The Nainital Bank provides different types of education loans to eligible candidates who have dreams to pursue their higher education in professional or other types of courses abroad. Students who want to pursue their higher education abroad will be able to leverage the best benefits of the Nainital Bank education loan abroad. The bank offers numerous types of education loan schemes for international students to help them with their study abroad expenses.
| Limit of the Loan Amount | INR 75 Lakh as per the applicant’s and co-applicants profile |
| Co-Applicant | Parents-in-law, parents, spouse, and sibling |
| Moratorium Period | Duration of course + 1 year |
| Interest Rate | Non-Collateral: 12% to 14% Female students will receive lower interest rates |
| Eligibility | Applicants need to have a valid Indian citizenship proof |
| Repayment Duration | 10 years when loan<7.5 lakh1 5 years when loan>7.5 lakh |
| Collateral Value | 125% of the loan amount |
| Accepted Collaterals | A flat, land, house, and FD |
Nainital Bank Education Loan for Abroad Processing Fees
When you try to obtain an education loan from the Nainital Bank, you don’t need to worry about any processing fees. However, a Nainital Bank education loan for abroad of over 10 lacks will come with a processing fee as per the loan amount you’re trying to obtain. Consider discussing with the bank representatives to know more details.
Also Read: Student Loan for Studying in Sweden
What Expenses Will be Covered?
This is one of the most important things you need to know about Nainital Bank education loans abroad. These are the expenses covered in the education loan by Nainital Bank:
- Living expenses
- Tuition fees
- Accommodation expenses
- Examination fees
- Books expenses
However, keep in mind that the affordability of these expenses will depend on the university you’re choosing, your lifestyle and the loan amount you successfully obtain. Some of the other expenses that can be covered by this education loan include:
- Travel expenses
- Insurance
- Miscellaneous expenses
Also Read: List of Top International Student Loans
Required Documents
Without proper documentation, you will never be able to obtain the Nainital Bank education loan for abroad studying. Some of the most important documents required for an education loan, which you need to submit during the loan application process include:
- Identity proof of the applicant such as Aadhar card, pan card, passport, etc
- The candidate needs to provide a voter ID card, Aadhar card, utility bills, ration card, and bank account statement to verify their residential address
- Salaried co-applicants need to provide their last 6 months of bank statements whereas, non-salaried co-applicants need to provide 1-year of business transactions
- A liability statement and self-attest of personal assets are mandatory
- The candidates need to produce their academic mark sheets and certificates such as 10th, 12th, and graduation certificates, admission proof, fees structure, GRE and GMAT scorecard, and university ranking
Also Read: Education Loan for Abroad Studies in 2023
Nainital Bank Education Loan for Abroad Insurance
Make sure you take the education loan insurance as it will cover the obtained loan amount. In addition, the insurance will also prove beneficial during the loan repayment process in case the candidate faces any obstacles such as disability or sudden death. The insurance money will be 1% or 2% of the obtained loan amount.
However, keep in mind that the insurance amount will be adjusted with the loan account. This means that students don’t need to pay any upfront cost to the bank. Make sure you have a word with your financial advisor if you have any questions regarding the loan insurance process.
Loan Margin Calculation
You need to pay a loan margin as per the loan amount you’re planning to obtain. For loans up to INR 4 lakh, a 5% loan margin will be implemented. On the other hand, loans above 4 lacks will have a 15% loan margin.
Repayment Process
Students who obtain Nainital Bank education loans abroad can pay the interest during the moratorium period. If they don’t choose this option, the interest amount will be added to the next EMIs. Students can also close their loans earlier by following these important steps:
- A shorter duration for the loan repayment option
- Pre-paying the loan amount and the interest rate
- Transferring the loan to another bank
FAQs
Ans. There isn’t any mention of an age limit in the Nainital Bank education loan scheme.
Ans. A candidate can avail of a maximum of INR 75 lakh through the Nainital Bank education loan abroad.
Ans. Indian students who have secured admission from a reputed foreign university can obtain this loan.
This is everything you need to know about the Nainital Bank education loan to study abroad. We hope you found this comprehensive guide informative. This will help you ease the process of taking a loan for studying abroad. For study abroad assistance, make sure you contact Leverage Edu and for all money-related information, reach out to Fly Finance.
