Know More About Education Loan for different countries
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Education Loans for Other countries

Updated on Nov 15, 2022
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Table of Contents

1 State Bank of India

SBI funds postgraduate degree courses as well as overseas higher education for job-oriented professional and technical graduates. MBA, MCA, MS, diploma degrees at reputable colleges, and so on are some examples of these courses. SBI's loan covers tuition, test fees, lab fees, library fees, caution deposits, books and equipment costs, and travel expenditures, among other things.

  1. Loan amount - Rs. 20 lakhs to Rs 1.5 Crore

  2. Collateral security required - For loans above Rs. 7.5 lakhs  

  3. Loan margin - 15% for SBI education loan borrowers 

  4. Processing fee: A fixed processing fee of Rs 10,000 is charged per applicant

After completing the course, SBI grants a 6-month moratorium period or repayment vacation. The college admission letter, a completed loan application form, course expenses, co-applicant information, and other KYC papers must be sent to the bank.

2 Punjab National Bank

PNB Udaan is a one-of-a-kind education funding program for Indian students interested in studying abroad. Students who have been accepted for graduate or postgraduate courses ranging from diplomas to job-oriented professional or technical courses, CIMA/CPA courses, and so on are eligible for the loan. University tuition, travel expenses, exam fees, lab fees, library fees, book/equipment fees, and other related expenditures are all covered by the PNB loan.

  • The borrower's needs determine the maximum loan amount.

  • The lending margin for loans over Rs. 4 lakhs is 15%. For loans under Rs. 4 lakhs, there is no lending margin. The bank will not charge you any prepayment costs during the moratorium period, which can last up to a year.

  • Processing fees are 1% of the total.

  • The tenure options available for PNB education loan borrowers are up to 15 years.

3 Bank of Baroda

Admission to professional and technical studies at reputable overseas universities is sanctioned for an education loan under the Baroda Scholar scheme.

Maximum loan amount - Up to Rs. 20 lakhs 

Loan margin requirement - 15% 

After commencing work, borrowers might request a six-month to one-year respite or moratorium period. 

  • For loans under INR 4 lakhs: No collateral is required 

  • Between INR 4 lakhs and 7.5 lakhs: A third-party guarantee is required 

  • Loans exceeding INR 7.5 lakhs: Tangible collateral security is required

4 Canara Bank

The Canara Bank education loan covers university tuition, travel costs, exam fees, lab fees, library fees, book/equipment fees, and other applicable expenses. A co-borrower is required for loans exceeding INR 7.5 lakhs, as well as 100% collateral security.

  • Up to INR, 20 lakhs in the maximum loan amount

  • For loans over INR 4 lakhs, the lending margin is 15%.

  • For loans under INR 4 lakhs, security is not required. 

  • A third-party guarantee is required for loans ranging from INR 4 lakhs to INR 7.5 lakhs.

5 Axis Bank

Applying for a student loan with Axis Bank is a simple procedure. Students can apply for student loans to help pay for technical, professional, or career-related education. The loan covers the cost of the hostel, tuition, and books, among other things.

  • A maximum loan amount of Rs. 20 lakhs.

  • Rs. 50,000 is the minimum loan amount.

  • A lending margin is not required for loans of less than INR 4 lakhs. 

  • For loans over INR 4 lakhs, the borrower must contribute 15% of the loan amount.

Axis Bank may consider a total loan amount LIC policy. However, this differs from case to instance. For school loans, a parent or guardian must apply as a co-applicant, which may need a third-party guarantee or collateral security.

6 IDBI Bank

The IDBI education loan covers university fees, travel, test fees, lab fees, library fees, computer costs, book/equipment costs, and other relevant expenditures. IDBI Bank approves loan amounts based on the borrower's needs, with no collateral required for loans under Rs. 4 lakhs.

  • Up to Rs. 20 lakhs in the maximum loan amount

  • Tenure of repayment - up to ten years: For loans of less than Rs. 7.5 lakhs

  • 15 years and up: For loans above Rs. 7.5 lakhs

  • A third-party guarantee is required for loans between Rs. 4 lakhs and Rs. 7.5 lakhs. An education loan requires a co-borrower. 

  • 100% collateral security is required for loans of more than Rs. 7.5 lakhs.

7 Avanse Financial Services

Avanse provides a variety of loans, including a pre-visa disbursement loan, a fast-track loan, a pre-admission loan, and a certificate of funds availability. When taking out an Avanse education loan, borrowers must submit their KYC papers, course fees, collateral documents, and income documents, among other things.

  • 1 lakh rupees is the minimum loan amount.

  • Maximum loan amount - Determined by the borrower's requirements.

  • Tuition, travel, housing expenses, books/equipment fees, and other relevant charges are all covered by an Avanse education loan.

8 HDFC Credila 1. HDFC Credila

HDFC Credila offers education loans with favorable interest rates.

Maximum loan amount - There is no maximum loan amount. HDFC Credila offers loans of up to Rs 25 lakhs. However, the applicant must meet all eligibility standards as well as make additional obligations.

HDFC education loans can be taken out before a student has been admitted to a university for a processing charge of up to 1.5 percent of the loan amount. Borrowers have a range of security collateral options to choose from. Co-borrowers might be from a different city than the borrower, but they must be related to the borrower.

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