Education Loan for Abroad 2023: Top Loan Providers, Interest, Eligibility, Documents & Process


Important steps related to Education Loan for Abroad 2023 need to be known from this article. From here you can know the Top Loan Providers, Interest, Eligibility, Documents & Process.

Want to pursue higher education abroad as a student? But worried about the economic situation. There are many students who have to face such situations. This is an opportunity that will encourage you to fulfill your dream – “Education Loan for Abroad”. Education loan will not only help you in pursuing higher education in foreign universities, but also allow you to explore the world, gain international experience and enhance your career prospects. In this article, we will discuss all the important aspects related to foreign education loan.

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Education Loan for Abroad

Loan given to students for completing education in foreign universities is called “Education Loan for Abroad”. This loan is given for tuition fees, accommodation, travel expenses and other related expenses.

Education Loan for Abroad Eligibility

Before applying for education loan abroad it is necessary to know the eligibility. At the time of getting an education loan from the bank, we have to fulfill certain terms and conditions. The following guidelines need to be checked.

  • Student must be an Indian citizen.
  • If the age of the student is less than 18 years then his/her parents have to take the loan.
  • Student must have a strong academic record.
  • The student should have a reputed foreign university, institute or college admission.

Documents required for education loan abroad

If you are thinking of applying for education loan abroad, then first of all you need to collect the documents. Bank asks for strong documents for education loan. Look at the education loan for abroad document list given below.

Documents List (From Both Applicant & Co-applicant)

KYC DocumentsPAN Card
Driving License
Aadhar Card
Address ProofAadhar Card
Valid water/electricity/ LPG Bill
Voter’s ID card
Current House Lease Agreement
Valid Passport
Academic Documents (From Applicant)All Academic Documents
Proof of Admission

Financial Documents (From the Co-Applicant)

For Salary PersonSalary slips
Copy of Form 16 for last 2-3 years 
IT Returns for last 2-3 financial years
Bank account statement
For Self-employed Person Business address proof (If Applicable)
TDS Certificate (Form 16A, if applicable)
Last 3 years ITR
Bank Account statement for the last 6 months
Collateral Related Documents (If applicable)Title deed & Sales Deed
Registration receipt
Allotment letter
Chain deed of 30 years
Tax copy or electricity bill
Government-approved building plan
OC and Completion Certificate (if the property is constructed)

Education Loan Interest Rates 2023 – Complete info all the Bank

How to get Education Loan for abroad

  • Research Lenders: There are many things to keep in mind while taking an education loan. It is necessary to observe the interest rate, loan amount and repayment terms on the loan from the lender.
  • Check Your Eligibility: After selecting the lender it is necessary to check whether we meet their eligibility criteria or not. Because for education loan we have to fulfill the terms and conditions of the lender. Your good academic record, a co-applicant and a stable source of income play an important role in getting an education loan for abroad.
  • Collect Documents: Strong documents are required while availing an education loan. It should be kept in mind that we have the original document. It is necessary to collect all the documents asked by the donor.
  • Apply for loan: Apply through the official website or office of the lender after collecting the documents and checking the eligibility criteria.
  • Wait for Approval: After the application, the lender will assess your eligibility and verify documents. The money will be disbursed to your account after all the processes are completed by the lender.

Best Bank for Education Loan for Abroad

The experience of studying abroad may be thrilling and transformative, but it can also be expensive. You may fund your studies and reach your job ambitions with the aid of an education loan for overseas. But selecting the best bank might be challenging. We’ll talk about some of the top banks in this post when it comes to student loans for studying abroad in India.

Bank NameInterest RateLoan AmountRepayment Tenure
State Bank of India (SBI)7.45% – 9.05%Up to Rs. 1.5 croresUp to 15 years
HDFC Bank9.50% – 10.25%Up to Rs. 20 lakhs for non-collateral loans
Up to Rs. 7.5 crores for collateral loans
Up to 15 years
Axis Bank8.55% – 10.50%Up to Rs. 75 lakhsUp to 15 years
ICICI Bank7.45% – 10.65%Up to Rs. 1 croreUp to 15 years
Bank of Baroda6.85% – 10.15%Up to Rs. 80 lakhsUp to 15 years
Punjab Nation Bank6.95% – 9.15%Up to Rs. 1.5 croresUp to 15 years

FAQs about Education Loan for Abroad

Finally, Education Loan for Abroad makes your dream of studying abroad come true. Before taking a loan from the lender, we need to check the interest rate, repayment period and loan amount etc. It is necessary for you to collect complete and original documents, on the basis of these the bank checks your eligibility. We wish you a bright future.

Is it necessary to have a valid CIBIL score for education loan abroad

Must have valid cibil score. It is on the basis of CIBIL score that the lender reviews your loan.

Is it necessary to provide collateral for education loan

No, it is necessary to provide collateral for foreign education loan

For what tenure can I take loan for education abroad

The tenure of the loan for education abroad depends on the lender, course duration and many other factors.