Education Loans in India - which loan is best to study abroad

Are you looking for authentic information regarding education loans in India? Check out the best education loan schemes available with major banks and organisations in India for students.

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Author: DR.N.V. Srinivasa Rao      Post Date: 06 Apr 2023        
We are in a competitive world. Unemployment is a big problem. So people want to study in the best colleges in India or Abroad and get into a good job. Many students these days are inclined to go abroad for higher education so that they will have a better scope for obtaining a good job. Education abroad requires a lot of money. Middle-class families and poor families are not able to arrange funds for their children to go abroad. To help such people many banks and other non-banking financial companies are providing loans. The student can repay loans leisurely and the rate of interest is also very attractive. Many banks may ask for collateral security. But some organisations are giving loans without asking for the same by taking a third-party guarantee. But the amounts sanctioned will be less only.

The following are the best organisations giving education loans.
1. HDFC Credila: The rate of interest is not fixed and it will vary from person to person based on certain parameters. HDFC Credila fixes the rate of interest based on the institution, the co-borrower, the collateral security provided, and the student's academic record. This organisation is well aware of the procedure for admissions into many renowned educational institutions across the globe. The minimum amount they sanction is Rs.1,00.000/- and there is no maximum limit specified. The repayment of loan interest will start from the date of the first instalment disbursement and the total period allowed is 12 years. Residential houses/flats, commercial properties, non-agricultural land, a fixed deposit assigned in favour of HDFC Credila etc are acceptable for collateral security. This loan will be given to Indian Nationals only. Co-borrower should have a bank account in any Indian bank with cheque facilities. One should submit a college admission letter also while applying for the loan.
2. State Bank of India: This bank also sanctions loans for students to study abroad. The minimum amount will be about Rs,7,50,000/- and a maximum of Rs,1,50,00,000. You can apply online. The loan repayment period is 15 years. Repayment will start after 6 months from the date of your course completion. Co-applicant is required and collateral security is also required.
3. Avanse Financial Services: This is a non-banking financial company offering various types of educational loans for students the sanction will be quick and generally it may take 72 hours to sanction a loan if all the required documents are properly submitted along with the application. This loan covers tuition fees, travel costs, living expenses, books /equipment fees and other related expenses. Repayment options are flexible and the loan tenure will be about 15 years. Collateral security is required.
Author: Samuel Unni      Post Date: 26 Apr 2023        
When I was looking for school loans in India to study abroad, I discovered that there are various alternatives. The ideal loan, however, is determined by your specific demands and circumstances. Here are some loans you might wish to look into:

State Bank of India (SBI) Global Ed-Vantage Scheme: This loan is intended exclusively for those who wish to pursue higher education overseas. It covers all education-related expenses, such as tuition, travel, and lodging. The loan amount is limited to Rs. 1.5 crore, with a repayment period of up to 15 years.

HDFC Bank Credila: This loan provides students who desire to study abroad with tailored alternatives. They provide flexible repayment choices and loan amounts up to Rs. 20 lacks. The interest rates are also competitive, and the loan is approved and disbursed quickly.

Axis Bank Education Loan: This loan is offered to students seeking higher education in India or abroad. They provide loans of up to Rs. 75 lacks with payback terms of up to 15 years. The interest rates are also competitive, and the loan is approved and disbursed quickly.

Avanse Education Loan: This loan is offered to those who wish to pursue higher education overseas. They provide loans of up to Rs. 50 lakh with repayment terms of up to ten years. The interest rates are also competitive, and the loan is approved and disbursed quickly.

According to my personal experience, the SBI Global Ed-Vantage Scheme was the greatest alternative for me. The loan amount covered all of my education-related expenses, including tuition, travel, and lodging. The interest rates were also competitive, as was the repayment time. Furthermore, the loan application process was simple, and the bank provided good customer service throughout.
Author: Roshan Salim      Post Date: 06 Apr 2023        
There are several education loan options available in India for students who wish to study abroad. Some of the popular education loan schemes in India include:

1. State Bank of India's Global Ed-Vantage Scheme: This scheme is specifically designed to support Indian students who want to study abroad. Under this scheme, students can avail of loans up to Rs 1.5 crore. The loan covers various expenses such as tuition fees, living expenses, travel expenses, exam fees, and other related expenses. The interest rate for this loan scheme ranges from 9.5% to 10.5%. The loan can be repaid within a maximum of 15 years after the completion of the course.

2. HDFC Credila: HDFC Credila is one of the leading providers of education loans in India. This loan scheme covers various expenses such as tuition fees, living expenses, travel expenses, and other related expenses. The interest rate for this loan scheme ranges from 11% to 12%. HDFC Credila also offers customized repayment options that are based on the student's future earning potential.

3. Axis Bank Education Loan: Axis Bank provides education loans for students who wish to study in India or abroad. Under this scheme, students can avail of loans up to Rs 75 lakhs. The loan covers various expenses such as tuition fees, living expenses, travel expenses, and other related expenses. The interest rate for this loan scheme ranges from 10.5% to 12%. Axis Bank also offers flexible repayment options and a moratorium period of up to 6 months after the completion of the course.

4. Avanse Education Loan: Avanse is a leading provider of education loans in India. This loan scheme covers various expenses such as tuition fees, living expenses, travel expenses, and other related expenses. The interest rate for this loan scheme ranges from 11% to 14%. Avanse also offers flexible repayment options, pre-approved loan offers, and doorstep services for document collection.

5. Canara Bank Education Loan: Canara Bank provides education loans for students who wish to study in India or abroad. Under this scheme, students can avail of loans up to Rs 20 lakhs. The loan covers various expenses such as tuition fees, living expenses, travel expenses, and other related expenses. The interest rate for this loan scheme ranges from 9.95% to 10.95%. Canara Bank also offers flexible repayment options and a moratorium period of up to 6 months after the completion of the course.

It is important to note that the interest rates, repayment terms, and other features of these loan schemes may vary depending on various factors such as the loan amount, course duration, and the applicant's credit history. Therefore, it is advisable to compare the different loan schemes and choose the one that best suits your needs and requirements.

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