10 Indian banks providing education loans to study in Canada

Indian banks providing education loans to study in Canada

Indian banks providing education loans to study in Canada: For a better future, students today prefer to pursue higher education abroad. However one of their major problems is financing education abroad. However, there are banks that offer several amenities along with loans for students studying in Canada We will notify you about the top lenders of student loans in India in this article. Here, we’ll talk about both government and private education loan providers in India. So let’s get started.

Fly Finance

Visit flight finance if you wish to pursue an international education. It offers 100% funding for living expenses and tuition. The interest rates are 8 to 14 %. The maximum loan amount is upto 2 crores. Additionally, EMI payment options are flexible. The application process is simple, and it is processed quickly. Fly Finance will even negotiate with the bank for interest rates on your behalf and will fetch you the lowest interest rates for your education loan.

Also Read: 5 Reasons to Choose Fly Finance for Study Abroad Loan

HDFC Credila

For reputed universities, HDFC Credila provides education loans with interest rates of 9 – 14%. The maximum amount for the loan is 20 lakhs. HDFC Credila has provided funding to thousands of Indian students who are enrolled in courses abroad. Specialised solutions with high service standards are available from HDFC Credila. In contrast to banks, which often charge a fixed rate for a certain group of students, HDFC Credila provides a range of rates based on the institution, the co-borrower, the offered collateral security, and the student’s academic record. Customised student loans are also accessible here.

State Bank of India

SBI provides student loans for countries such as Italy, Russia, the US, the UK, Finland, Austria, Norway, Poland, Denmark, Germany, Ireland, Spain, New Zealand, Canada, Singapore, etc. For graduates of technical and professional fields, SBI also provides loans for employment. These programmes include diploma programmes at respected colleges, MBA, MCA, and MS programmes, among others. The interest rates here start from 9.15%. The SBI education loan for international study covers tuition, the cost of textbooks and other supplies, test fees, lab and library fees, caution deposits, travel expenses, and more.

Axis Bank

Axis Bank offers education loans to students for both professional and technical courses. Depending on the needs and credentials of the applicant, Axis Bank offers student loans with no maximum amount, starting at INR 50,000, and covering up to 100% of the whole cost of study which includes course fees, cost of books, living & travelling expenses. With Axis Bank, the entire loan application process is simple, easy and quick.

Union Bank of India 

This bank provides technical, higher education, and professional training both domestically and overseas, but the applicant must have stellar academic credentials. The PhD programmes, Graduation/Post-Graduation degree programmes, CIMA London, CPA USA (and other comparable institutes) conducted certified degree programmes are among the courses covered. The interest rate here is 9.05% p.a. to 10.80% p.a. Parents or in-laws should be listed as co-applicants. The co-applicant must be an Indian national by law. 

Also Read: Canara Bank Vidya Lakshmi Education Loan

Punjab National Bank

Punjab National Bank offers PNB Udaan which is an education loan scheme for Indian students to study abroad. Students who are admitted to different graduate and post-graduate courses abroad are eligible for the loan. The interest rates here start from 10% and the maximum loan amount is 20 lakhs. This loan covers all the fees and expenses such as university fees, travel expenses, exam fees, lab fees, library fees, book/equipment fees and other related expenses. 

Canara Bank

STEM (Science, Technical, Engineering, and Management) courses qualify for the Master’s degree when financed by a Canara Bank education loan. The university fees, travel expenses, test fees, lab fees, library fees, book/equipment fees, and other related charges are all covered by this education loan. This education loan must be taken out jointly with another person, and debts beyond Rs. 7.5 lakhs demand 100% collateral security. 


The university fees, travel costs, exam costs, lab costs, library costs, computer costs, book and equipment costs, and other relevant costs are all covered by the IDBI education loan. With no security for loans under Rs. 4 lakhs, IDBI Bank grants loans in amounts that the borrower requests. 

Federal Bank

In both India and abroad, this bank provides loans for higher education but not for vocational training or skill development programmes. The Special Vidya Loan gives deserving students the opportunity to continue their studies with financial assistance from the bank.

Bank of Baroda

Baroda scholar loan is offered for MCA, MBA, MS and other recognised courses that employment generation. The bank offers loans for students who are going to study abroad for both professional and technical study. For the Baroda Scholar Education Loan in India, the student must be accepted into the selected institution and programme. The loan cap is Rs. 80 lakhs for institutions that are specifically listed and Rs. 60 lakhs for institutions that are not.

Eligibility Criteria

  • A person of Indian nationality who wants to study abroad
  • There should be a co-borrower bank account in any Indian bank with cheque-writing capabilities.
  • The co-applicant must also be a citizen of India.
  • Offer letters from colleges should be included.


I want to study overseas, but can I get education loans in India?

For studying overseas, you can easily obtain student loans in the range of 20–30 lakhs INR. Each bank will offer a different amount of loan. 

Which bank offers the finest loans for foreign studies?

Banks like SBI, Bank of Baroda, and private banks like Axis Bank, ICICI Bank, HDFC, and others must be taken into account.

Is taking out a loan to study abroad worthwhile?

Yes, taking out a student loan to study abroad is the greatest option. You’ll not only have the ability to live out your goal but also to save money. Students may deduct the interest on their student loans for up to eight years under Section 80E of the Income Tax Act. 

It is a rewarding journey to pursue higher education in Canada. In order to achieve that goal, it is very important to secure the right financial support. These 10 banks provide study loans to students interested in studying in Canada. So stay updated and have a bright future.

To know more about the study in Canda, 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 our social media handles on Twitter, LinkedIn and Instagram.  

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