Pursuing higher education abroad has become an increasingly popular choice for Indian students seeking global exposure and top-tier academic experiences. However, the cost of studying abroad can be a significant financial burden, making education loans a vital resource. Many financial institutions in India provide education loans specifically designed for students planning to study abroad. These loans typically cover tuition fees, accommodation costs, and other necessary expenses. Below is a comprehensive list of the top 10 education loan providers in India to study abroad.
### 1. **State Bank of India (SBI)**
The State Bank of India (SBI) is one of the largest and most trusted public sector banks in India, offering comprehensive education loans for studying abroad.
#### Key Features:
– **Loan Amount:** Up to ₹1.5 crore, depending on the course and institution.
– **Interest Rate:** 7.95% onwards (subject to change).
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** For loans above ₹7.5 lakh, collateral may be required.
– **Processing Fee:** Nil.
– **Other Benefits:** SBI offers a moratorium period until the course completion or six months after securing employment, whichever is earlier.
SBI’s wide network of branches and reasonable interest rates make it an attractive option for students looking to study abroad.
### 2. **HDFC Bank**
HDFC Bank is known for offering flexible education loan schemes to students aspiring to study abroad. The bank provides quick processing, customized loan options, and favorable terms for education financing.
#### Key Features:
– **Loan Amount:** Up to ₹20 lakh for studies abroad.
– **Interest Rate:** 9.65% to 13.50% p.a. (subject to change).
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral is required for loans above ₹7.5 lakh.
– **Processing Fee:** Typically 1% of the loan amount.
HDFC’s quick loan disbursement and efficient customer service make it a popular choice for students.
### 3. **ICICI Bank**
ICICI Bank is one of India’s leading private-sector banks, offering a wide array of financial products, including education loans for studying abroad.
#### Key Features:
– **Loan Amount:** Up to ₹20 lakh for courses in foreign universities.
– **Interest Rate:** 10.50% to 13.25% p.a. (subject to change).
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral is required for loans above ₹7.5 lakh.
– **Processing Fee:** Around ₹10,000 to ₹15,000.
ICICI Bank offers flexible repayment terms, including a six-month moratorium period, allowing students some time to settle after their course.
### 4. **Axis Bank**
Axis Bank is another well-known private-sector bank offering attractive education loan schemes for students intending to study abroad. With a range of financing options and competitive interest rates, Axis Bank has established itself as a go-to option for students.
#### Key Features:
– **Loan Amount:** Up to ₹75 lakh for higher education abroad.
– **Interest Rate:** 9.60% to 13.50% p.a.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral may be required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil to 1% of the loan amount.
Axis Bank’s easy documentation process and flexible loan options are highly beneficial for students.
### 5. **Punjab National Bank (PNB)**
Punjab National Bank (PNB), one of India’s oldest and most established banks, offers a wide range of education loans for studying abroad.
#### Key Features:
– **Loan Amount:** Up to ₹20 lakh for higher studies abroad.
– **Interest Rate:** 8.30% to 9.60% p.a.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral is required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil.
PNB’s low-interest rates, coupled with government-backed schemes like the Vidya Lakshmi Portal, make it an attractive choice for students.
### 6. **Bank of Baroda (BoB)**
Bank of Baroda is another reliable public sector bank offering education loans for studying abroad. With competitive interest rates and a transparent loan process, it provides easy access to funds for students.
#### Key Features:
– **Loan Amount:** Up to ₹80 lakh for studies abroad.
– **Interest Rate:** 8.95% onwards (subject to change).
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil.
Bank of Baroda’s education loans are backed by government schemes and are a reliable choice for students pursuing higher education abroad.
### 7. **IDFC FIRST Bank**
IDFC FIRST Bank is a relatively new player in the education loan space but has quickly become a preferred choice for students due to its attractive terms and customer-first approach.
#### Key Features:
– **Loan Amount:** Up to ₹20 lakh for studying abroad.
– **Interest Rate:** 10.50% to 13.00% p.a.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil to 1% of the loan amount.
IDFC FIRST Bank offers fast loan processing and flexible repayment terms, which help students manage their finances effectively.
### 8. **Kotak Mahindra Bank**
Kotak Mahindra Bank offers competitive education loans for students planning to study abroad. The bank is known for providing flexible and customized loan products to suit various educational needs.
#### Key Features:
– **Loan Amount:** Up to ₹40 lakh.
– **Interest Rate:** 10.50% to 13.50% p.a.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil to 1% of the loan amount.
With quick loan processing and no prepayment penalty, Kotak Mahindra Bank offers significant advantages to students.
### 9. **Canara Bank**
Canara Bank is another public-sector bank that provides education loans for students wishing to study abroad. The bank offers favorable terms and competitive interest rates, making it a good option for students.
#### Key Features:
– **Loan Amount:** Up to ₹20 lakh for studies abroad.
– **Interest Rate:** 8.40% onwards.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral is required for loans above ₹7.5 lakh.
– **Processing Fee:** Nil.
Canara Bank offers education loans under various schemes, including those for students from economically weaker sections of society.
### 10. **Bajaj Finserv**
Bajaj Finserv is a leading non-banking financial company (NBFC) that offers a range of financial products, including education loans for studying abroad. It is known for providing fast loan approval and disbursal.
#### Key Features:
– **Loan Amount:** Up to ₹50 lakh for studying abroad.
– **Interest Rate:** 13.99% p.a. onwards.
– **Repayment Tenure:** Up to 15 years.
– **Collateral Requirement:** Collateral may be required for loans above ₹7.5 lakh.
– **Processing Fee:** Up to 2% of the loan amount.
Bajaj Finserv is particularly appealing for students who need quick financing with minimal paperwork.