A-Z Guide to Student Loans for Studying Abroad

Posted by soujanya on January 8th, 2021

Nowadays, with the increasing responsibilities and mounting expenses, funding education has become a crucial task for all the parents as they find it difficult to self-finance their children’s education and support their dream of studying abroad. With the plethora of options available in the market to fund your education due to the huge demand to cover education loans of students who want to pursue higher education overseas, it is very important to understand the basic fundamentals of student loans for studying abroad.

Here we discuss about the guide to student loans for studying abroad

Education loan eligibility to apply for an educational loan

• The applicant applying for an education loan must be a resident of India. 

• The applicant must have a letter of admission from a recognized university in India or abroad.

• The age of the applicant must be between 18-35 years during applying for a loan. 

• The applicant must have a prolific academic record to date.

• The applicant must have a secured admission from a deemed university or accredited educational institution. 

• The applicant must apply for STEM (Science, Technology, Engineering, Maths) or MBA. 

Top education loan providers in India for studying abroad

• State Bank of India

• Bank of Baroda

• Bank of India

• Bank of Maharashtra

• Canara Bank

• Central bank of india

• Indian Overseas Bank

• Punjab National Bank of India

• Union Bank of India

• UCO Bank 

• ICICI Bank

• Axis Bank

• HDFC Bank

Points to keep in mind while applying for an education loan in India for Study abroad

• Check your eligibility before applying for a loan

• Calculate the loan amount

• Apply for an education loan to avoid hassle at the last moment

• Compare other loan lenders before taking an education loan

• Prepare all the required documents

• Plan your EMI’s and repayment tenure