Top education loan providers

Obtaining an education abroad is a dream for many Indian students.  However,  pursuing higher education in foreign countries can be expensive,  and that’s where education loans come in.  Several financial institutions in India provide education loans for studying abroad.  These loans help cover the costs of tuition fees,  living expenses,  and other related expenses.  In this detailed explanation,  I will provide information about some of the top education loan providers in India,  outlining their features and offerings.

State Bank of India (SBI):

SBI, one of India’s largest public sector banks, offers education loans for studying abroad.  Key features of their education loan include competitive interest rates,  flexible repayment terms,  and the option to apply online.  Students can borrow up to INR 1. 5 crores to cover tuition fees,  living expenses,  and other educational costs.  The loan can be repaid over a maximum of 15 years.

HDFC Credila:

HDFC Credila is a dedicated education loan provider known for its specialization in financing overseas education.  They offer customized loans based on the course, university,  and the student’s financial background.  Their loans cover the entire cost of education,  including tuition fees,  living expenses,  and travel costs.  The repayment tenures are flexible,  and they have a wide network of partner universities and institutions.

Axis Bank:

Axis Bank provides education loans for students looking to study abroad.  They offer loans for both graduate and postgraduate courses.  The bank’s loan covers a variety of expenses,  such as tuition fees,  exam fees,  library charges,  and travel costs.  The maximum loan amount is INR 75 lakhs,  and the repayment period can extend up to 15 years.

Punjab National Bank (PNB):

PNB offers education loans for studying abroad with competitive interest rates.  Their loan covers tuition fees,  hostel and mess charges,  examination and library fees,  and other related expenses.  The maximum loan amount for studying abroad is INR 1 crore.  Repayment can be done over a period of up to 15 years.

Avanse Financial Services:

Avanse is a non-banking financial company (NBFC) that specializes in education loans.  They offer loans for both undergraduate and postgraduate courses abroad.  Avanse offers custom-tailored loan solutions based on the student’s profile and the course they intend to pursue.  They also provide loan coverage for GRE,  GMAT,  TOEFL,  and other related exam fees.

Bank of Baroda:

Bank of Baroda provides education loans to Indian students for pursuing higher education overseas.  Their loans cover expenses like tuition fees,  examination fees,  library fees,  and travel costs.  The maximum loan amount for students abroad is INR 80 lakhs,  and the repayment period can extend up to 15 years.

ICICI Bank:

ICICI Bank is another prominent private sector bank offering education loans for studying abroad.  They provide financial assistance for various courses,  including vocational and professional programs.  ICICI Bank’s loan covers tuition fees,  living expenses,  and other education-related costs.  The maximum loan amount for overseas education is INR 1 crore.

Canara Bank:

Canara Bank is a nationalized bank in India offering education loans for studying abroad.  They provide loans with competitive interest rates and a wide range of permissible expenses.  Students can borrow up to INR 1 crore for pursuing higher education overseas.  The repayment period can extend up to 15 years.

Union Bank of India:

Union Bank of India offers education loans for students aspiring to study abroad.  Their loans cover tuition fees,  living expenses,  examination fees,  and other related costs.  The maximum loan amount for studying abroad is INR 1. 5 crores,  and the repayment tenure is up to 15 years.

Kotak Mahindra Bank:

Kotak Mahindra Bank provides education loans for students planning to study abroad.  They offer competitive interest rates and flexible repayment terms.  The loan covers tuition fees,  living expenses,  and travel costs.  The maximum loan amount for overseas education is INR 20 lakhs for non-securitized loans and INR 60 lakhs for securitized loans.

It is important to note that while these financial institutions offer education loans for studying abroad,  the specific terms and conditions may vary.  The loan amount,  interest rates,  and repayment tenures are subject to change based on the individual applicant’s creditworthiness and the course/university they choose.  Students should thoroughly research and compare the offerings of these education loan providers to select the one that best suits their financial needs and educational aspirations.  Additionally, students are encouraged to consult with their chosen financial institution to get the most up-to-date information on loan terms and conditions.