List of bank education loans for Indian students to study abroad

Want to know how to apply for a bank education loan to study abroad? Searching for a list of banks in India offering students education loans for studying abroad? This articles provides complete information of the rate of interest for education loans to study abroad of various banks.

Both public sector banks and private banks in India offer special loan schemes to provide financial aid to meritorious and deserving students for pursuing higher education in India and for pursuing studies abroad. You have to consider admission and tuition fees, accommodation, travel, general miscellaneous expenses and costs that arise suddenly in case of a contingency.

Three important things to keep in mind when applying for a bank loan to study abroad: Firstly, the floating rate of interest is linked to the base rate and is subject to revision from time to time. Secondly, a simple interest may be charged by the Bank during a repayment holiday period. Thirdly, ensure you know which courses/programs are eligible for the loan. A particular foreign progam may not be acceptable for eligibility for a loan application.

Here's a list of bank-wise loans offered to Indian students for pursuing their studies abroad.

State Bank of India education loan

State Bank of India (SBI) has been a pioneer in offering financial aid for students, offering a student loan scheme and a scholar loan scheme. There is an IT exemption under Section 80(E) in respect of interest paid on all education loans.

It recently launched a unique loan scheme called the SBI Global Ed-Vantage scheme. Under this scheme, you can apply for a minimum amount of Rs.20lakhs and a maximum loan amount of Rs.1.5crore. More details here: SBI Global Ed-Vantage loan scheme.

Contact numbers: 1800 11 2211 (toll-free) or 1800 425 3800 (toll-free) or 080-26599990. You can access all these Toll free numbers from any landline or mobile from in India.

Bank of Baroda education loan

Bank of Baroda (BOB) offers a maximum loan amount of Rs.20lakh with a margin of 15%.

Online enquiry form:

Bank of India

Bank of India (BOI) offers a Star Educational Loan for both, those studying in India as well as those pursuing studies abroad. You can avail of a maximum of Rs.10 lakh for studies in India and a maximum of Rs.20lakh for studies abroad. The margin is nil for up to Rs. 4 lakh. Above that amount, it is 5% for studies in India and 15% for studies abroad. A scholarship could be included in margin.

Corporation Bank

Corporation Bank offers an education loan upto Rs.20 lakh for studies abroad. The margin is nil for up to Rs. 4 lakh. Above that amount, it is 15% for studies abroad. Learn more here: Corporation Bank Vidya scheme education loans for studies in India and abroad


IDBI offers an education loan for non-vocational courses for students who are Indian nationals having secured admission to a higher education course in a recognized institution in India or abroad either through an entrance Test or through a merit-based selection process after completion of HSC (10 plus 2 or equivalent).

For studies in India you can avail of a maximum of Rs.10 lakh, while for studies abroad you can apply for a loan up to a maximum of Rs. 20 lakh. If you are pursuing an executive program in India or abroad, then the maximum financing should not be more than Rs. 20 lakh.


ICICI Bank offers up to 20 lakhs at 11%. You can use their online calculator: ICICI Bank Edu Calculator

Contact number: Toll Free No. 800 102 4242 (between 9 a.m. to 6 p.m. from Monday to Friday).

HDFC Credila

HDFC Credila (an HDFC Ltd. Company) offers unsecured (meaning free of collateral) educational loans to selected courses. You can avail of an education loan up to a maximum of Rs.20 lakhs with the interest rates based on the benchmark lending rate of 12.10% per annum. Additionally, you can avail of tax benefits under Sec 80-E of the IT (Income Tax) Act.

Check out country-wise the loans offered:

For queries email at:

Axis Bank

Through Axis Bank you can avail of an education loan up to a maximum of Rs.20 lakh at interest rate between 15% per annum. On a case to case basis, though, higher loan amounts may be considered too. The minimum amount of education loan would be Rs. 50,000.

Third party guarantee and/or collateral security may be asked for in appropriate cases. The loan can be availed of for career-oriented courses such as engineering, management, medicine, etc. at bout the graduate and post graduate levels of study.

Before applying, you could check the loan agreement:

For more information SMS EL City Name to 5676782 or call on 1800 209 5577 / 1800 103 5577 or write to:

Canara Bank

Canara Bank offers students an education loan for job oriented technical/professional courses at both the graduation and post graduation levels. You can apply for a loan up to a maximum of Rs.20 lakh at an interest rate of 15% per annum for loans above Rs.4 lakhs. If you are availing of a smaller loan amount less than Rs.4 lakh, then you do not have to pay interest as it is an interest-free loan. The repayment is: up to Rs.7.5 lakhs - 10 years and above Rs.7.5 lakhs - 15 years.

The above is naturally not a comprehensive list!

Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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