Pursuing education abroad can be an exciting and life-changing decision. The general perception among most learners is that gaining admission to study in a foreign country is a guarantee of new experiences. But, many students find it hard to achieve this goal because of the apparent financial hurdle. If you are wondering, “How much student loan can I get in India to study abroad?” This blog will give you a detailed knowledge of the options, factors, and tips for exploiting your loan amount.
Education loans for studying abroad are precisely crafted financial solutions offered by financial bodies and banks in India. These loans cover expenses such as air tickets, living costs, tuition fees, and more. The Indian government allows education loans through the Model Education Loan Scheme. This ensures that they are available to students who meet the eligibility criteria.
Key features of study abroad loans comprise:
Indian banks usually offer abroad education loans ranging between ₹ 10 lakh to ₹ 3 crore for studying abroad. The loan amount depends on factors such as applicant’s profile, course, and the university.
Some top banks like ICICI Bank, HDFC Bank, and SBI have schemes designed for international education.
For example:
Aspirants can make informed decisions when they understand what exactly they would need to repay if they opt for an education loan. This monthly repayment is called a loan EMI. It is time-consuming to calculate it manually. That’s why you should use the study abroad loan calculator. A loan calculator eases the process by factoring in:
Non-Banking Financial Companies (NBFCs) offer education loans with flexible terms and conditions. They offer more reasonable education loans to aspirants from various financial backgrounds.
Benefits of NBFC loans include:
NBFCs may charge higher rates of interest compared to traditional banks. But, they are perfect for candidates who need higher loan values or prompt disbursements.
Many factors affect the answer to your question, “How much loan can I get for education abroad.” Here are some of them.
Learn how Non-Collateral and collateral loans differ to understand which option would suit you better.
Select a loan type depending on the required amount, urgency of funds, and available collateral.
Education loans for study abroad are comprehensive and cover the following:
Some NBFCs and banks also fund extracurricular expenses, which makes them perfect for students involved in miscellaneous activities abroad.
If you are wondering how much student loan I can get for study abroad and want to maximise the loan amount, you must follow these strategies.
1. Choose a Reputed University: Secure Admission to top universities boosts your eligibility for maximum loan amounts because of the assured earning potential.
2. Offer Strong Collateral: Providing high-value collateral increases the lender’s confidence and provides access to loans up to ₹3 crore.
3. Improve Co- applicant's Profile: A co-applicant with a stable income and high CIBIL score fortifies your loan application.
4. Apply Early: Begin the loan procedure early to solve any eligibility or documentation issues.
5. Negotiate Interest Rates: Banks may provide preferential rates to commendable students or those who have strong collateral.
6. Maintain Good Academic Records: A strong academic background enhances eligibility for scholarships and loans. It also reduces the financial burdens.
If you ask, “How much loan can I get for studying abroad?” The answer relies on many factors. These factors include your financial profile, course, collateral, and the lender. With options varying from ₹10 lakh to ₹3 crore, NBFCs and Indian banks offer enough support for aspiring students. Select wisely between non-collateral and collateral loans, and exploit your loan potential by preparing well. Pursuing education abroad is a major financial commitment. The right education loan will ensure that financial restrictions don’t obstruct your aspirations.
Banks do not cap the amount that they will offer to education loan seekers who wish to study in foreign universities. Most banks provide up to ₹20-30 lakhs. Also, remember that the interest rates are higher with the higher loan amount.
Collateral-backed loans provide amounts up to ₹3 crore, based on the value of the asset.
Yes. Many NBFCs offer high-value loans for education abroad.
An education loan can pay for travel expenses, miscellaneous fees, living costs, insurance costs, other research and study-related costs, airfares, visas, and tuition fees.
It can be done by getting admission in an authorised University, providing strong collaterals, and making changes in the co-applicant profile.
