Education Loan for Working Professionals to Study Abroad in 2023

Keeping oneself up to date in this fast-running world of technology is one of the biggest needs of the hour. For this same reason, we see a large no. of working professionals pursuing a part-time or a full-time education to upskill themselves. All these courses do not just help them perform well in their work but also help them get promotions in their jobs and eventually high pay. But all this costs them a huge amount of money and this is where education loans come in as a saviour for them, it helps prevent them from using their savings and funding their education. In this blog, we’ll see how education loans help Working Professionals pursue their dream course and excel in their respective domains.

Indian banks providing education loans for working professionals

For working professionals, a few Indian institutions, including Oriental Bank of Commerce, Education Loan for Working Professionals, SBI Education Plus Loan, Axis Bank Education Loan for Working Professionals, IDBI Bank Education Loan for Non-Vocational Courses, Baroda Career Development Loan, provide education loans. Working professionals can also get education loans from NBFCs like Avanse. Let’s examine a few of the lending programmes that are available. 

Below are the banks that offer education loans for working professionals in India:

• Oriental Bank of Commerce Education Loan for Working Professionals
• SBI Education Plus Loan
• Axis Bank Education Loan for Working Professionals
• IDBI Bank Education Loan for Non-Vocational Courses
• Baroda Career Development Loan

Also Read: The Best Education Loan in India for Study Abroad Purposes

Oriental Bank of Commerce Education Loan for Working Professionals

Employees in the public, military, and private sectors are eligible to apply for loans under this programme from the Oriental Bank of Commerce to pursue part-time studies at institutions the bank has approved. With a margin of 25%, this loan is granted to working professionals who have recently graduated. There is no predetermined maximum loan amount or limit for working professionals; instead, it relies on the program’s expenses. For this loan, borrowers must provide a personal guarantee. For loans up to INR 7.5 lakhs, the repayment period is 10 years; for loans over INR 7.5 lakhs, it is 15 years.

SBI Education Plus Loan

Any permanent employees of federal, state, or reputable private or public sector organisations or companies may apply for this loan if they wish to pursue higher education (part-time or distance learning). Employees must be over 45 years old and have at least two years of work experience in order to be eligible for this loan programme. This lending programme includes an appealing interest rate and a 10% margin of money. Under this programme, loans can be approved for amounts as little as INR 25,000 and as high as INR 100,000. For SBI to start the loan process and sanction this loan, the employer must also provide a letter of permission. 

Axis Bank Education Loan For Working Professionals

Axis Bank offers unsecured education loans for working professionals of INR 20 lakhs at interest rates between 13.70% and 15.20%. The time given to borrowers to repay the loan in 10 years.  

IDBI Bank Education Loan for Non-Vocational Courses

Indian working professionals who have been accepted into an executive management programme given by prestigious Indian institutions in cooperation with NIIT Imperia are eligible for this financing. Under this programme, applicants are only eligible for a maximum loan of INR 20,00,000. The repayment period is 15 years for borrowers who take out loans higher than INR 7.5 lakhs, compared to 10 years for borrowers with loans under INR 7.5 lakhs. The bank’s policies may require the borrower to put up security in exchange for the loan.

Baroda Career Development Loan

The Bank of Baroda provides this loan to working Indian citizens who seek to register in courses for a diploma, degree, certificate, skill training, or vocational training in hospitality, executive development, travel management, or other relevant fields. For both domestic and foreign research, this loan is offered. For studying in India, applicants may request a maximum loan of INR 10,00,000 with a 20% cushion. You can borrow up to INR 20,00,000 under this plan to pursue an international education. Borrowers have 60 months to pay back the remaining debt on this loan. 

Also Read: All About Education Loans For Students

NBFCs provide education loans for working professionals

Avanse Education Loan for Working Professionals

Working Professionals who have been admitted to professional programmes given by reputable universities that are recognised by Avanse in India or overseas are eligible for education loans from the company. Professionals in the workforce who are over the age of 18 and have at least two years of work experience are eligible for this loan. There is no maximum loan amount for this scheme; the minimum loan amount is INR 1,000,000. The repayment period for borrowers ranges from one year to ten years. 

Also Read: Understanding the Education Loan Application Process

Documents Required For An Education Loan For Working Professionals

• Passport and PAN are to be shown as identity proofs. 
• Proof of residency
  (Note: If your permanent and current addresses are different, you’ll need to show two proofs of residency.)
• Personal asset & liability statement
• All the documents should be self-attested.
• Records of your grades and diplomas from 10th, 12th, and degree programs.
• Documentation confirming your admission to the educational institution.
• Detailed information on the expenses or fees associated with the course.
• GMAT/ IELTS/GRE test results.
• A printed copy of the university’s ranking in your field of study.

If Salaried:

• 3-month salary slips 
• Form 16 of the previous 2 years 
• ID card of the employer 
• ITR of previous 2 years 

If Self-employed:

• ITR for the previous 3 years 
• Profit & Loss account and balance sheet of last 3 years 
• Business address proof 

• An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 
• Receipt for any transactions made in advance.
• Any remaining loan statements from the preceding year.
• If relevant, a letter explaining the lack of a co-applicant Income tax return

FAQs

We understand how expensive studying abroad can be, so we don’t charge students anything. Yes, you read that correctly: all of our services are free of charge. So, from the comfort of your own home, begin your loan application to study abroad, submit papers, and finalise the loan agreement. Let Fly.Finance assist you every step of the way.