Education Loan for MCA Abroad: Interests, Eligibility

Loan for MCA
Home » Education Loan » Education Loan for MCA Abroad: Interests, Eligibility

Nowadays, taking an education loan for MCA abroad is easier. Many public and private banks offer personalised loans to aspiring students. You can apply online and offline to avail of these loans and cover the expenses abroad. However, it is important to fulfil the eligibility requirements to get MCA loans at competitive interest rates. You must also arrange supporting documents when filling out the application form. To know more details, read this blog further.

Overview of Education Loan for MCA Abroad

An education loan for MCA abroad lets you turn your dreams into reality by providing the required financial support. Banks like SBI, ICICI, Axis, HDFC, Bank of Baroda and NBFCs like Prodigy Finance, Avanse, Auxilo, etc. offer loans at competitive rates starting from 9% p.a. You can avail of both secured as well as unsecured education loans without collateral.

By covering tuition, accommodation, and living expenses, an education loan for MCA allows you to concentrate on your studies without financial stress. Most lenders offer repayment options that start after you graduate, giving you ample time to establish a career. The loans can be repaid in up to 15 years in flexible instalments.

Interest paid might be eligible for tax deductions and you can get an income tax rebate on education loans under Section 80E. You can also avail of lower interest rates if you have a good credit score and offer collateral.

Also Read: A Master’s degree is a great choice. Check out the details on education loans for a Master’s in the UK to cover the study abroad expenses.

Interest Rates on Education Loans for MCA Abroad

When choosing an education loan, compare the education loan interest rates of different banks and NBFCs, loan amounts, repayment terms, and other features across multiple lenders to find the best fit for your needs and profile. It is ideal to apply for education loans with the lowest interest rates and favourable terms and conditions.

So, you must know the effective interest rates on education loans for MCA abroad. Usually, these start from 9% p.a onwards for those with an excellent CIBIL score. Keep in mind these important points-

  • Interest rates are typically higher for NBFCs compared to banks.
  • Floating rates are subject to change based on market conditions.
  • Collateral-free loans have higher interest rates than secured loans.

Here are the interest rates of some of the banks offering education loans for MCA abroad-

Public Sector Banks

  • State Bank of India (SBI): 11.15% p.a. (floating)
  • Bank of Baroda: 9.70% p.a. for premier institutions
  • Punjab National Bank (PNB): 4% to 12.75% p.a.

Private Sector Banks

  • HDFC Bank: 12.50% p.a.
  • ICICI Bank: 11.25% p.a.

NBFCs

  • Avanse Financial Services: 14% to 16.5% p.a. (floating/fixed)
  • MPower Finance: Starting from 12.99% p.a. (13.98% APR) (fixed)
  • HDFC Credila: 10.5% to 14% p.a. (floating)

Also Read: Know all about LLB education loans to study abroad and the best public banks, private banks, and NBFCs providing education loans for LLB students.

Best Banks for Education Loans for MCA Abroad

Multiple banks and NBFCs in India offer education loans for MCA abroad. These help you provide the financial assistance and necessary funds required to cover the tuition fees, living expenses, travel costs and other costs related to studying abroad. 

Various loan schemes like Baroda Scholar, PNB Vidya, SBI’s Global Ed-vantage, etc. offer competitive interest rates. Some of the best banks for education loans for MCA are SBI, Axis Bank, Central Bank of India, Indian Overseas Bank, ICICI Bank, and Bank of Baroda. Many NBFCs like Avanse, Prodigy Finance, and InCred also provide the required funds.

Banks and NBFCsLoan Amount and Interest RatesFeatures
State Bank of IndiaUp to INR 1.5 crores at 11.15% p.a onwards-Loans under the SBI Global Ed-vantage loan scheme
-Covers a wide range of expenses
-Interest concession for female students
Central Bank of IndiaUp to INR 2 crores at 8.10% p.a onwards-Loans under Cent Vidyarthi loan scheme
-Unsecured loans up to INR 7.5 lakhs
-1% interest concession is offered if the interest is served during the moratorium period
Indian Overseas BankUp to INR 3 crores at 12.15% p.a onwards-Higher loan amounts for top and premier colleges
-Special discounts for IOB employees, wards of retired employees
-Easy application process online
ICICI BankUp to INR 3 crores at 9.50% p.a onwards-Unsecured loans up to INR 1 crores
-Special benefits for CXOs and government employees
-No margin money for premier institutes
HDFC BankNeed-based financing-Unsecured loans up to INR 45 lakhs
-Flexible loan repayment period
-Competitive interest rates starting from 12.50% p.a
Avanse Financial ServicesNeed-based financing at 14.25% p.a-Unsecured loans up to INR 75 lakhs
-Offers pre-visa loans
-Loan sanctions within 3 days
InCredNeed-basedstarting from 11.00% p.aNeed-based starting from 11.00% p.a
Prodigy FinanceNeed-based financing starting from 11.15% p.a-Loans without collateral and co-signer available
-Quick and easy online application process
-100% financing to cover all major costs of studies abroad

Eligibility Criteria

It is important to understand the eligibility criteria before applying for an education loan for MCA. The basic eligibility is that you must be an Indian citizen and have secured admission to the MCA program in a recognised university. Check out the details-

  • You must be an Indian citizen
  • Your age should be between 18 years to 35 years
  • A strong academic background is essential
  • Secured admission to a recognized university abroad through an entrance examination or merit basis.
  • A financially stable co-applicant is often required.
  • Providing a detailed breakdown of educational expenses is crucial.

Also Read: Planning to pursue law? Check out the details on education loans for a Master’s in Law in the UK.

Documents Required

Applying for an education loan for MCA requires careful documentation. You must submit bonafide certificates for education loans and authentic documents for the lender to verify your eligibility and background related to identity, address, academics, and financial situation. Make sure to self-attest the documents for quicker processing of the loan. Here’s the list of required documents-

  • Valid ID proof (Aadhaar card, passport, etc.)
  • Address proof (utility bills, rental agreement, etc.)
  • Mark sheets and certificates of your previous education (10th, 12th, graduation)
  • Admission letter from the MCA program
  • Detailed course fee structure
  • Income proof of the applicant or co-applicant (salary slips, ITR, bank statements)
  • Bank statements of the applicant and co-applicant
  • If applicable, property documents for secured loans
  • Passport-sized photographs of the applicant and co-applicant
  • Filled out loan application form

How to Apply?

Securing an education loan is essential for many aspiring MCA students abroad. You must research banks and financial institutions offering education loans for studies abroad. Consider factors like interest rates, repayment terms, and eligibility criteria. Then, prepare the necessary documents such as admission letter, fee structure, academic records, and financial proof.

Most banks offer online application portals for convenience. Simply fill out the application form and upload the required documents. Alternatively, you can visit your nearest bank branch to submit a physical application form along with the necessary documents.

You can also apply via the government-backed Vidya Lakshmi portal to compare multiple loan options and apply to different lenders simultaneously. Just simply fill their common education loan application form.

This was all about the education loan for MCA abroad. To know more about education loans, the best bank accounts for studentsforex 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

Can I get a student loan for MCA?

Absolutely. You can easily get an education loan for MCA under various schemes like Baroda Scholar, PNB Vidya, SBI’s Global Ed-vantage, etc. at competitive interest rates. However, you must have secured admission to a recognised university for the MCA program.

Who is eligible for an education loan for MCA?

Indian citizens who have secured admission to a recognized university for the MCA program through an entrance exam or merit basis are eligible for education loans. Besides, a financially stable co-applicant is often required.

What is the process of an MCA loan?

The process to apply for education loans for MCA is straightforward and hassle-free. Research the lenders and check out their eligibility criteria, interest rates, repayment tenure, and other loan terms and conditions. Then, apply for the loan online or offline at your convenience.

Can I get a 20 lakh education loan for MCA without collateral?

Yes. Most private banks like HDFC offer unsecured loans up to INR 45 lakhs. Other banks like ICICI and Axis Bank offer education loans for MCA without collateral up to INR 1 crore. However, public banks usually offer unsecured loans up to INR 7.5 lakhs.

What are the documents required for education loans?

You must submit bonafide certificates for education loans and authentic documents for the lender to verify your eligibility and background related to identity, address, academics, and financial situation.

Related Blogs
Education Loan for MBA in the USAEducation Loan for Pilot Training
Education Loan against Mutual FundsEducation Loan Extension Letter to Bank
Education Loan against Fixed DepositsEducation Loan for MS in the USA
Education Loan after 12thEducation Loan for Online Degree
Education Loan for Medical Courses AbroadWhat Happens to Education Loan if the Borrower Dies?

About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

Leave a Comment

Everything You Need to Know About National Overseas Scholarship Know About Italian Government Scholarship for International Students Know About Government of Ireland International Education Scholarship Know About British Council Scholarships for Women in STEM The Best Law Scholarships in Canada for Indian Students Know the Details About Vanier Canada Graduate Scholarships Know all About Lester B. Pearson International Scholarship Program Check Out the Details About the Destination Australia Scholarship Everything To Know About Monash International Leadership Scholarship Everything You Need to Know About KC Mahindra Scholarships
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?