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|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
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:|
(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 -
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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