Educational Loan for Study Abroad

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study abroad education loan

Do you want to go abroad for Higher Education but do not have sufficient funds. Education loan is one of the  best options through which you can  arrange funds for abroad Education and do not give up on your dreams.  Below are the various banks which  provide education loan facility for abroad education. You can apply for getting maximum 30 lakhs of Education. This article will tell you the eligibility and application procedure for the education loan.

Punjab National Bank Study Abroad Education Loan – Pnb Saraswati

Following are the eligibility and procedure that you need to follow for applying for education loan in Punjab National Bank.

Courses for which we get education Loan

i)    Undergraduate courses

(ii) Job oriented professional/technical courses offered by reputed universities.

ii) Post graduation courses : MCA, MBA, MS, etc.

iii) Courses conducted by CIMA- London, CPA in USA etc.

iv) Degree/Diploma courses* like aeronautical, pilot training, shipping etc., provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Eligibility:
Student eligibility: Should be an Indian National.                                                                                                                 Educational Eligibility:
Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit based selection process after completion of HSC (10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.
Amount of Finance: PNB can finance upto  maximum Rs.20.00 lakhs of Educational Loan.

How to Repay  Education Loan?

Repayment of loan will be in equated monthly instalments (EMIs) for period as under:

1) For loans upto Rs.7.50 lac – upto 10 years

2) For loans above Rs.7.50 lac – upto 15 years

Here it’s an original source of the complete information about the Educational loan scheme: Source: https://www.pnbindia.in/En/ui/EducationLoanScheme.aspx

State Bank of India Study Abroad Education Loans:

Following is the  eligibility criteria and process  for applying education loan in State Bank of India.

Eligible Courses for  Studies Abroad: Job oriented professional/ technical courses, Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities

Amount of Loan : SBI can finance atmost Rs. 30 lacs of Education Loan.

How to Repay Education Loan?

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Maximum Loan Limit Repayment Period
Upto Rs. 4 Lacs Max Upto 10 years
Above Rs. 4 Lacs and upto Rs. 7.5 Lacs Max Upto 10 years
Above Rs. 7.5 Lacs Max Upto 12 years

Here it’s an original Source of the complete information about the Educational loan scheme: Source: https://www.sbi.co.in/user.htm?action=print_section&lang=0&id=0,1,20,118

Vijaya Bank Study abroad Loans:

Following is the  eligibility criteria and process  for applying education loan in Vijaya Bank.

Eligible courses for Studies abroad : Job oriented professional/ technical courses,  Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities and Courses conducted by CIMA-London, CPA in USA etc.

Amount of Finance: Vijaya Bank can finance you maximum Rs.20.00 lakhs of Educational Loan.

How to Repay Education Loan?

For Amount Tenure
IBA Scheme Up to Rs. 7.50 lakhs Up to 10 years
Rs. 7.50 lakhs & above Up to 15 years
Management Quota (Non IBA) Irrespective of loan amount Up to 10 years

Here is an original source of the complete information about the Educational loan scheme:

Source: http://www.vijayabank.com/Loans-and-Advances/Retail-Lending-Schemes/Educational-Loans/IBA-Model-%28India-and-Abroad%29

Indian Bank Study Abroad Education Loans:

Following is the  eligibility criteria and process  for applying education loan in  Indian Bank.

Who can apply for Studies abroad education Loan?

Eligibility:

  • The applicant should be an Indian National.
  • He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
Course of Study : Studies Abroad

  1. Job-oriented professional/technical courses offered by reputed universities.
  2. MCA, MBA, MS etc.
  3. Courses conducted by CIMA – London, CPA in USA etc.

Amount of Finance: Indian Bank can finance you Maximum Rs.20.00 lacs of Educational Loan.

Here it’s an original Source of the complete information about the Educational loan scheme:

Source: http://www.indian-bank.com/education.php

Bank of India Study Abroad Education Loans:

Here it’s an eligibility and process that you need to follow for applying for education loan in Bank of India:

Who can apply for Studies abroad education Loan?

STUDENT’S ELIGIBILITY:

  • Should be an Indian National;
  • Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
  • Father/Mother should be co-borrower.
  • Branch nearest to the permanent residence of student will consider the loan.

ELIGIBLE COURSE :

  • Graduation: For job oriented professional/technical courses offered by reputed universities.
  • Post-Graduation: MCA, MBA, MS, etc.
  • Courses conducted by CIMA – London, CPA in USA, etc.

Amount of Finance: Bank of India can finance you Maximum Rs.20.00 lacs of Educational Loan.

Here it’s an original Source of the complete information about the Educational loan scheme:

Source: http://www.bankofindia.co.in/english/EducationLoan.aspx

Indian Overseas Bank Study Abroad Education Loans:

Who can apply for Studies abroad education Loan?

Eligibility
  • Should be an Indian National
  • Should have secured admission to professional/technical courses in India or abroad

Amount of loan can Finanace by Indian Overseas Bank: Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.

Repayment : Repay the loan in equal monthly Instalments for a maximum period of 5 – 7 years excluding holiday period.

Here it’s an original Source of the complete information about the Educational loan scheme: http://www.iob.in/vidya_jyothi.aspx

Oriental Bank of Commerce Study Abroad Education Loans:

EDUCATION LOAN SCHEME
Eligibility For Loan Student who is / has: -1. An Indian national.2. Meritorious student3. Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent)
Amount of loan Up to Rs. 20.00 Lacs for studies abroad

Here it’s an original Source of the complete information about the Educational loan scheme:

Source: http://www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=40

Credila Education Loan Scheme for Abroad Education:

  • To get admission to the US Universities & to get I-20 for US visa, “Availability of Liquid Funds” to complete the course needs to be demonstrated.
  • Credila’s “Education Loan Sanction Letter” before admission can help you show the availability of liquid funds.

Banks understand loans, but Credila understands students and their needs!

Students face many challenges while securing education loans. Some of the issues faced by students include:
  • For students going to the USA, UK, Canada, Australia, etc. there are number of activities and formalities which take away the time. Running around from one branch to the other and doing multiple rounds for education loans get very difficult
  • Ability to find the required margin money (portion of the fees that is to be paid by students/parents which is not covered by the loan)
  • Required loan amount is more than the value of the collateral security
  • Ability to prove that the University, College and the applied Course is appropriate. (This can be quite challenging if the decision maker is not aware of the thousands of valid and accredited educational choices available in today’s fast changing world of education)
  • Ability to repay the loan from the USA
  • Ability to have customer service from the USA with a toll free number
  • Ability to get web-based access to the loan account with web enabled transaction processing inclusive of electronic payments, etc.
Here it’s an original Source of the complete information about the Educational loan scheme: http://credila.com

IDBI Bank Study Abroad Education Loans:

Who can apply for Studies abroad education Loan?

STUDENT’S ELIGIBILITY:

  • Should be an Indian National;
  • Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
  • Father/Mother should be co-borrower.
  • Branch nearest to the permanent residence of student will consider the loan.

Maximum loan amount:

  • Study in India- Rs.10 lakhs
  • Study Abroad- Rs. 20 lakhs

How to Repayment can done?

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier.The maximum repayment tenor starting from the date of commencement of EMI are as under:

  • For loans up to Rs. 7.5 lakhs: up to10 years
  • For loans above Rs. 7.5 lakhs: up to15 years

Here it’s an original Source of the complete information about the Educational loan scheme:

http://www.idbi.com/education-loan.asp

HDFC Education Loan for Foreign Education

How Much Money You will Get form loan?

  • Amount limits: Get Education loans upto Rs. 20 lakh and unsecured lending upto Rs. 7.5 lakh. No collateral will be required for loans upto Rs. 7.5 lakh
  • Loan Tenure: The maximum repayment tenure is upto 15 years post moratorium period.

Eligibility criteria

  • You need to be a Indian resident
  • You should be aged between 16 – 35 years.
  • If you are taking a loan of more than Rs. 7.5 lakh, a collateral security will be required
  • Co applicant : A co-applicant is required for all full time courses. Here are a few points to be noted about co-applicants:
  • Primary Co-Applicants: Parents, Spouse, Siblings
  • Secondary Co-Applicants: Father-In Law, Mother-In-Law, Brother-In-Law, Paternal / Maternal Uncle / Aunt

Here it’s an original Source of the complete information about the Educational loan scheme:

http://www.hdfcbank.com/personal/products/loans/educational-loan/education-loan-for-foreign-education

Document Check List for study Abroad Educational Loan:

While applying for the loan, the borrower is required to furnish the following information/papers:

o Loan application on Bank’s format.
o Passport size photograph
o Proof of Address.
o Proof of Age.
o Proof of having cleared last qualifying examination.
o Letter of admission in professional, technical or vocational courses.
o Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
o Details of Assets & Liabilities of parents/co-obligants/guarantors.
o In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.

Expenses considered for loan

  • Fees payable to college/school/hostel.
  • Examination/Library/Laboratory fees.
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course).
  • Travel Expenses/Passage money for studies abroad.
  • Fee payable to college for Indian School of Business.