Education Loan for Diploma Course Abroad

Education Loan for Diploma Course Abroad

Education loans for study abroad purposes include the option to pursue diploma courses. As more and more students are planning to study abroad, they are utilising the availability of education loans to finance their education. Diploma courses come at various levels of study, be it after high school, or after undergraduate study. The ease of their pursual allows students to enrol in their programme from abroad, given their relevance in opportunities abroad. This factors in when updates are needed on education loans for diploma courses abroad. Continue reading this blog to know more about education loans for diploma courses abroad. 

Why Study Diploma Course Abroad? 

Diploma Courses in abroad countries are gaining traction given their various benefits. Shared below are some pointers. 

  1. The duration of diploma courses is not equivalent to a full-time degree course. This allows students to invest less time and complete the diploma course with more easiness. 
  2. Diploma courses abroad are highly job-oriented, which means students are able to gain more practical experience through the course. 
  3. With several aspects of the course curriculum, students are able to experience a new culture relevant to their study. 
  4. Diploma courses abroad ready students to become more independent with better development of their skills. 
  5. Furthermore, diploma courses abroad are comparatively affordable compared to full-time course programmes.

Also Read: STUDY ABROAD: EDUCATION LOAN AMOUNT IN 2022 18% MORE THAN IN 2021

Types of Diploma Course Abroad 

The types of diploma courses that students can take enrollment in abroad countries are mentioned below. 

  1. Diploma Courses after Class X 
  2. Diploma Courses after Class XII 
  3. Graduate Diploma Courses 
  4. Postgraduate Diploma Courses

Types of Education Loans for Diploma Course Abroad 

There are two types of education loans for diploma courses abroad. These are mentioned below. 

Secured Education Loan 

This type of education loan for diploma courses abroad includes collateral. Therefore, it is also called a collateral education loan. The student is to pledge tangible or intangible security against the education loan, such as property, insurance policies, etc. Students who decide to avail of secured education loans are not bound to repay the amount during their study period. They can also utilise lower interest rates, higher rates of loan approval as well as longer repayment periods. 

Unsecured Education Loan 

This type of education loan for diploma courses abroad does not include collateral. Therefore, it is also called an education loan without collateral. The student is not required to pledge any kind of tangible or intangible security. Rather, they are met with higher rates of interest, shorter repayment periods and a lower rate of loan approval. Please note that for students planning to pursue an undergraduate diploma course, an unsecured education loan is not really offered.  

Also Read: HSBC EDUCATION LOAN FOR STUDYING ABROAD: CHECK APPLICATION PROCESS, ELIGIBILITY CRITERIA

Public Sector Banks Providing Education Loans for Abroad 

Public Sector Banks are one of the leaders in education loans for diploma courses abroad. Tabulated below are the details of some of the public sector banks providing education loans for abroad studies. 

Name of the Public Sector Bank Limit of Loan Amount Interest Rate Loan Tenure 
State Bank of India Upto INR 1.5 croreMen: 8.8%Women: 8.3%Maximum 15 years 
Canara Bank Up to INR 40 lakh6.90% – 8.90%Maximum 15 years 
Bank of Baroda Up to INR 80 lakh Men: 7.75%Women: 8.25%Maximum 15 years 
Central Bank of IndiaMen: 9%Women: 8.50%From 10 to 15 years 

Private Sector Banks Providing Education Loans for Abroad 

Unsecured education loans are usually provided by private sector banks and NBFCs. Shared below is a list of some of the private banks providing education loans abroad. 

Name of Private Sector Bank Limit of Loan Amount 
ICICI BankUp to INR 20 lakh
Axis BankUp to INR 20 lakh
HDFC BankUp to INR 20 lakh
Yes BankUp to INR 40 lakh
Kotak Mahindra BankUp to INR 20 lakh

NBFCs Providing Education Loans for Abroad 

Non-bank Financial Companies are another sort of lender of education loans for abroad studies. Mentioned below are some of the NBFCs along with their minimum loan amount for students. 

Name of NBFCMinimum Limit of Loan Amount 
HDFC CredilaINR 1 lakh 
AvanseINR 1 lakh 
InCredINR 2 lakh
AuxiloINR 1 lakh 

Best Countries to Study Diploma Courses 

Now that the blog has covered the type of education loans and lenders of the same, for diploma courses abroad, we take you to the list of countries that are best fit for pursuing a diploma course abroad. 

CanadaAustraliaThe United States of America
IrelandThe United KingdomNew Zealand

Also Read: STUDY ABROAD LOAN: EASE YOUR STUDY ABROAD FINANCIAL BURDEN WITH EXPERTS TIPS FROM FLY FINANCE

FAQs

Q1. Can I get an education loan for a diploma abroad?

Ans. Yes, you can get an education loan for a diploma abroad in the form of either a secured education loan or an unsecured education loan. 

Q2. Which banks provide education loans for diplomas abroad? 

Ans. Some of the banks such as HDFC, SBI, Axis Bank, etc provide education loans. 

Q3. Does SBI give a diploma course loan?

Ans. Yes, SBI gives a diploma course loan. It is one of the public sector banks that offer education loans through the selection process. 

This was all about Education Loans for Diploma Course Abroad. For more information on education loans, reach out to Fly Finance and stay tuned for more informative blogs. 

About Sanya Chhabra

A hermit who prefers to stand true to her values of kindness, inclusivity; and reflects the same in her writing. With a degree in literature and multimedia journalism, she's on a forever pursuit to improve. Additionally, she's open to inputs that are not unsolicited. Welcome to her professional writing space about finance, hope you enjoy your time.

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