Pursuing postgraduate studies abroad is a dream for many students. Education loan for PG abroad makes your journey easy because pursuing a course in a foreign university attracts high costs. This is where education loans come to the rescue and make it possible for students to achieve their academic aspirations without the burden of upfront costs. Let’s check all the details on education loans for PG abroad and the best banks providing the loan.
Table of contents
Education Loan for PG: Major Features
Education loans for postgraduate (PG) studies offer essential and immediate financial support for students. You will get attractive offers like competitive interest rates, flexible repayment options, and coverage of a wide range of expenses such as tuition fees, accommodation, books, and travel. Another major advantage of an education loan for PG is that you will get a moratorium of course period plus one year or 6 months after getting a job. Check some of the features of education loans for PG below:
| Particulars | Details |
| Maximum Loan Amount | Up to 1.5 crores or more based upon the requirement |
| Repayment Period | Up to 15 years |
| Major Banks | SBI, PNB, UBI, Axis Bank etc |
| Rate of Interest | 8% to 15% |
| Eligibility Criteria | Must be Indian citizens aged between 18 to 35 years |
Best Banks for Education Loans for PG
All major public and private sector banks in India provide secured and unsecured education loans to study abroad. Students can apply online through the Vidya Lakshmi portal and get the loan as per the requirements. Most of these banks have no early repayment charges on education loan. Check some of the major banks for education loans and their features below:
| Banks for Education Loan | Major Features |
| Punjab National Bank | – Up to INR 1.5 crore education loan under the PNB Udaan Scheme – Loans are offered for all major postgraduate courses like MS, MCA, MA etc. – Collateral-free loans up to INR 7.5 lakh |
| State Bank of India | – Low rate of interest starting from 11.15% – Discounts are provided based on various SBI education loan schemes – Special scheme available for defense personnel i.e. SBI Shaurya Education Loan scheme |
| Bank of Baroda | – Interest rate starts from 8.5% – Low rate of interest if the loan amount exceeds INR 7.5 lakh – Free international debit card |
| Canara Bank | – Interest rate starting from 11.15% onwards – Zero processing fee – No collateral required up to INR 7.5 lakh |
| Indian Overseas Bank | – Interest rate starts from 11% – Discounts available for IOB employees, wards of retired employees etc. – 1.5% discount applicable if taking admission in top 100 international students |
Also Read: Want to get a loan from SBI? Check here all about the documents required for SBI education loan
Eligibility Criteria
Eligibility criteria must be checked and understood before applying for an education loan for PG courses. The admission must have been confirmed and the visa also must have been approved. Check other major eligibility criteria for education loans for PG abroad below:
- To be eligible for an education loan for postgraduate studies abroad, the students need to have secured admission to a recognised university or college
- The student should be an Indian citizen aged between 18 and 35 years
- The income of the co-applicant must be stable as the same will be used to determine the loan amount
Documents Required for Education Loan for PG
The documents required for education loan for PG abroad include identity proof, address proof, admission proof etc. Check the detailed list below:
- Proof of admission from a recognised university or college.
- Mark sheets and certificates of previous educational qualifications.
- Recent passport-sized photographs of the applicant and co-applicant.
- Passport, Aadhar card, PAN card, or Voter ID.
- Utility bills, Aadhar card, passport, or rental agreement.
- Salary slips, Form 16, or income tax returns of the co-applicant.
- Recent bank account statements of the applicant and co-applicant.
- If the loan is secured, documents related to the collateral property.
- Detailed fee structure and estimated expenses provided by the institution.
- Identity proof, address proof, income proof, and bank statements of the co-applicant.
Also Read: Insurance is an important factor which you should consider while taking a loan. Check here all about SBI RiNn Raksha Education Loan Insurance
This was all the major detail about the Education Loan for PG Abroad. To find the best banks for education loans, eligibility criteria and interest rates, try to compare the lenders and find the best offers suited to your requirements. Check some FAQs based on the same below:
FAQs
The maximum loan amount for postgraduate studies abroad can go up to INR 1.5 crore or more, depending on the requirements and the bank’s policies.
The interest rates for education loans for postgraduate studies abroad generally range from 8% to 15%, varying based on the bank and the specific loan scheme.
Some of the best banks for education loans for PG studies abroad include Punjab National Bank, State Bank of India, Bank of Baroda, Canara Bank, and Indian Overseas Bank. These banks offer various features such as low interest rates, collateral-free loans, and flexible repayment options.
The eligibility criteria are that you must be an Indian citizen aged between 18 and 35 years and you must have secured admission to a recognised university or college abroad.
Required documents include proof of admission from a recognised institution, mark sheets and certificates of previous educational qualifications, identity and address proofs (such as passport, Aadhar card, PAN card, or Voter ID) etc.
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.
Follow Us on Social Media
