When a student thinks of studying abroad, the first thought which strikes his mind is “How will my parents meet the expenses related to my education?” With the passage of time, the cost of education has increased which has become a point of worry for many parents in India. To solve this issue, major banks in India have introduced the option of Education Loan to get Study in Abroad.
The need for educational loans is rising because the price of standard education is growing too fast. As all students are not eligible for scholarships and financial aid options, the option of educational loans arises. With the advent of globalization and growth in communication, the need to go and study abroad has increased.
India faces the problem of offering a very few top-quality programmes which is why students nowadays prefer to study abroad. Furthermore, a top foreign university degree is valued more than any other degree awarded by local Universities. With the bonus of studying in prestigious universities, students can witness a pleasing culture of research and avail better facilities
There are a number of Education Loan Providers in India to Study Abroad. Below is the list of top education loan providers in India to study abroad.
Government of India
In negotiation with the Reserve Bank of India (RBI) and the Indian Banker’s Association (IBA), the Government of India offers an educational loan scheme. The scheme includes both professional and nonprofessional courses offered in colleges of India and Abroad. Under this scheme, loans upto 15 lacs are given and the loan can be repaid over a period of 5 to 7 years.
State Bank of India
The State Bank of India offers the SBI Student Loan Scheme for Indian students. The loan is provided for technical graduation degree courses, post graduation degree and diploma courses like MCA, MBA and MS. It is also applicable in professional courses. The maximum amount of loan given is Rs. 30 lacs and the repayment period varies from 10 to 12 years.
The Allahabad Bank offers loan for Graduation which includes job oriented professional or technical courses. Loan is also offered for Post Graduation which includes MCA, MBA and MS. Diploma courses like aeronautical, pilot training and shipping are also included under this scheme. Theses courses are considered only when they are offered by reputed universities. The amount of loan depends upon the need of the aspirants and the repaying capacity of parents. Maximum amount of loan given by the Allahabad bank amounts to 20 lacs.
ICICI Bank, Union Bank of India, J & K Bank, Bank of Maharashtra, Bank of Baroda, Central Bank of India and the Bank of India offers loan on same terms as that of Allahabad Bank.
Axis Bank offers loan to students pursuing career-oriented courses like medicine, engineering and management. Under this scheme, maximum loan of Rs. 20 lacs is given which will cover tuition fees, hostel charges and cost of stationery.
is a HDFC Limited Company that offers education loan starting from Rs. One lakh and extends upto Rs. 20 lakh. The loan can be repaid in a maximum time of 10 years. The educational loan scheme offered by Credila covers expenses like the tuition fee, examination fee, library and laboratory fees, cost of books, hostel fees, living expenses and travelling fare.
Canara Bank offers Education Loan to Study Abroad for professional, technical or job oriented graduation and post-graduation courses. The maximum amount of loan offered is Rs 20 lacs which can be repaid over a period of 10 to 15 years.
The Syndicate Bank offers education loan scheme called SyndVidya for professional and technical courses offered by reputed universities. Also, courses conducted by CIMA-London and CPA in USA are considered under this scheme.
The IDBI Bank offers loan to deserving and meritorious students. Loan of Rs. 20 lacs is given by this bank and the repayment period extends till 10 to 15 years. Expenses like college fee, library, cost of books, travelling expenses, insurance for students and purchase of computers is covered under the education loan scheme.
The HSBC Bank offers loan to students so that they can meet the cost of education. This Bank in affiliation with the Global Student Loan Corporation offers loan to cover expenses relate to tuition, room charges, boarding, books and examination fee.
Punjab National Bank (PNB)
The Punjab National Bank offers education loan for higher professional and technological courses. Post graduation courses include MCA, MBA and MS are also considered under the education loan scheme. Courses conducted by CIMA-London and CPA in USA also fall under the scheme of PNB.
Aspiring students can look forward to schemes offered by these banks. They can choose the bank which suits their educating demands.