State Bank of India
SBI provides a maximum education loan sum of INR 30 lakhs with a 15% loan margin for studying overseas. On the current SBI base rate, the interest rate payable on the loan amount is up to 2%. Furthermore, the loan payback period might range from one year to fifteen years.
Punjab National Bank
PNB Udaan is a Punjab National Bank education loan scheme for students who want to study in another country. Students seeking graduate, post-graduate, professional, technical, and job-oriented degrees can apply for bank loans to study abroad. The borrower must offer a 15 percent loan margin if the loan amount exceeds INR 4 lakhs. The bank also uses the base rate to calculate the interest rate on loans taken out to attend one of the top 200 colleges in the world.
Axis Bank offers low-interest study loans in a variety of countries. The bank would lend up to INR 20 lakhs to cover expenses like tuition, housing, and books. If the loan exceeds INR 4 lakhs, the borrower must establish a 15% buffer.
One of the world's largest private banks, HDFC Bank is a worldwide private bank that specializes in international education loans. The bank's biggest loan amount available is INR 20 lakhs. To minimize the last-minute rush, the bank gives study loans to international students even before they are accepted to the university.
Applicants can get unsecured foreign education loans from a Non-Banking Financial Corporation. Avanse, Incred, HDFC Credila, and Auxilo are the four most prominent NBFCs in India that provide candidates with an unsecured abroad school loan.
In addition to nationalized banks, non-banking financial organizations and organizations offer student loans (NBFCs). Non-banking institutions cover the entire cost of tuition for students. Borrowers must provide collateral as security to banks since the loan amount is frequently more significant than INR 7.5 Lacs.
Students seeking school loans for international studies can now get a loan from a non-bank financial company (NBFI). Some of the NBFC alternatives are as follows:
Credila: It is a subsidiary of the well-known HDFC bank that provides loans to Indian students who wish to study in other countries. The loans have a low variable interest rate and may be paid back in as little as ten years.
Avanse: It is one of India's most well-known non-banking financial organizations, as part of the DHFL group. Student loans from Avanse cover 100 percent of tuition and other expenses. Apart from that, interest rates are subject to change, and administrative costs might range from 1% to 2% of the loan amount.
ISLP (International Student Loan Program): This project was introduced to international students in mind who want to study in the United States. This program provides a loan that may be used to pay for tuition and other expense. This program allows students to borrow as little as $1500 with a payback period of up to 25 years.
The Global Student Loan Corporation (GSLC): It offers loans to international students who want to study in the United States without a co-signer.
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