For studies abroad, fees, living expenses, travel and big amount for other needs are required. In such a situation, education helps in fulfilling the dream of loan students.
The education loan in Indian banks starts at an attractive interest rate like 8.25%. Many banks give loans to those with better credit scores at even lower interest rate.
Renowned banks like SBI, HDFC, ICICI, Axis Bank, and Punjab National Bank offer education loans for studies abroad. The scheme of each bank is different, cheap interest or more loan amount.
As such, a loan ranging from ₹ 20 lakh to ₹ 1.5 crore is possible, in which the amount selection depends on the need, university, and the country.
The loan is available for the same courses, which are offered by a recognized university/professional institute in the country. It is necessary to show the admission letter.
At the time of application, admission letter, previous marksheet, identity card, residence proof, and proof of income/salary will have to be imposed. In some cases, co-applicant or guarantor is also necessary.
The government gives subsidy on interest for some class students, such as an additional discount for economically weaker class or women candidates.
After completing the repayment course in most education loans, it begins 6 to 12 months after the job. The bank gives EMI option.
While taking a loan, understand the conditions of interest rate, processing fees, pre-payment charge, and subsidy conditions well. Financial planning is necessary.