Education Loan for Abroad Eligibility

 

 

All you need to know about Education Loans in India for Studying Abroad

Studying abroad is a dream come true for most of us. But it is a meticulous choice. It requires delicate and sincere planning of our choices and funds. We may ace in our academics but it requires a healthy fiscal approach. Now, with the emergence of education loans, this dream seems closer than before. Banks have become more alert to the common student’s dream of foreign education. So, these institutions now offer loans specifically for studying abroad. Some of these even offer education loan for abroad studies without collateral. The average cost of studying abroad is approximately 15-20 lakhs per year. So, education loan for international students has now become imperative for aspirants.

What documents will be required while applying for a student loan for study abroad?

Transcripts of all qualifying exams

Proof of acceptance of admission

Two passport size photographs

Estimation of expenses (tuition fee and accommodations)

Bank statement (not older than 6 months)

Income tax proof (not older than 2 years)

Proof of Collateral (if applied)

Residence Proof (such as Electricity Bill)

Identity Proof (Aadhar Card, Passport, Driver’s License, Voter Card, etc.)

 

Can one get an education loan in India for study abroad without collateral?

It is quite often that many students with the most excellent academic background do not have stable collateral to offer to the banks for acquiring loans. However, there are some private banks and NBFCs (Non-Banking Finance Companies) that help you avail of an education loan up to Rs. 40 lakhs or more without collaterals. But their interest rates usually become higher in these cases.

Some of the banks offering education loans in India for study abroad without collateral are:

ICICI Bank: The maximum loan amount is Rs. 40 lakhs. The interest rate starts at 10.75%. The loan repayment tenure is between 10 to 12 years for a post-graduate program.

Avanse (NBFC): The maximum loan amount is Rs. 40 lakhs. The interest rate is between 12.65% to 16%. The repayment tenure is 10 years.

InCred (NBFC): The maximum loan amount is Rs. 40 lakhs. The interest rate is between 11.75% and 16%. The repayment tenure is 10 years.

HDFC Credila: The maximum loan amount is Rs. 40 lakhs. Their interest rate starts at 12.05%. The loan repayment tenure for unsecured loans is 10 years.

Auxilo (NBFC): The maximum loan amount is Rs. 40 lakhs. The interest rate is between 12.70% to 18%. The unsecured loan repayment tenure is 10 years.

Wecare Capital

In conclusion, education loans for studying abroad can provide students with the financial assistance they need to pursue their dreams of higher education. Wecare Capital offers education loans for studying abroad that can cover the student’s tuition fees, travel expenses, and living expenses. However, it is important to meet the eligibility criteria and provide all the necessary documents to ensure the loan application process is smooth and successful.