selection procedure No maximum or minimum age criteria have been set for this |
Highlights | No minimum loan amount has been fixed for the loan that can be approved under the education loan scheme. Only after considering the account margins norms will the need-based finance meet the expenses. Expenses covered include hostel charges, tuition fees, examination/library/lab costs, the insurance premium for the student borrower, caution deposit/building fund or refundable deposit, books/equipment/uniforms purchase, computer/laptop costs, travel charges, admission acceptance fee, and other expenses. Students will have to repay the loan amount within 15 years (after the course and moratorium period). |
Documents Required for Education Loan | Application form and credit information KYC documents Income Proof (for salaried) Last 6 months' bank statement Property documents Additional Documents |
3 Ace Your Education Loan Game with These Tips!
Getting an education loan? We've got your back with some tips to ace the game:
Launch into Success: Start your application early to seize ample time for lender comparisons and term evaluations.
Shop Smart: Explore various lenders and terms before diving into your loan application adventure.
Show Your Worth: Prepare income, expense, and academic qualification proofs to impress your potential lender.
Team Up for Triumph: Enlist a co-signer, your loan-saving superhero ready to step in if needed.
Budget Boss Moves: Ensure the monthly repayments align with your financial dance, avoiding any missteps
4. Choosing Your Education Loan Provider
Choosing a loan provider is like choosing your Hogwarts house: it's a big decision. Each bank has its quirks and perks. So, whether you're a Gryffindor of financial stability or a Ravenclaw of reduced interest rates, choose wisely. Research, compare, and find the one that's your perfect match.
5. Who We Are
We're not just consultants; we're dream-weavers. Siddhartha Overseas Consultancy is your compass, guiding you through the maze of international education. From Free Student Counselling to securing the right education loan, we've got your back. Let's turn your dreams into reality, starting with the intake of 2024. Your study abroad adventure begins here!
Conclusion:
Studying abroad is your ticket to a world of opportunities, and education loans are your golden key. With the right provider, a touch of humor, and Siddhartha Overseas Consultancy by your side, you're ready to embark on a journey that's both educational and financially savvy. Remember, it's not just about studying abroad; it's about studying abroad the smart way. Let's make your dreams come true.
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