Pursuing a BBA abroad can welcome exciting opportunities for aspiring students. To cover the financial aspect, many banks and NBFCs in India offer education loans for BBA abroad. This covers a wider range of expenses, including tuition fees, living expenses, and other related study-abroad expenses. The loan amount usually depends on the university chosen, credit score, and collateral offered. To know more about top loan providers, interest rates, and other details, continue reading further.
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Overview of Education Loan for BBA
Students who wish to pursue BBA courses abroad are offered a range of education loans to bridge the financial gap. The loan amount usually ranges from INR 10 lakhs to 1.5 crores, depending on the lender’s criteria and program costs. Competitive interest rates are offered by both banks and NBFCs.
Most of them offer flexible repayment schedules with options for EMI payments and a moratorium period. Some lenders may require collateral if you wish to avail higher loan amounts. You can apply for education loans without collateral if you do not have an asset to pledge with the lender.
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Popular Banks for Education Loans for BBA Abroad
You can apply for an education loan for BBA abroad with various lenders. SBI Bank, Bank of Baroda, Axis Bank, ICICI Bank, HDFC Bank, Avanse, and Prodigy Finance are prominent options. It is important to know how much loan they provide to finance your higher education overseas, interest rates, and features. Check out the list of banks-
State Bank of India
- The loan is offered under the SBI Global Ed-vantage loan scheme.
- Maximum amount of loans up to 1.5 crores to study BBA abroad.
- Interest rates start from 11.15% p.a onwards.
- Covers a wide range of expenses like tuition fees, accommodation, travel, food, insurance, etc.
- A processing fee of INR 10,000+ GST is charged.
Central Bank of India
- Offers education loans for BBA abroad under its Cent Vidyarthi loan scheme.
- A maximum loan amount of up to INR 2 crores to study abroad is offered.
- Interest rates start from 8.10% p.a.
- A tangible security equivalent to the loan amount must be pledged for loans above INR 7.5 lakhs.
- A 1% interest concession is offered if the interest is served during the moratorium period.
Indian Overseas Bank
- IOB education loans to study abroad are offered up to INR 3 crores for the top 50 colleges as per QS Rankings/ Webometrics.
- Interest rates differ based on the loan amount and collateral provided, but start from 12.15% p.a. onwards.
- Special discounts are offered for IOB employees, wards of retired employees etc.
- The loan can be easily repaid in instalments for up to 15 years.
Bank of Baroda
- Offers education loans for BBA abroad up to INR 1.5 crores under the Baroda Scholar loan scheme.
- Interest rates start from 9.70% p.a onwards.
- No processing fees for loans availed up to INR.7.50 lakhs.
- No documentation charges are applicable.
- No margin is required on loans up to INR 4 lakhs.
Union Bank of India
- Need-based financing is offered under Union Bank education loan to study abroad.
- Interest rates start from 8.80% p.a onwards.
- Unsecured loans up to INR 40 lakhs are also available.
- Processing charges of INR 10,000 + GST on loans up to INR 40 lakhs and INR 20,000 + GST for loans above INR 40 lakhs.
How to Apply for Education Loan for BBA?
There are various ways to apply for an education loan for a BBA abroad. You can visit the nearest bank branch to proceed with the offline process. Connect with the bank’s representative and let them know your requirements.
However, to avoid the hassles of branch visits, most lenders have a dedicated online platform for the application process. You can head to the bank’s official website and navigate to the ‘Education Loans’ section. Look for the education loan scheme and click on ‘Apply Now’.
Another way to apply is by visiting the Vidya Lakshmi Portal. It is a government-backed portal, specifically designed for borrowers to apply for student loans, including education loans for BBA abroad. You need to register first to apply. The best part is that you can apply for multiple applications through the CELAF- Common Education Loan Application Form.
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Eligibility & Documentation
To be eligible for an education loan for BBA abroad, you must be an Indian citizen between 18 years to 35 years. You must successfully complete classes X and XII with a minimum aggregate of 50% in your exams. Besides, it is important to obtain admission to a recognized university abroad on a merit basis or an entrance examination. A financially stable co-applicant is also often required.
Once you fulfil the eligibility criteria, make sure to keep the documents ready while filling out the loan application form. This enables the lender to verify your personal, academic, and financial information. Following are the required documents for an education loan for BBA abroad-
- Passport, Aadhaar card, PAN card for identification
- Class X and XII mark sheets along with the entrance examination scoresheet
- Salary slips, ITR, and bank statements for financial proof
- Fee structure, course duration, and other relevant details
- Admission confirmation letter from the university
- Collateral documents
Important Tips
Before applying for education loans, it is important to research and compare education loan interest rates of different banks and NBFCs. This helps you identify and choose the one that aligns with your financial needs and helps you with easy repayment at favourable terms and conditions. Important tips to keep in mind while applying for education loan for BBA are-
- Ensure you meet the lender’s criteria, including age, academic qualifications, and co-applicant requirements.
- Prepare necessary documents like academic transcripts, admission letters, and financial statements.
- Many lenders offer online application portals for convenience.
This was all about the education loan for BBA abroad. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes. Students who wish to pursue BBA courses abroad are offered a range of education loans to bridge the financial gap. The loan amount usually ranges from INR 10 lakhs to 1.5 crores, depending on the lender’s criteria and program costs.
The loan amount usually depends on the university chosen, credit score, and collateral offered. However, it ranges from INR 10 lakhs to 1.5 crores at competitive rates.
With private banks and NBFCs, you can get an education loan that covers 100% costs of studying abroad. However, public banks usually require you to contribute 5-15% of the margin money towards the education loan amount.
To be eligible for an education loan for BBA abroad, you must be an Indian citizen between 18 years to 35 years. You must complete classes X and XII and secure admission to a recognized university abroad on a merit basis or an entrance examination. A financially stable co-applicant is also often required.
You can apply for an education loan for BBA abroad with various lenders. SBI Bank, Bank of Baroda, Axis Bank, ICICI Bank, HDFC Bank, Avanse, and Prodigy Finance are prominent options.
