Top Private Student Loans for Abroad Education

Top Private Student Loans for Abroad Education

Private student loans for study abroad are credit-based loans available at Non-Banking Financial Companies (NBFCs) and credit unions. An Indian student who has secured admission to a foreign university or academic institution. Students can apply for these loans after exhausting all financial aid options available- Government education loans, scholarships, and grants. Any individual who is of 18 years or above can apply for private student loans. If the applicant is a student in an accredited institution, he/she/they can avail of this loan. 

We have encapsulated a list of top private student loans for students going to study abroad. Keep reading to know the details of different types of education loans. 

List of Private Student Loans for Abroad Education

Private student loans for study abroad are available at several NBFCs in India and private lenders in the global market. Indian students opting for student loans without undergoing the stringent requirements of nationalised and private banks of India can avail of these loans. 

NBFC Education Loans

Some of the readily available NBFC student loans in India for studying abroad are:

Private Enterprises Education Loans

Here are some of the highly flexible and easily available educational loans by private lenders:

  • Sallie Mae
  • Ascent
  • College Ave

Also Read: Andhra Bank Education Loan for Studying Abroad

HDFC Credila

A subsidiary of Housing Development Finance Corporation Limited (HDFC Ltd.), HDFC Credila provides unsecured education loans for studying abroad. The important figures about education loans by this NBFC are tabulated below:

S.No.ParticularsDetails
1Loan Amount- Minimum LimitINR 1 lakh
2Loan Amount- Maximum LimitNo limitation, but loan amount should be in compliance with Credila’s criteria
3Base Interest Rate11% to 13%
4Interest Rate TypeFloating; subject to change in each financial year
5Loan Tenure12 years
6Processing Fees1% of the loan

Advantages

Students availing of this loan will be benefitted in the following manner:

  • Get tax exemptions under section 80 (E) of the Income Tax Act 
  • Students can get a loan against properties that are mortgaged with HDFC Ltd.

Avanse

This education loan-specified NBFC is an associate firm of Dewan Housing Finance Loan (DHFL) Ltd. Avanse provides tailor-made loans such as pre-visa loans and pre-admission loans for studying abroad. This NBFC offers loans that are not available at any bank. Given below are the specifications of one of the most lucrative private student loans for study abroad:

S.No.ParticularsDetails
1Loan Amount- Minimum LimitINR 1 lakh
2Loan Amount- Maximum LimitNo limitation
3Base Interest Rate11% to 14%
4Interest Rate TypeFloating; subject to change in each financial year
5Loan Tenure15 years
6Processing Fees1% to 2% of the loan

Advantages

Students who have secured admission to an approved university will get the following benefits after availing of the Avanse education loan:

  • The loan amount is inclusive of living expenses. Living costs in the foreign land should not exceed 20% of the loan amount.
  • 10% of the loan amount will cover tuition fees and other related expenses.
  • The loan amount covers travel expenses.

Auxilo

An NBFC registered with the Reserve Bank of India (RBI), Auxilo Finserve Private Limited specialises in abroad education loans. This NBFC provides customised education loans at express speed. The table below encompasses the specific details of this loan:

S.No.ParticularsDetails
1Loan Amount- Minimum LimitINR 1 lakh
2Loan Amount- Maximum LimitNo limitation, but loan amount should be in compliance with Credila’s criteria
3Base Interest Rate12% to 13.5%
4Interest Rate TypeFloating; subject to change in each financial year
5Loan Tenure10 years
6Processing FeesUp to 2% of the loan

Advantages

Students getting study abroad education loan from Auxilo will get the following advantages:

  • Flexible repayment options
  • Tax exemptions on the principal loan amount under section 80C of the Income Tax Act.

Also Read: Dena Bank Education Loan for Studying Abroad

InCred

This Mumbai-based NBFC provides tailor-made education loans for Indian students studying abroad. Loans provided by this NBFC have the following special features:

S.No.ParticularsDetails
1Loan Amount- Minimum LimitINR 2 lakh
2Loan Amount- Maximum LimitINR 1 cr
3Base Interest Rate11.5% to 15%
4Interest Rate TypeFloating; subject to change in each financial year
5Loan Tenure15 years
6Processing Fees1% to 1.5% of the loan

Advantages

Students can opt for InCred study abroad education loan to avail of the following benefits:

  • Option for foreclosure
  • Multiple co-applicants
  • Loan amount includes living expenses along with tuition fees.

Sallie Mae

This student loan provider provides loans to non-U.S. citizens whose co-signer is a U.S. citizen or permanent resident of the states. Sallie Mae is one of the most prominent private student loans for study abroad students. Tabulated below are the basic specifications of this financial assistance:

S.No.ParticularsDetails
1Loan Amount- Minimum Limi$1,000
2Loan Amount- Maximum Limit100% of the cost of attendance in an accredited university/college/school
3Fixed Interest Rate4.50% – 14.83% APR2
4Variable Interest Rate5.49% – 15.83% APR2
5Loan Tenure10 years to 15 years
6Grace Repayment Tenure6 months

Advantages

The benefits of Sallie Mae are mentioned below:

  • Flexible repayment options
  • Minimal co-signer release period

Ascent

Students based in the USA or studying in this North American nation can apply for Ascent education loan. This student support is provided to undergraduate students and students enrolled in approved coaching institutions in the USA. Here are the particulars of this private student loan:

S.No.ParticularsDetails
1Loan Amount- Minimum Limi$2,001
2Loan Amount- Maximum Limit$200,000
3Fixed Interest Rate4.62% – 14.99% APR
4Variable Interest Rate5.86% – 14.14% APR
5Loan Tenure10 years to 15 years
6Grace Repayment Tenure6 months

Advantages

The benefits of the Ascent education loan are enlisted below:

  • The loan amount covers the total cost of attendance
  • Flexible repayment options
  • Flexibility of forbearance 

Read: Loans to Study Abroad

FAQs

Q1. Can I get a 100% loan to study abroad?

Ans. Yes. You can avail of a 100% education loan for studying abroad. 

Q2. Can you take a private student loan?

Ans. Yes. You can apply for private student loans directly from the official website of lenders like Ascent, Sallie Mae, College Ave, etc and NBFCs like HDFC Credilla, Avanse, InCred, etc.

Q3. What do private student loans do?

Ans. Private loans are provided by NBFCs and credit unions. These are custom-made loans that help you pay college fees and bear living expenses with or without providing collateral. Collateral security is asked in rare cases.

Explore different types of loans for your study abroad plans with Leverage Edu and Fly Finance. Get detailed information about your financial needs in a foreign land from our experts at 1800 572 000. 

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