Since it is home to some of the top universities in the world, many Indian youngsters have the desire of attending school there. One requires a lot of money to realise this desire because studying and living in the US are quite expensive. Applying for an education loan is the best course of action for the money issue. Indian students can now get an education loan from one of the several Indian banks to help them pay for a course in the US.
Education Loan offered by Banks in India to Study in USA:
Mentioned below are some of the education loan schemes that are offered by banks in India for studies abroad:
- HDFC Bank Education Loan for Foreign Education
- SBI Student Loan Scheme
- SBI Global ED-VANTAGE Scheme
- Bank of Baroda Scholar Loan
- Union Bank of India Education Loan
- PNB Udaan
- Canara Bank
- BOI Star Education Loan
- CENT Vidyarthi
This loan scheme is offered only to Indian students who wish to study abroad. This scheme offers a maximum of Rs.45 lakhs as loan at attractive rates of interest. The amount is sanctioned before admission and borrowers can enjoy tax benefits on the same.
Check your eligibility, loan interest rates and required document to apply for HDFC Bank Education Loan.
Indian students who have been admitted to a course in India or abroad are eligible for this financing program. It provides loans up to Rs. 20 lakhs at reasonable interest rates. The loan can be repaid over a 15-year period. Twelve months after the course's conclusion, the repayment period begins. Only if the borrower's loan amount is greater than Rs. 7.5 lakhs must the borrower furnish collateral to obtain the loan.
Check your eligibility, loan amount and required document to apply for SBI Bank Education Loan.
SBI provides this education loan program to Indian students who intend to pursue full-time studies abroad. It offers loans ranging from Rs. 20 lakh to Rs. 1.5 crore. The loan can be repaid over a 15-year period. Six months following the conclusion of the course, the repayment term begins. All borrowers must offer collateral in order to receive this loan.
Bank of Baroda provides this education loan at enticing interest rates to Indians who wish to pursue their studies abroad. List A and List B are the names of the two institute lists in the scheme. People who apply to any of the institutions on the two lists are given loans. Additionally, it provides loans for any institution not included in either of the lists. The scheme's maximum credit amount for the institutions on List A is Rs. 80 lakh, and its maximum loan amount for the institutions on List B is Rs. 60 lakh. Loans up to Rs. 7.5 lakh must be paid back in a maximum of 120 months, while loans beyond Rs. 7.5 lakh must be paid back in a maximum of 180 months. Only when the amount surpasses Rs. 7.5 lakhs is collateral required. A maximum loan of Rs. 1.5 lakh may be obtained.
Check your eligibility, loan amount and required document to apply for BOB Education Loan.
The Union Bank of India provides this educational loan program to aid students in pursuing their studies both domestically and abroad. There is no maximum loan amount that a student wishing to study abroad may obtain for international education. The maximum loan amount for NRIs is between Rs. 20 lakh and Rs. 30 lakh. The offered repayment period is 15 years. If the loan amount exceeds Rs. 4 lakh, a margin of 15% is solely applicable to international schooling. Collateral is needed if the loan is for more than Rs. 7.5 lakhs. Students who are enrolled in diploma programs at foreign universities are not eligible for this loan.
Check your eligibility, loan amount and required document to apply for Union Bank of India Education Loan
This education loan scheme is offered by Punjab National Bank for foreign education. The loan can be availed for studying a graduation/post-graduation course outside India. It can also be taken for studying certain degree/diploma courses and courses offered by CPA in USA, CIMA – London, etc. The amount of loan depends on the requirements of the borrower. The loans taken under this scheme can be repaid in a period of 15 years. The repayment period starts after the course ends plus 1 year. The margins offered for loans is 15% if the loan amount exceeds Rs.4 lakh. You will need to provide collateral if you are availing loan amount above Rs.7.5 lakh.
Check your eligibility, loan amount and required document to apply for PNB Education Loan.
Canara Bank offers an education loan called the IBA Model Education Loan Schemeto help Indians in pursuing their higher education in India and abroad. For foreign education, a margin of 15% is offered by the bank while the repayment tenure set is up to 15 years. The repayment holiday is course period plus 1 year. The loan can be taken to study a graduation or post-graduation course. The borrower will have to provide security for loan amount above Rs.7.5 lakh.
Check your eligibility, loan amount and required document to apply for IBA Model Education Loan Scheme.
This loan scheme is offered at attractive interest rates by Bank of India to students to financially help them in pursuing an education in India and outside India. It can be availed to study graduation, post-graduation and selected degree/diploma courses in the USA. It can also be taken to study courses offered by CPA in USA, CIMA – London, etc. The maximum amount of loan offered by the scheme for foreign education is Rs.20 lakhs. The margin for foreign education loan of over Rs.4 lakhs is 15%. Security will be required to be submitted for loan amount exceeding Rs.7.5 lakh.
Check your eligibility, loan amount and required document to apply for Bank of India Education Loan.
This education loan is offered by the Central Bank of India. It provides up to Rs.20 lakhs as loan for foreign education. The interest rates for female borrowers is 8.5% and the interest rate for male borrowers is 9%. This loan scheme offers life insurance protection as well. The repayment period of a loan of up to Rs.7.5 lakhs is a maximum of 10 years and the repayment period of a loan of over Rs.7.5 lakhs is a maximum of 15 years. The bank may choose to provide a concession of 1% on the interest rate during the course period in certain cases.
Check your eligibility, loan amount and required document to apply for Central Bank of India Education Loan.
Documents required to apply for an education loan to study in USA
- Duly filled application form
- Address proof
- Identity proof
- Passport size photographs
- Income proof
- Copy of your scholarship letter
- School and university marksheet
- Foreign exchange permit copy
- Admission letter
- List of other expenses
- Submission of a brief statement of their assets and liabilities by the co-borrower to the bank
- Other financial supporting documents.
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