Although various scholarships and other financial aid alternatives exist for study abroad candidates, not all students become qualified for them. Subsequently, education loans are viewed as one of the important parts of the study abroad plan of a study. Education loans for studying abroad are given by all the significant banks in India. We present below names of some of the Top Education Loan Providers in India for study abroad candidates.

Top Education Loan Providers in India to Study Abroad

Name of Bank	Loan Amount	Rate of Interest per Annum
State Bank of India	20 lakhs	Upto 7.5 lakhs- 11.01% Above 7.5 lakhs- 10.75%
Allahabad Bank	50 lakhs	Upto 4 lakhs- 11.45% Upto 7.5 lakhs- 11.45% Above 7.5 lakhs- 10.95%
Axis Bank	20 lakhs and beyond depending on requirement	Upto 4 lakhs- 16.50% Upto 7.5 lakhs- 17.50% Above 7.5 lakhs- 15.50%
HDFC	Upto 10 lakhs	Max-15.25% Min- 9.50% Avg-12.41%
Credila	No limit. Depends on requirement	12.10%+ floating rate(depends on the risks points of the applicant)
Punjab National Bank (PNB)	20 lakhs	Upto 7.5 lakhs- 11.25% Above 7.5 lakhs- 11.85% for education at premier foreign universities- 9.85%
IDBI Bank	Depends on requirement	Upto 10 lakhs-10.45% Above 10 lakhs-11.45%
Indian Overseas Bank (IOB)	Upto 40 lakhs	Upto 4 lakhs- 11.50% Upto 7.5 lakhs- 12.00% Above 7.5 lakhs- 12.25%
State Bank of Mysore	Upto 40 lakhs	Upto 4 lakhs- 12.20% Upto 7.5 lakhs- 12.20% Above 7.5 lakhs- 11.20% Above 10 lakhs- 11.70%
Avanse Financial Services	No limit. Depends on requirement	11.5%+ floating rate(depends on the risks points of the applicant)
Syndicate Bank	20 lakhs	Upto 4 lakhs- 11.00% Upto 7.5 lakhs- 11.25% Above 7.5 lakhs- 12.25%
Canara Bank	20 lakhs. Depends on requirement	Upto 4 lakhs- 11.15% Upto 7.5 lakhs- 11.65% Above 7.5 lakhs- 11.15%

Government of India

In consultation with Reserve Bank of India (RBI) and Indian Bankers’ Association (IBA), the Government of India has framed a Comprehensive Educational Loan Scheme. The new plan covers all type of courses, including professional courses in schools and colleges in India and abroad.

The salient features of the scheme related to study abroad are:

• The scheme envisages loans up to Rs. 15 lacs for studies abroad.
• For loans up to Rs. 4 lacs, no security or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lacs, the loan cost won’t exceed PLR plus 1 percent.
• The loans are to be paid over a time of 5 to 7 years with provision of grace time of one year after completion of studies.

State Bank of India

The State Bank of India gives the SBI Student Loan proposal for Indian nationals to pursue their education abroad. The education loan for studying abroad is given work oriented professional, specialized Graduation Degree courses, or Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed colleges.

For studying abroad, the maximum loan of the amount given is Rs. 30 lacs and the repayment will start one year after finishing of course or 6 months after securing a job, whichever is prior. The repayment time frame differs from 10 years to 12 years depends upon the loan amount.

Allahabad Bank

Some other Top Education Loan Providers in India to study abroad on similar terms as that of Allahabad Bank Education Loan are:

• ICICI BANK
• Union Bank of India
• J & K Bank
• Bank of Maharashtra
• Bank of Baroda
• Central Bank of India
• Bank of India

The Allahabad Bank gives education loans to Indian residents who confirm admission to professional or specialized courses in standard foundations abroad through entrance test or merit based selection process after finishing of HSC. The study abroad courses competent for the Allahabad Bank Education Loan are:

• Graduation: For Job oriented professional or specialized courses offered by reputed colleges
• Post Graduation: MCA, MBA, MS etc
• Courses held by CIMA London, CPA in USA etc
• Regular Degree or Diploma courses like Shipping Authority, Local Aviation, State Body, the establishment appropriately perceived by the equipped college, shipping and so on, pilot preparing, or aeronautical. The quantum of loan given is need based subject to repaying limit of the guardians or students with a ceiling of Rs. 20 lacs.

Axis BANK

HDFC Bank

The features of the HDFC Bank Education Loan for Foreign Education are:

• Education loans up to Rs. 20 lacs and unsecured lending up to Rs. 7.5 lacs are provided.
• No collateral is required for loans up to Rs. 7.5 lacs.
• The maximum repayment tenure is up to 15 years post moratorium period.

Axis Bank’s Education Loan expects to give economic support to justifiable students for pursuing higher professional or specialized education in India and abroad. The education loan is given to students who have obtain admission to career oriented courses e.g. engineering, management, medicine and etc., either at the graduate or post-graduate level.

The quantum of fund under the Axis Bank Education Loan proposal is capped at Rs 20 lacs for studies abroad, which would include cost of books, tuition fees, hostel charges etc. The minimum amount of education loan is Rs 50,000. There is no edge for education loans up to Rs 4 lacs, and for loans above Rs 4 lacs there is 15% margin for studies abroad.

Credila

Credila is a non bank finance company concentrated on education loans. It is a subdidary of HDFC Ltd.

Punjab National Bank (PNB)

The PNB offers the PNB Saraswati scheme for giving education loan to meritorious students to pursue higher education and technical education in India and abroad.

The real pointers of the PNB education loan scheme are:

Courses approved:

Quantum of Finance: up to 20 lacs

Graduation: For work oriented professional or specialized courses offered by reputed colleges.

Post graduation: MCA, MBA, MS, etc.

Courses directed by CIMA – London, CPA in USA etc.

Degree or Diploma courses like shipping, pilot training, aeronautical etc gave these are standard by proficient regulatory bodies abroad with a view of work 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

Edge of 15% for credit above Rs. 4 lacs

IDBI Bank

IDBI Bank offers education loan to justifiable students for pursuing higher education in India and abroad. The facility is also being presented to the estimable students who have reserved admission through Management Quota.

The quantum of fund is a maximum of Rs. 20 lacs for studying abroad. The repayment time frame is from 10 to 15 years. Find below the IDBI Bank education loan Rate of Interest table.

Loan Amount	Rate  of Interest
Loans qualifying as Priority Sector Lending(PSL) : Up to Rs. 20 lacs for studies Abroad	BR+1% (currently 11.25%) (Floating)
Loan amounts not qualifying as Priority Sector Lending(PSL) : Above Rs. 20 lacs for studies abroad	BR+2% (currently 12.25%) (Floating)

Education Loan by IDBI Bank:

• Fee payable to college / school / hostel
• Examination / Library / Laboratory fee
• Purchase of books / equipments / instruments / uniforms
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts
• Travel costs / passage money for studies abroad
• Obtain computers – essential for completion of the course
• Any other cost required to complete the course – like study tours, project work, thesis, etc.
• Insurance premium for student borrower, if insurance cover sought

HSBC India

Given below is a list of few other Education Loan Providers in India to study abroad.

• Cosmos Bank
• Lakshmi Vilas Bank
• DCB Bank
• Abhyudaya Co-Operative Bank Ltd
• Karur Vysya Bank
• Vijaya Bank
• United Bank of India
• State Bank of Hyderabad
• Indian Bank
• Andhra Bank
• Punjab & Sind Bank
• Oriental Bank of Commerce
• Tamilnad Mercantile Bank

HSBC, in association with Global Student Loan Corporation, offers education loan to students who are looking to achieve a world-class education at a school or college in the USA. HSBC India Student Education Loan Program empowers students to borrow funds to cover the expense of education – educational cost-tuition, fees, room charges, boarding, books, and other education related costs.

Some of the exceptional elements of the HSBC education loan to study abroad offered are that up to Rs. 1 crore is given against private property and the residency is up to 15 years.

Indian Overseas Bank (IOB)

The IOB gives education loans to Indian nationals who have secured admission to proficient or specialized courses abroad. The loan is offered just for Graduation and Post Graduation Courses offered by reputed colleges. The quantum of credit accessible is dependent upon Rs. 40 lacs for studying abroad. The repayment time frame is for a most extreme time of 5 – 7 years excluding holiday time of six months after getting the job or 12 months after finishing of the course, whichever is prior.

State Bank of Mysore

The State Bank of Mysore’s Gnanamitra Educational Loan scheme gives loans to students to cover educational cost and different fees, maintenance expenses, or books and equipment and cost of section for studies abroad etc., to pursuing studies at recognized college, college or establishment. The courses qualified for the loan are diploma, graduate, post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer Certificate courses of reputed foundations authorize to department of electronics or affliated to college. The maximum amount of loan given is Rs. 20 lacs.

Avanse Financial Services

Avanse gives education loans to Indian citizens over 18 years old for seeking after graduation or post-graduation for work oriented professional or technical courses offered by reputed colleges outside India and additionally courses and colleges confirmed 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 according to need. The repayment time frame can be 12 to 120 months depending upon the loan amount.

Syndicate Bank

The Syndicate Bank’s extensive Education Loan Scheme, SyndVidya, gives need based fund to cover costs related to education, for example, fees payable to college, hostel, examination, library, research centre expenses, caution deposit, building fund, or refundable deposit up to 10% of equipement, cost of books,, tuition fees, travel costs for studies abroad etc. Just capitation fees, donation or external coaching expense are not included. The loan scheme has a maximum limit of Rs.20 lacs for abroad courses. The repayment time frame is five to seven years. The study abroad courses qualified for the SyndVidya scheme are:

• Graduation: for work oriented professional or specialized courses offered by well-known colleges
• Post-graduation: MCA, MBA, MS etc
• Courses directed by CIMA-London, CPA in USA etc

Canara Bank

The Canara Bank offers education loans to study abroad for work oriented, specialized or professional graduation and post-graduation courses. The quantum of fund is dependent upon Rs. 20 lacs and the repayment time frame is up to 10 or 15 years relying upon the loan amount.