Top PhD Student Loans to Study Abroad (2024)

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Getting a PhD degree from a foreign country can prove to be a valuable experience for Indian students, however, it may also carry a heavy financial burden for many students. PhD student loans are made available to help ease the burden of these students. Education loans have become a popular way for students in our country to finance higher education, which includes doctorate programs. A PhD student loan can either be obtained with or without collateral. Read this blog to know why PhD student loans are important and how they can help in your studying abroad journey.

Must Read: What Is The Maximum Education Loan You Can Get In India?

Why Take a PhD Student Loan?

Some of the reasons why you should take a student loan are:

  • A student loan will let you access quality education as it covers education-related expenses such as travel, accommodation costs, and especially tuition fees
  • You will not have to use your family’s savings
  • You will be able to finance your own higher education independently
  • You will be able to build a good credit score if you repay the full amount at the right time 

Must Read: Things To Know Before Applying For A Study Abroad Education Loan For Your Child

Top PhD Student Loans to Study Abroad 

Here are some of the top PhD student loans that you will be able to take for your higher education abroad. Please read the following to find out more details!

SBI Global Ed-Vantage PhD Student Loan

SBI Global Ed-Vantage is an education loan that is exclusively available for those students who want to pursue a full-time regular degree course at any international college/university. It is available for students who want to get a doctorate course in any discipline in an international university located in the USA, Canada, Singapore, Australia, Hong Kong, Japan, and New Zealand as well as some countries in Europe like Belgium, Austria, Denmark, Czech Republic, Estonia, Finland, Germany, France, Greece, Italy, Ireland, Netherlands, Poland, Norway, Portugal, Russia, Sweden, Spain, Switzerland as well as the United Kingdom

The loan will require tangible collateral security. The minimum loan amount that you can take is INR 7.50 Lakhs while the maximum amount is INR 1.5 Cr. There is also a processing fee of INR 10,000/- per application. There is a 0.50% concession in the interest rate for girl students while the normal interest rate is 11.5%. 

This loan covers expenses like the tuition fee, accommodation, exam or library fee, travel expenses, uniform or book expenses as well as other miscellaneous expenses needed to complete the course. 

BOB PhD Student Loan

Baroda Scholar is the Bank of Baroda’s flagship education loan scheme that gives and supports students with financial assistance to pursue regular courses or even executive development programs in an international university. The bank also gives away 0.5% subsidized interest rates to female students.

The maximum loan amount for listed universities is INR 80 Lakhs while for unlisted universities the maximum loan amount is INR 60 Lakhs. The rate of interest for this loan is 8.25% for boys and 7.75% for girls. The processing fee for this loan will be INR10,000 + GST (Rs.10,000 refundable). There will also be an additional property valuation if you have submitted a real estate collateral that will charge you around INR. 8,500. 

Union Bank of India 

Union Bank of India gives international students a PhD student loan if they hold an excellent academic qualification so that they can pursue technical/higher/professional education abroad. This loan makes it mandatory for the parent or parents of the applicant to register as a co-applicant. In case the student is married, their spouse or in-laws can also act as a co-applicant. It is also mandatory for the co-applicant to be a citizen of India. 

Apart from this, the applicant should also be holding Indian citizenship and should have an acceptance letter from an institution abroad. There is no minimum or maximum age limit set for this loan. The need-based finance will be met only after considering the account margin norms.

The expenses will cover tuition fees, hostel charges, examination/library/lab costs, and cost for books/equipment/uniforms purchase. Apart from this computer/laptop costs, admission acceptance fees, travel charges, and other expenses will also be covered. The students who have taken this loan will need to repay the loan amount within 15 years.

Also Read: How to Get PhD Funding?

Eligibility Criteria 

To be able to apply for a PhD student loan to study abroad, the Indian student must meet certain criteria. The following are these criteria:

  • Being a citizen of India
  • Should be of the minimum age requirement 
  • Should have a good credit history      
  • Should have a confirmed admission letter from a recognized international university 
  • Should have a great academic record 
  • Should have a stable source of income to be able to repay the loan

Documents Required

If you want to get a PhD student loan then you will have to submit the following documents:

  • Academic transcripts
  • Document showing the fee structure
  • Proof of admission
  • 2 colour passport-sized photos
  • Photo ID proof
  • Proof of residence 
  • Proof of Date of Birth
  • Signature verification 

If there is a co-applicant then they will have to submit the following documents:

  • 2 colour passport-sized photos
  • Proof of residence
  • Photo ID proof
  • Proof of Date of Birth
  • Signature verification
  • Income proof.
  • Collateral documents if the loan is a secured loan

Must Read: Documents Required For Education Loan


Q1. Can PhD students get loans?

Ans. Yes, any PhD student can get a loan for a PhD in India. However, the amount will depend on who the lender is. Moreover, the co-applicant’s credit history as well as financial situation will also be considered.

Q2. How do I fund my PhD?

Ans. These are some of the ways you can fund your PhD
#1 Talk to your supervisor 
#2 You can search for fully funded projects
#3 Look for PhD bursaries and studentships that are available online
#4 Explore scholarship opportunities with business or external funders

Q3. Where is Phd fully funded?

Ans. Some of the PhD programs also give a stipend, maintenance costs, living costs, visa costs, research costs, health insurance, travel costs etc. Many countries like France, Germany, Finland, Austria, Sweden, Saudi Arabia, Denmark and the Czech Republic offer many fully-funded PhD programs. 

We hope you understood and got all information regarding PhD student loans to study abroad. In case you want to read more information on student loans, international money transfers or bank accounts, reach out to Fly Finance.

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