How to get loans for overseas education?
Studying abroad in a reputed global education institute is a dream for many. Going to study abroad opens up the possibility of specializing in fields ranging from Business Administration, Journalism, Economics, Language, Information Technology, Engineering, and Healthcare.
However, high costs of studying abroad means that foreign education remains a dream for many. But there are a number of loan opportunities available to help students realise their dreams. The following banks in India offer good loan deals:
- Bank of Baroda offers loans of up to Rs 20 lakhs with a rate of interest per annum of 12% for loans above Rs 4 lakhs.
- Canara Bank offers up to Rs 20 lakhs with a rate of interest per annum of 12% for loans between Rs 4 and 7.5 lakhs and 9.5% for loans greater than Rs 7.5 lakhs.
- Axis Bank offers up to Rs 20 lakhs and its rate of interest per annum ranges from 13.75% to 15.75%.
- Credila (of the HDFC Bank Company) offers up to Rs 20 lakhs and its rate of interest per annum is 13.5%.
- ICICI Bank offers up to Rs 20 lakhs and has an annual interest rate of 15%.
- Indian Overseas Bank offers up to Rs 40 lakhs and charges an annual interest rate of 15%.
- State Bank of India offers up to Rs 30 lakhs with an annual interest rate of 13.75% for amounts between Rs 4 – 7.5 lakhs and 11.75% for amounts above Rs 7.5 lakhs.
Most banks offer educational loans for long-term programs by reputed institutions, so it is recommended that the students checks if they are eligible for the loan. The following things should be kept in mind:
You will have to provide the bank, margin money for student loans exceeding Rs 4 lakhs which is usually 15% of the loan amount.
For student loans about Rs 7.5 lakhs, you will generally have to offer the bank an LIC policy or a few documents of immovable property in your name.
Your loan will have a moratorium period or holiday period, only after which you will be required to start with your EMIs.
XL Pathfinders as your overseas education consultants help you be abreast of all latest developments so you can realise your dream of studying abroad.