Regardless of numerous scholarships and other financial sources, not every student would be lucky enough to avail anyone those. This is where different options for funding your studies come into picture. Education funding through loans is most opted by students these days.
Having said so, student loan or education loan is a fund that a student has to payback. So basically a student can get a loan from either the government or a private bank.
There are many banks in India today that offer education loan to Indian students to help them in pursuing a course in the USA. Students can also apply for international student loans, provided they have someone from the US as a co-signer.
If you are interested to get a student loan from an Indian bank, following are the possible options:
State Bank of India
- The State Bank of India offers the SBI Student Loan Scheme for Indian nationals to pursue their education abroad.
- The loan for studying abroad is provided for job oriented professional, technical Graduation Degree courses or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
- The maximum amount of loan given is Rs. 30 lacs and the repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
- The repayment period varies from 10 years to 12 years depending on the loan amount.
It offers education loans to Indian students who secure admission to professional or technical courses in recognized institutions abroad through entrance test or merit based selection process after completion of their current course
The loan is for the following courses:
- Graduation: For Job oriented professional or technical courses offered by reputed universities
- Post Graduation: MCA, MBA, MS etc
- Courses conducted by CIMA London, CPA in USA etc
- Regular Degree or Diploma courses like aeronautical, pilot training, shipping etc, the institute duly recognized by the competent university, State Body, Local Aviation, or Shipping Authority.
- The quantum of loan provided is need based subject to repaying capacity of the parents or students with a ceiling of Rs. 20 lacs
- It aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad.
- It is provided to students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
- The quantum of finance under the Axis Bank Education Loan scheme is capped at Rs 20 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc.
- The minimum amount of education loan is Rs 50,000.
- There is no margin for education loans up to Rs 4 lacs, and for loans above Rs 4 lacs there is 15% margin for studies overseas.
- It is a subsidiary of HDFC limited- Credila is a one of a kind Non Bank Finance Company which focuses exclusively on proffering loans to students.
- It has a study abroad scheme that covers the total tuition fees of the study course along with covering up to 100% of other expenses like living and hostel expenses, examination fees, library/laboratory fees, purchase of study material, travel fare and more.
Punjab National Bank
- The PNB offers the PNB Saraswati scheme for providing loan to deserving students to pursue higher professional and technical education in India and abroad.
- Quantum of Finance: up to 20 lacs
- The loan is granted for following courses:
- Graduation: For job oriented professional or technical courses offered by reputed universities.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA – London, CPA in USA etc.
- Degree or Diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies abroad for the purpose of employment in India or abroad.
- Repayment period: up to 10 years for loans of Rs. 7.50 lacs or below and up to 15 years for loan above Rs. 7.50 lacs
- Margin of 15% for loan above Rs. 4 lacs
- IDBI Bank offers education loan to a meritorious student for pursuing higher education in India and abroad.
- The quantum of finance is a maximum of Rs. 20 lacs for studying abroad.
- The repayment period is from 10 to 15 years.
Indian Overseas Bank
- It provides education loans to Indian nationals who have secured admission to professional or technical courses abroad.
- The loan is offered only for Graduation and Post Graduation Courses offered by reputed universities.
- The quantum of loan available is up to Rs. 40 lacs for studies abroad.
- The repayment period is for a maximum period of 5 – 7 years excluding holiday period of six months after getting the job or 12 months after completion of the course, whichever is earlier.
Avanse Financial Services
- It provides education loans to Indian citizens above 18 years of age for pursuing graduation or post-graduation for job oriented professional or technical courses offered by reputed universities outside India as well as courses and universities approved by Avanse for education financing.
- With a minimum amount criterion of Rs. 1 lacs, there is no maximum limit and the loan amount is calculated as per need.
- The repayment period can be 12 to 120 months depending on the loan amount.
- It offers education loans to study abroad for job oriented, technical or professional graduation and post-graduation courses.
- The quantum of finance is up to Rs. 20 lacs and the repayment period is up to 10 or 15 years depending on the loan amount.
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