The different types of courses that students enroll in, as well as the school that they attend, are both heavily influential when seeking funding for foreign education. Taking an education loan is the best option to pay for overseas studies.
Banks in India provide a range of programs according to the institution picked and the length of study. The majority of student /Education loan programs include various repayment options, allowing borrowers to make sound financial decisions.
Education loans are available to anybody between the age of 18 and 35 years who wishes to study at any accredited university overseas.
Education loan is offered to students pursuing graduation and postgraduation degrees in
Management,
Engineering,
Medicine,
The arts,
Architecture,
Pure science,
Hotel management, and
Any Other professions, as well as management courses.
Tuition, test costs, lab and library fees, travel, books and equipment, projects, and study tours are all covered by an education loan.
Borrowers must provide 5% to 15% of the loan amount for loans taken out for international study.
Borrowers must pay interest throughout the moratorium period, and the first principal payment is due when the loan duration begins.
Education loans can be repaid monthly through the Electronic Clearing Service (ECS) or by mailing post-dated cheques to the bank.
Banks often grant school loans with terms of up to seven years, including the moratorium period.
For school loans taken out for full-time studies, a co-applicant must be chosen. Siblings, spouses, parents, and other family members may apply as co-applicants.
Get Education Loan from ReferLoan without worrying about the limits on the Loan amount.
ReferLoan also has the option of an Education loan for tuition fees, which is starting from Rs.5000 onwards.
Some banks do not need collateral for education loans up to Rs.4 lakhs, but ReferLoan has options with them as well.
Others provide educational loans of up to Rs.7.5 lakh with no collateral, but from ReferLoan – Get up to 70 Lakhs of loan amount without any Collateral.
While loans in excess of Rs. 7.5 lakhs necessitate hefty collateral security, which is not Required if Applied from ReferLoan.
For the benefit of the poorer sections of society, the Central Government has also implemented an interest rate subsidy system for repayments made during the moratorium period.
Top education loan providers in India: The following are the top education loan providers in India who help students who want to study abroad.
Best Banks to Avail Education Loan
There are some banks that provide Education loans for International Studies and ReferLoan helps you with that.
Why choose ReferLoan for Education Loan?
ReferLoan is a trusted fintech company tied up with various Banks and NBFCs and the benefits are as follows:
Compare with different Banks /NBFCs and get the lowest ROI
The good Loan amount for seamless studying, traveling, and many more.
More Bank and NBFCs to choose from
Fast Loan disbursal.
Full expert guidance to loan.
IDFC First Bank
No paperwork, seamless loan processing.
HDFC Credila
Avanse
Quick Disbursement from ReferLoan within 72 Hours
FinancePeer
Get the Loan approval within 10 minutes from ReferLoan.
FAQs
Some basic documents are required for an education loan and are as follows:
- Liabilities and assets of all the borrowers.
- Proof of identity.
- Proof of address.
- Income Tax Returns that are less than 2 years old.
- Passport-size photographs (two).
- Foreign exchange permit.
- The letter confirms the scholarship.
- Course expenses.
- Admission proof.
- Relevant mark sheets
Basically, the ROI for an Education loan is higher but ReferLoan will help you get the least ROI starting at @7.30%
No problem at all, with ReferLoan you can easily get an education loan without any hassle. Get a minimum loan of Rs.5000 to a maximum of up to Rs.1 Cr of the loan amount.
ReferLoan is one of the best places to get an Education loan for many reasons
- Lowest ROI
- Huge Loan amount
- Fast Disbursal
There are many Banks and NBFCs out there to provide the Lowest ROI rate of Interest but ReferLoan will help you find that and help disburse the loan amount within 72 hrs.
- Collateral free loan
- Covers traveling to studying to coming back to India in the same loan amount.
- Insurance and many more.
An education loan or Student loan is specially designed for providing loan to students for their studies. The amount will be provided by Banks /NBFCs to the student and the student can repay the loan amount once they get a job.