Top Education Loan Providers For Foreign Education In India 2024 {Release Soon} Abroad, Interest, Eligibility Criteria

Top Education Loan Providers For Foreign Education In India – Education Fund  are not just Needs for pursuing higher education in India. One may need it even for studying abroad. So, if you want to study overseas, you should first know the Fee of it there.

Top Education Loan Providers For Foreign Education In India 2024

Education Fund is seen as a means for a good future in India. Indian parents are known to invest a substantial part of their income towards the education Loan of their children. However, in recent years, the cost of education for higher studies has seen a dramatic rise, forcing many Cantidates shelf their plans for higher education. With the introduction of education Fund, things started looking better for all such Candidates who wished to pursue higher education abroad – but were worried about Loan.

Top Education Loan Providers For Foreign Education In India 2022

Top Education Fund Providers For Foreign Education In India 2024 Overview

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Education Loan TermsGlobal Ed-Vantage Scheme
Loan amount rangeAbove INR 7.5 lakhs -up to INR 1.5 Crore
Interest Rate8.65% (effective ROI as of 19-02-2024)

0.5% concession granted to female candidates

0.5% concession granted to Candidates availing of  Rinn Raksha Loan Insurance Scheme

Loan MarginMinimum 10%. Margin to be brought in on a year-on-year basis
Total Expenses covered by the education loanTuition Fees, Living expenses, Study aid expenses, travel expenses, library fees, etc.
Moratorium periodAverage moratorium period comprises of the course duration + 6 months (can be extended to a year)
CategoryCurrent Affairs
Official WebsiteClick here

Why is an Education Loan for Abroad Beneficial?

Sometimes the family income and savings may not be enough to fund the Top Education Loan Given For Foreign Education In India 2024. In such cases a Candidates loan has to be taken from banks or non-banking Money companies (NBFC). A Candidates loan can be used to sponsor the educational cost completely or partially. Therefore, an education Fund for study abroad ensures that the university education gets completed without any sort of Money hindrances.

Education Loan for General Perception

The general perception is that Fund are a bad debt. It means that you are taking a loan for something whose value will drop over time. It is not the same as an overseas education Fund since it is an investment in yourself. You are investing in your own university education which will help you get a job. Through which you can earn much more than the Credit amount.

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Top Education Loan Schemes

The increasing popularity of education Fund in India has given rise to multiple lenders who come up with varied schemes for Candidates borrowers. With so many lenders and loan Plan, it is natural to get confused on which education fund to choose for. In this blog, we will try to solve this confusion and help our readers conclude about the best banks for education Fund. So, let us jump straight into the discussion Top Education Loan Given For Foreign Education In India 2024

Top Education Loan For Higher Studies

If you are thinking of moving abroad for higher studies then you must be looking to arrange Loan. Arranging funds can be one of the biggest challenges, however, there are Given banks and NBFCs that help Candidates with education Fund for abroad. In this Page, we will inform you about the top education loan Given in India. Here, we will discuss both private education Fund providers in India as well as government and public education Fund providers in India.

India Education Credit market

In India, the education Credit market consists of lenders such as Public sector banks, private sector banks, Non-Banking Financial Corporations (NBFCs), and private Fintech firms. These lenders all have different Fund schemes and students need to carefully compare these to select the best Fund scheme. In order to decide this, Candidates need to compare some important points related to bank education Funds. These points are as follows:

Which Bank is Best for Education Loan for Abroad?

  • Rate of Return- This is an extremely important criterion when comparing education loans as it plays a huge role in your total loan Return. Public sector banks offer education loans at an Return rate between 8.5% to 10.5% while private banks offer education loans at an Return between 10.5% to 13.5%. NBFCs typically have a higher rate of Return which is between 11% to 14.5%. As is evident from the above numbers, public banks have the lowest rate of Return that is 1% – 2.5% lower than that offered by private banks and NBFCs.
  • Processing Fees – Lenders charge a processing fee from the borrowers when sanctioning an education Fund. Public sector banks have lower processing fees than private sector banks and NBFCs. In fact, a few public banks charge no processing Cost at all. Banks such as Bank of Baroda charge a refundable Cost of INR 10,000 a processing fee. SBI on the other hand has a nonrefundable processing Cost of INR 10,000. Among private banks, Axis Bank has a refundable processing Cost of INR 10,000. NBFCs charge a processing fee between INR 40,000 and 80,000.

Best Banks for Education Credit in India (up to 75 Lakhs)

If you’re looking to take your education to the next level, you’ll need to get approved for education credit. And while there are a number of banks that offer education credit products, not all of them are created equal. To help you make the best decision for your needs, this blog post is dedicated to reviewing the top five banks for education credit in India (up to 75 Lakhs).

HDFC Bank Education Fund

Maximum Loan Limit: Rs. 20 Lakhs and above.

HDFC Bank grants education Fund to study in India and abroad. The maximum Fund amount for studying in India is limited to Rs. 20 Lakhs.

Whereas, all the Cost of education is covered under the Fund for foreign education, with no upper limit. But you need to Given collateral in the form of a fixed deposit or immovable property to the bank.

SchemeRate of Interest
Education Fund for Indian Education9.25% to 13.68%
Education Fund for Foreign Education9.25% to 13.68%

The Fund is for a maximum Time of 15 years and is disbursed directly to the institution based on the Cost structure.

You will Search that HDFC bank doesn’t have a dedicated education Fund Plane for skill development courses. That is why they recommend personal Fund for skill development courses.

Advantages

  • Lower interest rates
  • Quick processing

Drawbacks

  • 1% loan processing fee
  • Up to 4% prepayment charges (during the moratorium period)
  • Less loan for study in India

Axis Bank Education Loan

Maximum Loan Limit: Rs. 75 Lakhs

Axis Bank has only one Plane for education Fund (starting from Rs. 50,000 to Rs. 75 Lakhs). Axis finances education Fund only for the graduate or postgraduate courses for Candidates who have secured a minimum of 50%  Number in HSC or Graduation.

Education loan amountRate of Interest
Up to Rs. 4 Lakhs15.20%
Above Rs. 4 Lakhs to Rs. 7.5 Lakhs14.70%
Above Rs. 7.5 Lakhs13.70%

Pros:

  • Quick processing of the loan application
  • Higher loan amount up to 75 Lakhs
  • NIL processing fee for a loan below Rs. 10 Lakhs

Cons:

  • A high rate of interest.
  • Up to 15% margin for loan above 4 Lakhs
  • 24% p.a. penal interest for late payments.

Expert Tip. “ Keep xerox copies Available– related to income Proof and net worth before application. The proof documents are the Pervious 3 years IT returns, a copy of CA certificate, sale deed of immovable properties, FD and NSC Proof, Bonds or Demit statement. ”

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Union Bank of India Education Loan

Maximum Education Loan granted: Need-based finance

Union Bank of India has Four different categories of education loan scheme:

  • Education Fund for courses in India and abroad
  • Education Fund for Kisan Shiksha Suvidha
  • Education Fund for Premier Management & Technical institutions (India)
  • Education Fund for Tier II Management & Technical institutions (India)

Union Bank does not charge any processing Cost from Indian aspirants for education Fund irrespective of the Fund Total.

But asks for life insurance equal to the value of the Fund Total. So you need to buy life defence to get your education Fund .

Education loan schemeRate of Interest
Courses in India and abroadup to 10.05% depending on the quantum of loan
For Kisan Shiksha Suvidhaup to 10.05% depending on the quantum of loan
For Premier Management & Technical institutions (India)Skill Development Courses6.80%
For Tier II Management & Technical institutions (India)8.55%

Pros:

  • No processing charges.
  • Lower interest rate
  • 0.50 % concessional interest rate for female students

Cons:

  • Slow processing and documentation process.
  • Mandatory to get life insurance

Expert tip: “Union Bank covers education Fund under the credit guarantee fund Plane. Therefore you need to submit Information of all Candidates such as KYC documents, valid income ID, allotment letter and detailed fees structure.

IDBI Bank Education Loan

Loan Amount Offered: Up to Rs. 20 Lakhs for studies in India and Rs. 30 Lakhs for foreign education Fund. If you are planning to get an education Fund for AICTE, UGC, ICMR and government-approved courses, job-oriented courses and technical diploma courses then you should check IDBI Bank’s education Credit. The Return terms extend up to 15 years but you need to offer tangible collateral security for an education Fund amount of over Rs. 7.5 Lakhs.

Top Loan Providers & Interest Rates

Top Education Loan ProvidersRate of Interest
Education loan for non-vocational coursesUp to Rs. 7.5 Lakhs – 8.40%
Above Rs. 7.5 Lakhs – 8.90%
Education loan for vocational / skill development coursesFor all amounts – 8.80%
Education loan for premier education institutes (including ISB)For all amounts – 6.90%

Pros:

  • Lower interest rate for loans for premier institutes.
  • NIL processing fees for study in India.
  • NIL foreclosure charges

Cons:

  • 1.33 times tangible collateral needed for a loan amount of over 7.5 lakhs
  • Slow loan processing.

 Avanse Education Loan

Maximum Loan Amount: Need-based with no upper cap. Minimum – Rs. 50,000 for study in India.

Global PE firm Warburg Pincus holds 80% equity in Avanse. You can apply for all sort of education Fund at Avanse like Fund for –

  • Study in India
  • International studies
  • Vocational courses
  • School fees financial, and even
  • Education loan for E-learning

Avanse Given up to 100% financing, fast processing and doorstep service.

Education loan schemeRate of Interest
Education Fund for domestic and international studiesAvanse base rate + spread.
Which can go up to 18%

Pros:

  • Up to 100% loan amount
  • Less paperwork and quick processing
  • Education loan for E-learning also

Cons

  • High rate of interest
  • 1% – 2% processing charges
  • No pre-payment allowed in first 6 months

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Top Education Loan Providers Banks for Education Loan in India for Foreign Studies

Choosing the right education loan provider can be a daunting task. There are so many options out there, and it can be hard to know which one is right for you. In this article, we will provide you with a list of the top education loan providers in India for students who are looking to pursue foreign studies. From government-backed schemes to private lenders, we’ll help you find the right provider for your needs. So whether you’re looking to take out a loan for college or study abroad, read on to get started!

State Bank of India Education Loan

Maximum Loan Amount: up to Rs. 1.5 Crores

SBI grants educational Fund of up to Rs. 1.50 Crores under the SBI Global Ed-Vantage Plane for foreign studies.

SBI also offers one of the lowest Return rates for education loans in India.

Best Students Education Loans With Rates

Top Education Loan ProvidersRate of Interest 
SBI Student loan Plan9.30%
SBI Scholar Loan Plan6.90% to 8.20%
SBI Skill loan Plan8.80%
SBI Global Ed vantage Plan9.30%

Pros:

  • Up to 9.30% low rate of interest
  • NIL processing fees up to 20 Lakhs
  • Different loan schemes

Cons:

  • High processing time
  • 15% margin for studies abroad

Punjab National Bank Education Loan

Maximum Loan Limit: No upper limit, depends on the repayment capacity and margin

Education loan schemeRate of Interest
PNB Saraswati Schemeup to 9.55%
PNB Udaan9.55%
PNB Prathibha6.90% to 7.55%
PNB Kaushal8.30%
PNB Honhaar8.95%

Pros:

  • Low ROI
  • NIL processing fees for study in India
  • Wide range of education loan schemes

Cons:

  • Tedious paper works & follow-up

ICICI Bank Education Fund

Get Maximum Loan of – up to Rs. 1 Crore Top Education Loan Providers

ICICI Bank offers education Fund up to Rs. 50 Lakhs for studies in India and Rs. 1 Crore for studies aboard.

Education loan PlaneRate of Interest
Education Fund for domestic and international studies10.25% – 12.75%

Pros:

  • High loan amount
  • Less paperwork and quick processing
  • No margin up to Rs. 20 Lakhs

Cons

  • High rate of interest
  • Hidden charges

Bank of Baroda Education Credit Documents Required

  • Application form
  • Passport-size photographs
  • Proof of admission
  • Income proof of the co-borrower or guarantor
  • Collateral documents
  • Bank statements
  • 10th and 12th exam marks cards
  • Marks cards of any further education
  • Entrance Exam mark sheet
  • Mark sheets of GRE/IELTS/TOFEL/GMAT
  • Any scholarship documents if applicable
  • Address Proof
  • Voter’s ID
  • Driving License
  • Aadhaar Card
  • Passport
  • Identity Proof
  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter’s ID
  • Driving License

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