Government of India
In consultation with the Reserve Bank of India (RBI) and the Indian Banker’s Association (IBA), the Government of India has framed a Comprehensive Educational Loan Scheme. The new plan covers all types of courses, including professional courses in schools and colleges in India and abroad.
The salient features of the scheme related to studying abroad are:
The scheme envisages loans up to Rs. 15 lacs for studies abroad.
For loans up to Rs. 4 lacs, no security or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lacs, the loan cost won’t exceed PLR plus 1 percent.
The loans are to be paid over a time of 5 to 7 years with the provision of grace time of one year after completion of studies.
State Bank of India
The State Bank of India gives the SBI Student Loan proposal for Indian nationals to pursue their education abroad. The education loan for studying abroad is given work-oriented professional, specialized Graduation Degree courses, or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed colleges.
For studying abroad, the maximum loan of the amount given is Rs. 30 lacs and the repayment will start one year after finishing of course or 6 months after securing a job, whichever is prior. The repayment time frame differs from 10 years to 12 years depending upon the loan amount.
Allahabad Bank
Some other Top Education Loan Providers in India to study abroad on similar terms as that of Allahabad Bank Education Loan are:
ICICI BANK
Union Bank of India
J & K Bank
Bank of Maharashtra
Bank of Baroda
Central Bank of India
Bank of India
The Allahabad Bank gives education loans to Indian residents who confirm admission to professional or specialized courses in standard foundations abroad through an entrance test or merit-based selection process after finishing HSC. The study abroad courses competent for the Allahabad Bank Education Loan are:
Graduation: For Job oriented professional or specialized courses offered by reputed colleges
Post Graduation: MCA, MBA, MS, etc
Courses held by CIMA London, CPA in USA, etc
Regular Degree or Diploma courses like Shipping Authority, Local Aviation, State Body, the establishment appropriately perceived by the equipped college, shipping and so on, pilot preparing, or aeronautical. The quantum of loan given is need-based subject to repaying limit of the guardians or students with a ceiling of Rs. 20 Lacs.
Axis BANK
Axis Bank’s Education Loan expects to give economic support to justifiable students for pursuing higher professional or specialized education in India and abroad. The education loan is given to students who have obtained admission to career-oriented courses e.g. engineering, management, medicine and etc., either at the graduate or post-graduate level.
The quantum of a fund under the Axis Bank Education Loan proposal is capped at Rs 20 lacs for studies abroad, which would include the cost of books, tuition fees, hostel charges, etc. The minimum amount of an education loan is Rs 50,000. There is no edge for education loans up to Rs 4 lacs, and for loans above Rs 4 lacs, there is a 15% margin for studies abroad.
HDFC Bank
The features of the HDFC Bank Education Loan for Foreign Education are:
Education loans up to Rs. 20 lacs and unsecured lending up to Rs. 7.5 lacs are provided.
No collateral is required for loans up to Rs. 7.5 lacs.
The maximum repayment tenure is up to 15 years post moratorium period.
Credila
Credila is a non-bank finance company concentrated on education loans. It is a subsidiary of HDFC Ltd.
Punjab National Bank (PNB)
The PNB offers the PNB Saraswati scheme for giving education loans to meritorious students to pursue higher education and technical education in India and abroad.