Education loan to study abroad
Education loan is one major breather for students who wish to study abroad. You can take an education loan to fund your studies. All major banks provide educational loans to students who go abroad for higher studies up to Rs. 20 lakhs. Some major banks provide loans of up to 30 lakhs. The education loan in India is provided to any student who wants to pursue higher studies abroad irrespective of the course he/she has chosen. However, the course and university must be recognized and the candidate must meet all the demands set by the bank. The interest rate will vary from bank to bank and ranges from 11.45 to 13% per annum.
Here, we are having a comprehensive look at various educational loan schemes in India:
State Bank of India Educational Loan Scheme
If you are not being able to arrange for finances, you can look for some loan scholarships such as State Bank of India Educational Loan Scheme. It is a loan scholarship that is given to students who go abroad for higher studies for certain courses such as Engineering, Medicine, Architecture, Technology, Management, Business Administration etc. The loan amount is up to 10 lakhs. The borrower needs to show a security that is equal to 200% of the loan amount. The bank directly pays the amount to the university once the loan amount is sanctioned.
Punjab National Bank Educational Loan Scheme
Another loan scholarship is Punjab National Bank Educational Loan Scheme. The loan amount includes the tuition fee, boarding and lodging and the living expenses of the student. One major problem with the education loan is that the student needs to start repaying the amount after six months of completion of the course.