Education Loan
Education Loan
SBI Education Loan Assistance
Thousands of Indian students go abroad every year to study in one of the top universities and colleges. As per the ministry of external Affairs – Government of India, until July 2019, around 10.9 Lakh Indian students were studying abroad, and their number is increasing rapidly. However, not all aspiring students are able to study overseas, as this requires a substantial amount of financial backing. For them, it is not the end of the road; they too can fulfill their dream of studying abroad by getting an overseas education loan. Today, a number of banks and lenders offer loans to students for higher education abroad.
Top Study Abroad Loan Providers in India
Here is a list of some public and private sector banks that offer overseas education loans to students.
State Bank of India
One of India's largest public sector banks, SBI offers a number of overseas education loan schemes, including the SBI Education Loan Scheme, Studies abroad (above Rs. 7.50 lakhs), Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies, and Padho Pardesh Interest Subsidy Scheme for Overseas Studies.
Punjab National Bank
Founded in 1894, Punjab National Bank is the second-largest public sector bank in India. The overseas education loan schemes that PNB offers include PNB Udaan and Padho Pardesh.
Canara Bank
Canara Bank is another significant public sector bank in India that provides overseas student loans to aspiring students. The education loan schemes offered by Canara Bank include IBA MODEL EDUCATION LOAN SCHEME FOR PURSUING HIGHER STUDIES IN INDIA AND ABROAD and VIDYA SHAKTHI.
Bank of Baroda
Indian multinational, public sector bank, BOB also offers education loans to overseas education aspirants. The Schemes BOB offers include Baroda Scholar (for study abroad), Baroda Education Loans for EDP being offered by Premier Institutions abroad, and Government of India. Interest Subsidy Schemes for Education Loan.
ICICI Bank
ICICI is another leading private sector bank in India that offers education loans to fulfill students' aspirations of studying abroad. The bank provides an iSmart Education Loan of up to one crore to study overseas.
There are several other public and private sector banks as well as lenders that provide overseas education loans to students. Education Loan usually covers:
- Tuition Fees
- Examination, library, laboratory, and hostel charges
- Cost of purchasing books, equipment, instruments, and uniform
- Travel expenses for study abroad
- Caution money, refundable deposit, etc.
Study Abroad Loan Eligibility Requirements
Mostly, lenders have their criteria for loan's upper limit, interest rate, period, and repayment mode, and their decision may also be based on the quality of the institution, relevancy of the course taken, and creditworthiness of the guarantor. Some Banks only issue education loans to study at an overseas education institution that they recognize. Here are some general eligibility requirements/conditions for Indian students to receive an education loan from banks.
- The applicant must be Indian
- Usually, students within the 18-35 age group can apply for an education loan
- The applicant must have a confirmed admission at a foreign institution
- The applicant must have a good academic record
- The applicant should have a co-borrower such as a Parents/Guardians who act as a guarantor for the loan
- Collateral may also be required to secure an education loan
- The applicant should have a co-borrower such as a Parents/Guardians
How do we help in getting an education loan
Desh Bhagat Global Services helps make the loan and visa process more comfortable by making them able to identify the best overseas education opportunities at recognized universities and colleges. Our experts understand how important your career is, and to fulfill your study abroad dream, we guide you throughout your loan sanction as well as the study visa process. So far in the last few years, Desh Bhagat Global Services has helped over 10,000 students receive their study visas to study in Canada, UK, USA, Germany, Australia, New Zealand, and other countries.
Documents Required for a Study Abroad loan
Here is a list of the essential documents that are required for a study abroad loan
- Mark sheet for last qualifying examination
- Admission Proof
- Schedule of expenses for the course
- Copy of letter with confirmation of scholarship (if any)
- Two passport-sized photographs
- Statement of borrowers bank account for last six months
- Income Tax assessment order, not older than two years
- A brief statement of borrower's Assets and Liabilities