Top Indian Banks Providing Education Loans to Study in the USA: The dream of studying abroad comes with the planning of financial planning. The first and foremost step is to plan the finances and do future planning in the context of finances and funds. To live the dream of studying in the USA, sometimes it becomes necessary to get the education funded with the help of an education loan. There are various banks and financial institutions that provide an education loan to study abroad. In this blog, we are going to discuss the ways with the help of which we can finance our studies in the USA.
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Fly Finance Loans
Fly Finance Education loan is one of the most preferred platforms for study abroad loans. You will get a comprehensive plan in which you can easily get up to 100% finance for both tuition fees for the university and accommodation costs. Even if you are getting accommodation outside the university campus it will be covered by the loan. The application process for a Fly Finance study abroad education loan is completely online and it provides a seamless end-to-end loan offering.
- Once you fill out and submit your application you will be onboarded immediately.
- Fly Finance has a great network of around 10+ banking partners which will help you to get the best interest rates on your loan.
- Fly Finance offers easy loan repayment options as per your requirements so that your financial plan does not face any crunch.
- Some of the major banking partners of Fly Finance are SBI, Avanse, Prodigy Finance, ICICI Bank etc.
- Fly Finance also offers other add-on services like international money transfers, currency purchases & forex cards with Fly Finance.
Click Here to Apply for a Study Abroad Loan from Fly Finance
HDFC Bank Education Loan
HDFC Bank offers education loans for over 2100 students and 950 courses across 35+ countries. The loan offers a maximum of Rs.45 lakhs at attractive rates of interest.
| HDFC Education Loan | Features |
| Loan amount | The entire cost of education is covered by an upper limit with collateral. Unsecured loans are offered up to Rs 45 Lakhs. |
| Interest rates | The floating rate of interest on the loan. The floating rate of interest is linked to HDFC Credila’s Benchmark Lending Rate (CBLR). (HDFC Credila’s CBLR + Spread)% per annum. The interest is calculated according to the simple Interest Rate. |
| Tenure | 14 years. Moratorium period included. |
| Costs covered | Tuition feesUp to 100% of other expenses including living and hostel expenses, Travelling expenses, Examination fees, Library/laboratory fees, Books/equipment/instruments/uniforms, and Purchase of computers/laptops. Travel fare restricted to one economy class Return ticket between India and the country of study. |
| Collateral | Moveable – FD with HDFC Bank.Immoveable – Property. |
| Eligibility | The Borrower and co-applicant must be an Indian citizen. Ability to offer collateral for certain cases.Must have a bank account in any bank.Letter of Acceptance from a recognized university in the USA. |
| Documents Required | Fully Completed and Signed Application FormPhoto ID like PAN Card, Passport, DL, Aadhaar, Voter’s IDResidence ProofAcademic Documents of StudentLetter of Acceptance from the university in the USAIncome Proof of Co-ApplicantCollateral if applicable |
Also Read: How to Pay Off Student Loans?
SBI Student Loan Scheme
There are various loans offered by SBI to students aspiring to study abroad. To study in the USA SBI grants financial assistance of up to Rs. 20 lakhs at reasonable interest rates.
| SBI Education Loan | Features |
| Loan amount | INR 7.5 Lakh – INR 1.5 Cr |
| Interest rates | 11.15% (Floating)(0.5% concession for female applicants) |
| Tenure | 15 years repayment tenure is the course duration + 6 months |
| Processing Fees | INR 10,000 + GST (Non-refundable) |
| Margin Money | INR 7.5 Lakh-INR 20 Lakh – 15%INR 20 Lakh – 10% |
| Property Evaluation Charges | Approximately INR 7,500(Note – property evaluation varies depending on the location and property) |
| Costs covered | Tuition feesUp to 100% of other expenses including living and hostel expenses, Travelling expenses, Examination feesLibrary/laboratory fees, Books/equipment/instruments/uniforms, and Purchase of computers/laptops. Travel fare is restricted to one economy class return ticket between India and the country of study. |
| Collateral | Residential property, buildingsFixed deposits |
| Eligibility | The Borrower and co-applicant must be an Indian citizen. Ability to offer collateral for certain cases.Must have a bank account in any bank.Letter of Acceptance from a recognized university in the USA. |
| Documents Required | Fully Completed and Signed Application FormPhoto ID like PAN Card, Passport, DL, Aadhaar, Voter’s IDResidence ProofAcademic Documents of StudentEntrance exam results (e.g. GMAT, GRE, TOEFL, etc.)Letter of Acceptance from the university in the USAIncome Proof of Co-ApplicantCollateral, if applicable |
Check your eligibility here to avail SBI Education Loan
Bank of Baroda Scholar Loan
Bank of Baroda is offering loans for aspiring students who want to pursue higher studies in the USA. Check all the details below.
| Bank of Baroda | Features |
| Loan amount | Minimum – 7.50 LakhListed Universities: Maximum Rs.80 lakhUnlisted Universities: Maximum Rs.60 lakh |
| Interest rates | Premier Institutions – BRLLR + 0.55% – 9.70% Non-Premier Institution: Upto Rs 7.50 lakh – BRLLR + 2.00% – 11.15% Above Rs.7.50 Lakh – BRLLR + 1.05% – 10.20%Note – Non-Premier institutes concession of 0.20% will be available to girl child. |
| Tenure | Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| Moratorium Period | Course + 12 months |
| Processing Fees | INR 10,000 + GST (Non-refundable) |
| Margin Money | Listed Universities: 0%Unlisted Universities: Up to Rs.4 lakh – NIL, Above Rs.4 lakh – 10% |
| Costs covered | Tuition fees Up to 100% of other expenses including, Living and hostel expenses, Travelling expenses, Examination feesLibrary/laboratory fees, Books/equipment/instruments/uniforms Purchase of computers/laptops. Travel fare restricted to one economy class Return ticket between India and the country of study. |
| Collateral | Residential property, buildingsFixed deposits |
| Eligibility | The Borrower and co-applicant must be an Indian citizen. Ability to offer collateral for certain cases.Must have a bank account in any bank.Letter of Acceptance from a recognized university in the USA. |
| Documents Required | KYC of applicant and co-applicantsAcademic RecordsProof of admission Entrance Exam Result(if applicable)Statement of cost of study/ Schedule of expensesIncome Proof for Salaried Co-applicant/ GuarantorBank account statement for the last 6 months Property Documents (if applicable) |
Also Read: How to Manage Money While Studying Abroad?
Union Bank of India Education Loan
The Union Bank of India provides education loans to study abroad and in India as well. Below are the highlights of the loan offered by the bank to aspiring students to study in the USA.
| Union Bank of India | Features |
| Loan amount | Minimum: Rs.7.50 LakhsMaximum: Rs.150.00 Lakhs |
| Interest rates | Up to Rs.40.00 lakh – without collateral – EBLR+0.50% 50% up to <100% collateral – EBLR+0.25% 100% and above collateral – EBLR*Note – The spread will remain fixed for 3 years for the borrower. The first reset will be 3 years from the date of sanction and subsequent resets will be every 3 years from the last reset date. |
| Tenure | Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| Moratorium Period | Course + 12 months |
| Repayment Period | 180 months OR15 years (After the moratorium period) |
| Processing Fees | NIL |
| Margin Money | Up to Rs.4.00 lakh – NILAbove Rs.4.00 lakh – 15% |
| Costs covered | Tuition fees insurance premium for the student borrowerCaution deposit, building fund/ refundable deposit Up to 100% of other expenses including living and hostel expenses, Travelling expenses, Examination feesLibrary/laboratory feesBooks/equipment/instruments/uniforms purchase of computers/laptops. Travel fare restricted to one economy class Return ticket between India and the country of study. |
| Collateral | Above INR 40 lakhsTangible collateral security of the minimum value of 50% of the total loan amount |
| Eligibility | The Borrower and co-applicant must be an Indian citizen. Ability to offer collateral for certain cases.Must have a bank account in any bank.Letter of Acceptance from a recognized university in the USA. |
| Documents Required | KYC of the applicant and co-applicantsAcademic RecordsProof of admission Entrance Exam Result(if applicable)Statement of cost of study/ Schedule of expensesIncome Proof for Salaried Co-applicant/ GuarantorBank account statement for the last 6 months Property Documents (if applicable) |
FAQs
Fly Finance offers the best opportunity to avail of an education loan to study in the USA with 100% coverage.
Although, 18 is the minimum age to apply for an education loan, however, it may vary depending on the financial institution you have chosen.
SBI, Avanse, Prodigy Finance, and ICICI Bank are the major partners of Fly Finance.
Above mentioned are the best options to avail of an education loan to study in the USA. The details are provided based on the website of each bank. Be sure to cross-check the interest rates and benefits before availing of an education loan to study in the USA.
To know more about the education loans to study in the USA, 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.
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| Indian Banks Providing Education Loans to Study in Canada |
| How to Apply for Education Loan through Vidya Lakshmi Portal |
| Reasons to Choose Fly Finance for Study Abroad Loan |
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