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.
Note: (Telegram) टेलीग्राम पर लेटेस्ट Jobs नोटिफिकेशन (Latest Notification) पाने के लिए अपने टेलीग्राम में (Sarkari Jobcity) सर्च करे और हमारे चैनल Sarkari Jobcity को सब्सक्राइब (Subscribe) करे
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 Documents | PAN Card Driving License Aadhar Card |
| Address Proof | Aadhar 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 Person | Salary 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 Name | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| State Bank of India (SBI) | 7.45% – 9.05% | Up to Rs. 1.5 crores | Up to 15 years |
| HDFC Bank | 9.50% – 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 Bank | 8.55% – 10.50% | Up to Rs. 75 lakhs | Up to 15 years |
| ICICI Bank | 7.45% – 10.65% | Up to Rs. 1 crore | Up to 15 years |
| Bank of Baroda | 6.85% – 10.15% | Up to Rs. 80 lakhs | Up to 15 years |
| Punjab Nation Bank | 6.95% – 9.15% | Up to Rs. 1.5 crores | Up 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.