Studying abroad can provide numerous benefits, such as exposure to new cultures, a global perspective, and better career opportunities. However, the cost of studying abroad can be quite high, which is why study-abroad loans are becoming increasingly popular among students. If you are also looking for an obc study abroad loan, fulfill the requirement and documents for more information read.
Purpose of Study Abroad Loans for the OBC Category
The purpose of Obc study abroad loans is to provide financial assistance to those who wish to pursue higher education abroad but may not have the necessary funds to do so. These loans cover tuition fees, travel expenses, living expenses, and other related expenses, making it possible for OBC category students to pursue their education abroad without worrying about the financial burden.
Best Government Schemes for OBC Study Abroad Loans
What financial aid options does India provide to OBC for study abroad loans? The finest government student loans for studying abroad are listed below:
- Gujarat Government Education Loan for Studying Abroad
- Vidya Lakshmi Education Loan
- Education Loan Scheme of the NBCFDC
- Padho Pardesh Scheme
- Dr. Ambedkar Central Sector Scheme
Must Read– InCred Education Loan
Loan Providers to OBC Category
There are several loan options available for students from the OBC (Other Backward Class) category who wish to study abroad. Here are some of the popular loan options
- SBI Global Ed-Vantage: This loan is offered by the State Bank of India and is specifically designed for students who wish to pursue their education abroad. The loan covers tuition fees, travel expenses, and other related expenses. OBC category students can also apply for this loan.
- HDFC Credila: This loan is offered by HDFC Credila Financial Services and covers tuition fees, travel expenses, and other related expenses. OBC category students can also apply for this loan.
- Avanse: This loan is offered by Avanse Financial Services and covers tuition fees, travel expenses, and other related expenses. OBC category students can also apply for this loan.
- Axis Bank Education Loan: This loan is offered by Axis Bank and covers tuition fees, travel expenses, and other related expenses. OBC category students can also apply for this loan.
- Canara Bank Education Loan: This loan is offered by Canara Bank and covers tuition fees, travel expenses, and other related expenses. OBC category students can also apply for this loan.
Courses Covered
All professional and technical courses at the graduate and higher levels are approved by the appropriate authority and vocational courses as mentioned above.
Expenses Covered
The total expenses covered in the OBC study abroad loan are including admission fee & tuition fee, books, stationery & other instruments required for the course, examination fee, boarding & lodging expenses, and insurance premium for the policy during the loan period.
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Rate of Interest
The interest rate in OBC study abroad education loan
- For Boys 4% p.a.
- For Girls 3.5% p.a
Repayment
The maximum recovery period maybe 10 years after the lapse of the moratorium period of 5 years.
Must Read – IDBI Education Loan
Eligibility Requirements
The eligibility criteria for OBC study abroad loans may vary depending on the loan provider. However, here are some common eligibility criteria that are usually required for study-abroad loans
- The applicant should be at least 18 years old at the time of applying for the loan.
- The applicant should have completed their higher secondary education (10+2) or equivalent from a recognized board or institution.
- The applicant should have secured admission to a recognized university or institution abroad for a course that is eligible for the loan.
- The applicant’s creditworthiness and financial stability are evaluated by the loan provider to determine the loan amount and interest rate.
- Many loan providers require a co-borrower, such as a parent or a guardian, who has a steady income and a good credit score to be responsible for loan repayment in case the student is unable to repay the loan.
- The applicant should be an Indian citizen.
Application Procedure
The application procedure for study abroad loans for OBC category students may vary depending on the loan provider. However, here are some common steps that are involved in the application process
- Select the government loan that is most appropriate for you to use to finance your studies abroad.
- Verify all details, such as the moratorium period, the payback time, the interest rate on an education loan provided by the Indian government, etc.
- Visit the chosen education loan’s official website.
- Complete the application.
- Scan and upload the necessary paperwork
- Await the result.
Documents Required
The documents required for an unsecured loan for OBC study abroad loan may vary depending on the bank or lender but typically include
- The loan application form
- Proof of family income (income tax returns, property proof, etc)
- scores on standardized tests
- Grades transcript
- Aadhar Card
- Bank statements Birth certificate
- I.D. Card
- Residential evidence
- Acceptance letter from a foreign university
- Self-proclamation
Must Read – Education Loan for Abroad Studies by Indian Government
FAQs
Ans: The maximum loan amount that can be availed for studying abroad depends on the loan provider and the course of study. Typically, the loan amount can range from Rs. 20 lakhs to Rs. 1.5 crores.
Ans: The interest rate for study abroad loans may vary depending on the loan provider, loan amount, and repayment period. The interest rate can range from 10% to 16%.
Ans: The repayment period for study abroad loans can range from 5 years to 15 years, depending on the loan provider and the loan amount.
We hope that all your queries regarding study abroad loans for OBC category students are solved through this blog. If you also looking to study abroad and want to enroll with top universities contact us at Leverage Edu on 1800 57 2000
