| You have got the skills and talent but lack of funds to pursue your ambition of studying abroad. |
| Why not consider an Study Abroad educational loan and turn your dream into reality!! Remember, choice is yours. |
| In an endeavor to grant privilege to all meritorious
students to pursue their ambition of studying abroad, most large
commercial banks have increased their educational loan
portfolio. To be eligible for loan, you should be an Indian resident having secured admission in any of the bank's list of approved course or universities. |
The quantum and terms of loans vary from bank to
bank. Currently, they lend up to a maximum of Rs 20 lakhs for
studying abroad. It covers typically:
|
| The tenure can be from 3-8 years. Most banks do not
require any margin up to Rs 4 lakh and, beyond that, 15 per cent
margins are charged. SECURITY: Usually for loans up to Rs. 4 lakhs, no collateral security is required. For loans ranging from Rs. 4 lakhs to Rs. 7.50 lakhs, collateral in the form of a satisfactory third party guarantee is required. For loans above Rs. 7.50 lakhs, collateral security of suitable value or co-obligation of parents/guardian/third party guarantee along with the assignment of future income of the student for the payment of installments may be obtained. Security can be in the form of :
The PLR is the rate at which a bank offers loan to prime borrowers. |
| Interest Rates for some banks in India follows as: |
| Bank | Amount (Max in lakhs) |
Rate of Interest |
| Bank of Maharashtra | 20 | Upto 4 lakhs: 12% Above 4 lakhs: 12.75% Upto 4 lakhs:0.50% below SBAR* i.e.13.25% p.a. Floating |
| State Bank of India | 20 | 4-7.5 lakhs:1.00% above SBAR 14.75 % Floating Above 7.5 lakhs:SBAR 13.75% p.a. Floating |
| Punjab National Bank | 20 | Upto 4 lakhs: BPLR -
1.50% Above 4 lakhs: BPLR - 0.75% |
| Allahabad Bank | 20 | Upto 4 lakhs: PLR-0.75% Above 4 lakhs: PLR - 1.00% |
| Indian | 20 | Upto 4 lakhs: 12.50% Above 4 lakhs:13.00 % |
| Dena Bank | 20 | Upto 4 lakhs: 11.25% Above 4 lakhs: 14.25% |
| Union Bank of India | 15 | Upto 4 lakhs: PLR Above 4 lakhs : PLR + 1% |
|
| Most banks provide you with an online application form. |
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I'm Mary Hawkins by name. I live in USA, i want to use this medium to alert all loan seekers to be very careful because there are scammers everywhere.Few months
ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a
very reliable lender called Mrs Joy Walker who lend me an unsecured loan of $89,000 under 2hours without any stress. If you are in need of any kind of loan just
contact him now via: exoticloanfirm@yahoo.com I'm using this medium to alert all loan seekers because of the hell I passed through in the hands
of those fraudulent lenders. And I don't wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lenders,i will
also want you to help me pass this information to others who are also in need of a loan once you have also receive your loan from Mrs. Joyce Walker,i pray that God
should give her long life.
God bless her forever.
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I want to be a pilot and i have chosen aerosim flight academy for training and it cost about 50 lakhs so what i have to do now please help me
Do you need financial assistance to pay off your bills ? Are you in need of money to start up your own business ? Why not apply for a loan here today at the rate of 3% interest rate, apply now and get approved. You reach us via email: reliancefinancialcorporation@live.com
Mr Jack Mills.
Hi. I've been admitted for my Masters from TU Berlin, Germany. I've decided to proceed with an educational loan to meet my tuition fees and other expenses. I would like to know if German Embassy will accept loans from State Bank of Travancore? That should not be the case for my visa rejection. That's why I am asking this question.
Hii,
I wanna to study CA in canada…..but i dnt hve IT CERTTIFICATE wat cn i do nw…..is IT certificate is
necessary for da loan
…..plz gve me a sol.
hii…i have gone to state bank of hyderabad in my town to start
my processing for education loan.i have recieved my i20 a month
back, n iam about to book my visa slot in december 1st week..iam
showing my house as a property to apply the loan.but the manager of
the bank is like.it costs nearly about 50,000 by the time i recieve
my loan sanction letter..is dat trueand does it really costa
dat much for a student loanplease help me out.its very
urgent for me to get the information…
thanks in advance..
I have completed B.Tech from JNTU,Hyderabad. I have got admission in LA Trobe International University,Australia in Master of Information and Communication Technology. I need Bank loan immediately. Pleasse help me. my mobile number.9966540818.
Hi… right now i am doing my software studies but after
completing my studies i want to go for MBA in
london .My dad ready to help me with 5 lakhs rupees,will bank help
me in providing loan for my higher studies……….. can i repay the
loan after completing my studies….
please help me out to overcome this situation …………..thanks
hi i am Btech student(Last sem), IIT Guwahati……..i am selected for MS in John Hepkins univercity, US. Total expenes arnd 60 Lacs ……….i wanna know can i get $ loan in US for my higher studies and wats the formalities etc.
I Require $15,000 for my Tution Fee Per Semester & i want to
do a 2 year Masters, but am only Provided a Maximum of Rs 20 Lacks
as Education Loan which is even not Serving my Complete Tution fees
also , other expenses r Secondary Things.My dad can Help me out a
maximum of 3 Lacks, plz help me in this situation.
Thanx a Lot :)
Hello Kritika,
I perceive that you are planning to apply for your higher education abroad. If that is the case, you require an amount of USD 15,000 approx. for tuition fees for an year.
And an amount of around USD 10,000-12,000 for your living expenses is required. Thus approximately INR 25,00,000 is required for two years of your education in US.
As far as education loan is concerned, you generally get an education loan based on tuition fees of the University you have received an admit from. Other than this the loan amount is based on the worth of the collateral involved as well.
Hope the above information helps you to an extent!
Hi, My brother is an American Citizen. He was born at California. But due to some circumstances, he came back to India, as a child. He has completed his Bachelors degree in India itself. But now has a keen desire to go back to USA for his further education (MBA). Can someone guide me as to the procedure that needs to be followed. Any information given will be helpful. Thank you.
hello, I am applying for post graduation in the UK and am interested in obtaining an education loan. I am not very clear with the collateral security system of guarantee. I have two life insurance policy and can amount to the required loan value on its maturity. will this be accepted as a collateral security. my dad is a government gazetted officer in the education department and my aunt a Chief medical officer who will be my guarantor. Pls advice. thank you
hello, I am applying for post graduation in the UK and am interested in obtaining an education loan. I am not very clear with the collateral security system of guarantee. I have two life insurance policy and can amount to the required loan value on its maturity. will this be accepted as a collateral security. my dad is a government gazetted officer in the education department and my aunt a Chief medical officer who will be my guarantor. Pls advice. thank you
hello, I am applying for post graduation in the UK and am interested in obtaining an education loan. I am not very clear with the collateral security system of guarantee. I have two life insurance policy and can amount to the required loan value on its maturity. will this be accepted as a collateral security. my dad is a government gazetted officer in the education department and my aunt a Chief medical officer who will be my guarantor. Pls advice. thank you
hai i am from a.p
my dream is to do ms in us
how can i?
pls suggest any one
Does any banks give Educational Loan to study in US. The course is 'Master of Arts Theology'. Its is 2 years post graduate course required to become Teacher or Professor in Bible College. I want to know whether any bank give loan to this particular course.
Hello Joshua,
Today a good number of Indian banks in support of international exposure via education offer schemes to finance one's education, termed as Education Loans. The scholarship options being highly competitive this is a boon for the worthy and the needy.
Several banks have readily started offering loans to students who plan to study abroad. If you happen to be accepted from the top notch universities, the loan may be sanctioned without the requirement of a co-signer based in the country where the University is established while otherwise the banks require a home country based co-signer or a co-signer residing in the country where you intend to go.
Being the most trustworthy source of financial assistance these are offered under certain terms and conditions and definitely under a set scheme of interest and once you satisfy these you will be eligible for an educational student loan that will cover course fees, hostel fees, cost of books, equipment and also one way fare to the place of study.
While SBI, Bank of Maharashtra, IDBI, Allahabad Bank, OBC, UBI, Bank of Baroda are some of the banks that provide educational loan, give a thought to Federal Bank that offers a Federal Vidya Loan Scheme that is for the needy and deserving students of bright academic record so as to enable them to continue higher studies in India or Abroad either in diploma/graduation or post-graduation level in Arts, Science, Commerce, Management, Medicine and Engineering.
The following links should also guide you further :
About Education Loans
Making the right choice
I hope the above stated helps!
Take care!
Hi, i need 12 lakhs , My uncle accept to show his property,what my doubt is want to submit a original certificate or shall i show the property details and get back a original certificate but we make a agreement to bank:)
Because my uncle need a original for upgrading purpose in future :)
i am working as engineer in siemens ltd baroda,i am dipolma in EEE,my exp is last 5 year technic field,now i want study in MBA degree in UK, LONDON, my own amount i am gave 5 laks only,now i need money for UK study for some amount,what are the documents need to submit the bank loan.pls advise.waiting for reply.
Hello Neha,
I will suggest you to first check out the requirements of the Nationalized Banks such as SBI, Bank of Baroda , Punjab National Bank etc or the concerned bank from which you will be getting loan; for applying for the educational loan for higher studies abroad.
All banks have different policies for the same for which you need to check out with your bank. They will also brief you about the documents required Bank statements and all to check out the credibility of the sponsor.
Although, there is a possibility of getting a low rate of Interest for females but there that is also not much and not confirmed with every bank. Hence, please check out the same with the Bank first.
As a counselor, I will suggest you to get in touch with Canadian High Commission / Consulate near your region to get information on any specific requirements from their end also. If they require any documents from your bank such as Bank letter (for education loan purpose) so that you can arrange all the documents on time.
Hope this helps.
Best of Luck!
hiii,,, m applyin for post graduation diploma in humber university,canada..so i wanna take loan of around 7 lackhs..my dad is government employeee..so what all documents will be required to apply loan?? n is rate of interest for female is less??
Hello,
Since you are opting for education loans, the best I can suggest is avail them from the banks. Today they are widely considered by students as they are hassle free and reliable sources.
The boom in the banking sector has led to release of large amount of funds for education loans. Now, education loans are easily available from various banks in India. I can specify a general procedure to obtain bank loans since the procedure varies from bank to bank.
The illustrative list of papers/documents required for education loan usually are :
• Admission letter from the institution/university of year
wise fee, boarding and lodging expenses. Letter confirming
scholarship, if any.
• Attested copies of documents for proof of age/date of birth and
proof of residential address.
• Passport size photo of the applicant, co-obligants and
guarantors.
• Copy of marksheets/degree certificates of previous academic
qualifications.
• Income proof/latest income tax return of parents/co-obligants,
guarantors. (if any)
• Guarantors or collateral security documents. Details of
collateral security alongwith valuation certificate of Govt
approved valuer (if any).
• Details/statements of Bank accounts held with the same Bank
/other banks by the student applicant/co-obligant(s)/guarantors (if
any) for the last six months.
• Copy of Passport/Visa, cost of air fare (documentary detail) in
case of studies abroad.
Usually, the rate of interest is decided between the bank and the lender.
To ease things, please find the list of few of many banks that provide education loans:
Bank of Baroda
Canara Bank
Central Bank of India
Dena Bank
HDFC
ICICI
IDBI
Punjab National Bank
State Bank of India
State Bank of Travancore
South Indian Bank
Syndicate Bank
Union Bank of India
Have a bright future!
Hi .. im applying for an MSc coarse in UK .. My brother is going to help me with the collateral and i want to know how much worth should the collateral/ property have ? I am in need of about 18 lacks and say my dad pays the 5 lacks and the rest 13 lacks is required through EDU Loan .. how much should the property be of worth to get 13 lacks through loan ?
Thank you for you support in advance :-)
For Loans above Rs. 7.50 lakhs:
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Security can be in the form of:
Go through the following lessons for more information :
How to choose best educational loan
Good Luck!
what is this i20 form?
A Form I-20 is the form issued to a student so that they may apply for an F-1 Visa to come to the United States to study. Before issuing an I-20, a school makes sure that the student has met certain financial and academic requirements. Without receiving an I-20 from a school, you will not be able to get the F-1 Visa.
Yes, it is better to enclose it with the loan application.
what about before receiving i20?
You would be required to enclose a letter confirming admission to foreign university.
will bank provide loan only if we have i20 form ?
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