How Much Education Loan Can You Get to Study Abroad: Check the Limit here!

How Much Education Loan Can You Get to Study Abroad

Students planning to study abroad have a long journey ahead in managing the transitional process of accommodating themselves to a new country. Finances are an obvious factor that is on the top of the to-sort-out list when it comes to enrolling on a study program abroad. Here comes an education loan that helps students by being a reliable source of financial support for students. But would these education loans possess a limit? What is the education loan limit for study abroad purposes? This blog sheds light on the same, including a distinction between specific maximum loan amounts of banks and non-banking finance companies (NBFCs). Continue reading this blog to know more! 

How Does An Education Loan Help? 

First, let’s examine how an education loan exactly helps students in their study abroad journey. 

  1. With an education loan, students can receive complete financial freedom. 
  2. By availing of an education loan, the maximum amount of expenses is covered for the students, including healthcare and living expenses. 
  3. The loans can also be processed against securities, insurance, and/or deposits. 
  4. Student VISA assistance is another extension of the helping hand of an education loan. 
  5. Students are able to factorise in the ease of repayment that comes with education loans, for there are options of part-payment options, outward remittances, and consolidation of loans.

Also Read: THINGS TO KNOW BEFORE APPLYING FOR A STUDY ABROAD EDUCATION LOAN FOR YOUR CHILD

Maximum Education Loan Limit for Study Abroad

The maximum education loan limit for studying abroad can be divided into that secured loan and unsecured loan. Find the same below. 

Maximum Education Loan Limit 
Secured Education Loans (with collateral) INR 1.5 crore. 
Unsecured Education Loans (without collateral)INR 45 lakh. 

Also Read: WHAT IS THE MAXIMUM EDUCATION LOAN YOU CAN GET IN INDIA?

Please Note: It depends on the applicant’s and co-applicant’s overall profile, including the selected course, country, and more to determine an increase or decrease in the education loan limit for study abroad. 

Maximum Education Loan Limit of Banks for Study Abroad 

Each bank has its own set limit of education loans that they offer to students. Let’s check the limit in a tabulated form below. 

Bank of Baroda 

Bank of Baroda provides Baroda Scholar Loans for students who plan to study abroad. 

Name of Scheme Maximum Education Loan Limit 
Baroda Scholar LoanINR 150 lakh

State Bank of India 

The following State Bank of India education loan schemes can be utilised for students planning to study abroad. Their maximum loan amount limit is mentioned alongside. 

Name of Scheme Maximum Education Loan Limit 
SHAURYA EDUCATION LOAN FORWARDS OF DEFENSE AND INDIAN COAST GUARD PERSONNELINR 1.5 crore  
SBI Global Ed-VantageINR 1.5 crore 

HDFC Bank 

Check for HDFC Bank

Type of Loan Maximum Education Loan Limit 
Education Loan For Foreign Education with CollateralNo Upper Limit 
Education Loan For Foreign Education without CollateralINR 45 lakh 

Axis Bank 

Check for Axis Bank:

Type of Loan Maximum Education Loan Limit 
Collateralised Education Loan INR 1 crore 
Non-Collateralised (Unsecured) Education LoanINR 50 lakh 

ICICI Bank 

Check for ICICI Bank: 

For International CoursesINR 2 crore 
Unsecured Loan for Selected InstitutesINR 1 crore for UG and PG courses

Maximum Education Loan Limit of NBFCs for Study Abroad 

Moving on, let’s shift to the maximum education loan limit for study abroad that non-bank financial companies (NBFC) offer to students.

Name of NBFCMaximum Education Loan Limit 
InCred INR 60 lakh 
HDFC CredilaNo Cap 
AvanseNo Cap 
AuxiloINR 60 lakh 

Are You Eligible to Avail of Education Loan Limit for Study Abroad? 

For students wondering if they can avail of education loans for study abroad reaching the maximum amount limit, then the following basic eligibility criteria must be met. 

  1. The student must be a citizen of India. 
  2. The student should at least be of 18 years of age. 
  3. The student should have confirmed of their acceptance in the university of the foreign country, with a valid and recognised acceptance letter. 
  4. If there are required international entrance exams, the student must have passed that. 
  5. Students should have their VISA and work permit in place. 
  6. Students should be able to prove their ability to repay education loans for study abroad. 

Additionally, some of the essential documents required both from the applicant and co-applicant are mentioned below. 

  1. Driving License
  2. PAN Card 
  3. Aadhar Card 
  4. Voter’s ID Card 
  5. A valid passport 
  6. Academic Record Documents, specifically from the applicant 
  7. Valid water/electricity/etc bill, along with house (current) agreement 
  8. Collateral-related documents shall also be required from the co-applicant 
  9. Further, there is a need for the presentation of financial documents such as bank statements, IT Returns Copies, Salary Proof and more. 
  10. If applicable, there is also a need for NRI identification documents.

Learn more about: DOCUMENTS REQUIRED FOR EDUCATION LOAN

FAQs

Q1. Which bank is best for an education loan?

Ans. Each bank has its own offers for students to avail of education loans. State Bank of India is one of the top banks for education loan. 

Q2. Can I get a 20 lakhs education loan without collateral?

Ans. Yes, you can get a 20 lakh education loan without collateral. 

Q3. Which bank has the lowest interest rate on education loan abroad?

Ans. Central Bank of India has a low-interest rate starting from 6.85% on education loans abroad. 

With this blog, we have covered the answers to how much education loan you can get to study abroad. Having mentioned the education loan limit for study abroad, we hope you received a better idea on availing of education loans to study abroad! Connect with Fly Finance for more information and further support.  

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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