Education loans for studying abroad
The cost to study overseas depends on a few major factors, including the type of course, the duration and the location. When a student determines to study abroad, he has to make sure to arrange enough funds to pay his tuition fee and living expenses. To pay the high tuition cost most of the students take education loan either from a bank or private financial institution. The main aim of Education loan is to provide financial support to the deserving students aspiring to study abroad. It helps the students to fulfil their dreams and achieve their goal in life. It ensures that the worthy students accomplish their future endeavours.
SI-UK understands that it is essential for many students to apply for and successfully be granted education loans in order to study in the UK. Proof of financial status is also the first step with the visa application to study in the UK. It is advisable to start the process of applying for the loan on receiving the conditional offer letter from the university as the bank or the private financial institute takes some time to fulfil their requirements and prepare the complete documentation. But the loan would be sanctioned only if you have received the unconditional offer letter from the university and have met all the terms and conditions of the bank. SI-UK student loan advisors will assist you with all the information you will need to apply for and successfully receive an education loan if you do indeed meet the requirements.
SI-UK India offers a full range of services to help our students apply for education loans including:
- a full list of Nationalised banks offering loans
- a full list of private banks offering student loans
- a full list of private financial institutions offering student loans
- SI-UK will give you all required documentation to apply
- complete assistance to choose the most appropriate bank or lender
- information and advice on the entire procedure
- full assistance with all required documentation
- advice on eligibility
- communication with the bank or financial institution
- all services from initial information to apply to receiving the loan
Please see below for more information on student loans for Indian students studying in the UK:
Loans Provided by Government Banks*
|Bank Name||Maximum Amount of Loan||Interest Rate||Loan Eligibility||Period of Loan||Contact Number||Link|
|Bank Of Baroda||Rs.20.00 lacs||9.70-11.20%||1) Should be an Indian National.
2) Secured admission foreign Universities/Institutions.
|Course period + 1 year or 6 months after getting job, whichever is earlier. Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs||022-2202 0728,
|Bank Of Baroda|
|Punjab National Bank||Need based Finance subject to repaying capacity of the parents/students with margin||9.45-11%||1) Indian nationals.
2) Parents/guardian should have a regular source of income to show that they are able to repay the loan.
3) should have secured admission to abroad through Entrance Test.
|Maximum up to 15 years||1800 180 2222||Punjab National Bank|
|Punjab & Sind Bank||Rs.20.00 lacs||10.25%||1) Indian National.
2) Should have secured admission to professional/technical courses in abroad through Entrance Test.
Repayment of the loan will be in equated monthly instalments for a maximum period of 15 years for all categories.
|011-25720849||Punjab & Sind Bank|
|State Bank of India||Rs.1.5 crore||10.50%(0.50% less for girls)||All courses having employment prospects are eligible.||Repayment of the loan will commence one year after completion of the course or 6 months after securing a job. Maximum repayment period is 15 years||1800 11 4545||State Bank of India|
|Syndicate Bank||2.00 crore||10.75-11.50%(0.50% less for girls)||The Candidate or the candidate's guardian should hold an account in the bank. The candidate should be from the same place as the bank to avail the loan otherwise has to open an account in the bank of his choice and avail loan 6 months hence.||Course period + 1 year or 6 months after getting a job. The loan interest amount should be paid back either by the candidate himself or by his guardian.||1800 425 66 55||Syndicate Bank|
|Bank Of India||Rs.20.00 lacs||10.90%||Citzen of India + good academic record. For studies abroad + should have secured admission to abroad through Entrance Test. The applicant should have secured a minimum of 50% marks in the major subject.||Course period + 1 year or 6 months after getting a job and the loan is to be repaid in 15 years after commencement of repayment.||1800 11 4545||Bank Of India|
|Central Bank of India||Rs.20.00 lacs||10.40%(0.50% less for girls)||Should have a consistent good academic record in previous examinations with marks over 60%.||
Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier.
|011 – 23318964, 23319268||Central Bank of India|
|Allahabad Bank||Rs.50.00 lacs||9.90%(0.50% less for girls)||Should be Indian National and secured admission in abroad through Entrance Test.||Course Period + 1 year or 6 months after getting a job, Loan to be repaid within a maximum period of 15 years after commencement of repayment.||011 - 23341669/ 23367691/23341152||Allahabad Bank|
Loans Provided by Private Banks*
|Bank Name||Amount of Loan||Interest Rate||Loan Eligibility||Period of Loan||Contact Number||Link|
|HDFC||Rs.20.00 lacs||14.00%||An Indian Citizen/Resident who has secured admission in abroad||Repayment of loan starts 1 year after course completion / 6 months after obtaining employment||011-41514332||HDFC|
|HSBC||Rs.1 Crore||Minimum age-18||Tenor of up to 15 years.||99107 92424 / 2373 8989||HSBC|
|ICICI||Rs.20.00 lacs||13.00%||Indian National and Secured admission to Abroad through Entrance Test.||The period of the course or 6 months after the borrower gets a job and the loan shall be repaid in 5 - 7 years after commencement of repayment.||011-41718000||ICICI|
|Axis Bank||Rs 75.00 lacs||13.50%||Indian Nationality & Should have a good academic record.||1800 2335577, 23736555||Axis Bank|
General required documents for loan
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination for school and graduate studies in India.
- Proof of admission to the course.
- Copies of letter confirming scholarship, if any
- Schedule of expenses for the specified course.
- 2 passport size photographs.
- Copies of foreign exchange permit, if applicable
- Borrower's Bank account statement for the last six months.
- A brief statement of assets and liabilities, of the Co-borrower.
- Proof of Income (i.e. Salary slips/ Form 16 etc).
- Proof of individual’s identity & residency.
- Proof of age.
- Financial documents (all of the following)
- Salaried individuals: Latest salary slip & Income tax assessment order of last 2 years.
* This information changes from time to time. Please consult bank authorities for the latest updates.