A maximum of INR 50 Lakhs education loan to study in India and INR 1.5 crore education loan to study abroad can be availed by Indian students. In India, the maximum education loan you can get depends on factors like the course, institution, credit score and your eligibility.
Pursuing higher education, whether in India or abroad, requires significant financial investment. One common question that many students have is: What is the maximum education loan you can get in India? Let us learn all the important details regarding this query in the coming section.
Table of contents
- Maximum Education Loan in India for Higher Studies in India and Abroad
- Maximum Education Loan in India for Skill Development Courses
- Maximum Education Loan in India for Wards of Defence Salary Package (DSP)/Indian Coast Guard Salary Package (ICGSP) Officers
- Countries Covered under Study Abroad Loans
- Maximum Loan Limits by Other Major Banks
- Maximum Loan Limits for International Studies
- Government Schemes Supporting Education Loans
- Tips to Secure the Maximum Education Loan Amount
- FAQs
What is the Maximum Education Loan You can Get in India?
The maximum education loan you can get in India largely depends on various factors such as the lender’s policies, the course you are pursuing, whether the course is domestic or international, the institution you are applying to, and your eligibility. Typically, the maximum education loan in India you get up to INR 10 lakh for studies within India and up to INR 20 lakh for overseas studies without collateral.
The State Bank of India (SBI) provides the maximum education loan in India to students opting for higher studies in India and abroad. This nationalised bank offers a maximum of INR 1.5 crore under its various SBI student loan schemes and Global Ed-vantage Scheme. Here is an overview:
| Maximum Education Loan in India | Study in India- INR 50 lakh Study Abroad– INR 1.5 cr Skill Development Courses- INR 1.5 lakh |
| Provided by | State Bank of India |
| Mode of Application | Online |
| Application Portals | Vidya Lakshmi Portal and Education Loan Portal of SBI |
| Education Loan Schemes by SBI | SBI Student Loan SchemeSBI Scholar Loan SchemeSBI Global Ed-Vantage SchemeShaurya Education LoanSkill Loan Scheme |
To apply for the maximum education loan in India, students can go to the Vidya Lakshmi Portal or the Education Loan Portal of the SBI. The bank also offers subsidies on education loans to study abroad under several interest subsidy schemes. Additionally, the bank provides subsidies on loan interest for female students under its loan schemes.
Also Read: Check out our blog to know about the Documents required for an Education Loan. Keep these ready to ensure a smoother and seamless loan sanction and disbursement process.
Maximum Education Loan in India for Higher Studies in India and Abroad
The SBI provides maximum education loans to students pursuing higher studies in India and abroad under its SBI Student Loan Scheme and SBI Scholar Loan Scheme. The bank has also designed the SBI Global Ed-Vantage Scheme for students pursuing higher education in universities abroad. All these schemes differ in terms of the loan amount, eligibility criteria, and educational programs.
Students must have secured admission in approved courses at recognised universities/colleges/academic institutions before applying for any of the education loans. Following are the details of the aforementioned maximum education loan in India for the benefit of students.
SBI Student Loan Scheme
SBI Student Loan is provided to students seeking financial assistance for pursuing higher studies in India and abroad. Indian nationals i.e.; citizens of India or Non-Resident Indians (NRIs) are eligible for loans in Indian academic institutes as well as universities around the world. Whereas, Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) can only apply for loans extending to higher education in India.
The SBI student loan scheme offers maximum education loans in India to students seeking admission to medical colleges of India and extends loan limits for special cases. Here is an overview:
| Particulars | Details |
| Loan Amount | For Colleges/Universities in India: Medical Courses: Upto INR 30 lakh Other Courses: Upto INR 10 lakh (Maximum loan in India is INR 50 lakh; depending on the case). For Colleges/Universities Abroad: Maximum Loan: INR 7.50 lakh |
| Effective Interest Rate | Loan up to INR 7.5 lakh: 10.9% Loan above INR 7.5 lakh: 10.9% |
| Concession on Interest Rate | Upto INR 7.5 lakh: 0.5% for female students Above INR 7.5 lakh: 0.5% for female students and students availing SBI Rinn Raksha scheme. |
| Security | Upto INR 7.5 lakh: No security Above INR 7.5 lakh: Co-obligation of a parent or a guardian along with tangible collateral is required. |
| Processing Charge | Upto INR 7.5 lakh: Not required Above INR 20 lakh: INR 10,000 plus taxes |
| Moratorium Period | Course Tenure plus 6 months after getting the job or course duration plus 12 months, whichever is earlier. |
| Repayment Period | 15 years after the completion of the moratorium period and the course. In case of delay, the bank gives extra 2 years to repay the loan. |
| Eligible Courses | Study in India: Diploma courses by certain regulatory bodies. Courses by The Institute of Chartered Accountants of India (ICAI). Undergraduate, Postgraduate, and Postgraduate Diploma courses by recognised universities. Study Abroad: Undergraduate, Postgraduate, and Doctorate programs by recognised universities. Diploma courses in aviation and shipping. Courses by Certified Public Accountant (CPA), Chartered Institute of Management Accountants (CIMA), etc. |
| Expenses Considered for Loan | Tuition examination/Lab/Library essentials for course completion like uniforms, books, laptops, instruments, and equipment. Travel expenses for study abroad students. The cost of two wheelchairs (up to INR 50,000) can be included in cases where the loan is secured by a third-party guarantee or collateral. Premium of Rinn Raksha. |
SBI Scholar Loan Scheme
Under this scheme, students who have secured admission to List AA, List A, List B, and List C premium colleges of India get the maximum education loan in India available for courses in these institutions. Applicant must be a citizen of India, including NRIs, and should have taken admission through the respective entrance examination or selection process to become eligible for this loan. Here is an overview:
| Particulars | Details |
| Loan Amount | List AA: INR 40 lakh List A: INR 20 lakh to INR 30 lakh List B: INR 20 lakh List C: INR 7.5 lakh to INR 30 lakh |
| Effective Interest Rate | List AA: 8.30% for IITs and 8.35% for othersList A: 8.30% for IITs and 8.80% for othersList B: 8.80% for NITs and 9.30% for othersList C: 8.80% for NITs and 9.80% for others |
| Security | Co-borrower and tangible collateral are required for loans above INR 20 lakh in List A institutes and loans above INR 7.5 lakh in all other categories. Third-party guarantee accepted. |
| Processing Charge | Not charged |
| Moratorium Period | Course tenure plus one year. |
| Repayment Period | Up to 15 years after the completion of the degree program and moratorium. The bank offers an additional 2 years to students who fail to repay their loan in the designated time. |
| Eligible Courses | Regular Diploma and full-time degree programs select students through entrance tests or any other selection process. Full-time executive management courses.Part-time undergraduate and postgraduate courses at certain institutes. |
| Expenses Considered for Loan | Hostel fees Exam/Lab/Library fees Cost of essentials: Laptop/books/instruments/equipment. Travel fees for exchange programs. Caution money |
SBI Global Ed-Vantage Scheme
Under the Global Ed-Vantage scheme, SBI offers the maximum education loan in India for students planning to study abroad. SBI grants this loan to students who are Indian Nationals, including NRIs and have secured admission to universities and academic institutions abroad. Here is an overview:
| Particulars | Details |
| Loan Amount | Minimum loan: INR 7.5 lakh Maximum loan: INR 1.5 cr |
| Effective Interest Rate | 10.40% |
| Concession on Interest Rate | 0.50% to female students and students availing SBI Rinn Raksha scheme. |
| Security | Co-obligation of parents or a guardian, tangible collateral, and assignment of prospective income of the applicant for payment of loan instalments. A third-party guarantee is also accepted. |
| Processing Charge | INR 10,000 plus taxes |
| Moratorium Period | Course duration plus 6 months. |
| Repayment Period | Up to 15 years after the completion of the moratorium period and course. An extension of 2 years can be given to students if they fail to repay the loan in the scheduled time. |
| Eligible Courses | Undergraduate, Postgraduate, Diploma, Certificate, and Doctorate courses in universities abroad. |
| Expenses Considered for Loan | Tuition fee Hostel fee Lab/Library/Exam fee Travel expenses Cost of essentials: Books, laptops, uniforms, instruments.Caution money Remium of Rinn Raksha scheme Contingency expenses |
Maximum Education Loan in India for Skill Development Courses
SBI aims to provide education loans to Indian Nationals intending to enrol in skill development courses under its SBI Skill Loan Scheme. This loan is approved for any skill development courses recognised by the National Skill Qualification Framework (NSQF). This loan is the maximum education loan in India for skill development courses from recognised institutions in India. Here is an overview of skill development courses loan:
| Particulars | Details |
| Loan Amount | Minimum Loan: INR 5000 Maximum Loan: INR 1,50,000 |
| Effective Interest Rate | 10.40% |
| Security | Only the co-obligation of parents or guardians is required. |
| Processing Charge | Not charged |
| Moratorium Period | Course tenure up to 1 year: 6 months from course completion. Course tenure above 1 year: 1 year from course completion. |
| Repayment Period | Upto INR 50,000: Upto 3 years INR 50,000 to INR 1 lakh: Upto 5 years Above INR 1 lakh: Upto 7 years |
| Eligible Courses | NSQF recognised Certificate/Diploma/Degree courses at recognised institutions. |
| Expenses Considered for Loan | Tuition fee Library/Laboratory/Exam fee Caution money Cost of essentials: Books and instruments. |
Maximum Education Loan in India for Wards of Defence Salary Package (DSP)/Indian Coast Guard Salary Package (ICGSP) Officers
Shaurya Education Loan is the maximum education loan in India for wards/children of ICGSP/DSP officers in all ranks for higher education in India and abroad. This scheme is only designed for kids/wards of DSP/ICGSP officers who have secured admission to universities/colleges in foreign lands.
The co-borrower of this maximum educational loan in India for wards of defence and Coast Guard personnel must be a Platinum or Diamond category DSP/ICGSP account holder in SBI. Additionally, the salary or pension account of the co-borrower should be with this nationalised bank throughout the loan tenure. Here is an overview:
| Particulars | Details |
| Loan Amount | Colleges/Universities in India: upto INR 40 lakh Colleges/Universities Abroad: upto INR 1.5 cr |
| Effective Interest Rate | Upto INR 7.5 lakh: 0.90% Above INR 7.5 lakh to INR 1.5 cr: 10.9% for Secured Loan and 11.5% for Unsecured Loan |
| Concession on Interest Rate | Upto INR 7.5lakh: 0.5% for female students. Above INR 7.5 lakh to INR 1.5 cr: 0.50% to female students and students availing SBI Rinn Raksha scheme. |
| Security | Indian Colleges/Universities: No security up to INR 7.5 lakh. Above INR 7.5 lakh up to INR 40 lakh (Secured Loan): Co-borrower with liquid collateral of 100% of the loan amount or tangible property as collateral worth 110% of the loan amount. Foreign Colleges/Universities: No security up to INR 7.5 lakh. Above INR 7.5 lakh to INR 40 lakh: optional with borrower or co-borrower. A loan above INR 40 lakh up to INR 1.5 cr (Secured Loan): Liquid collateral of 100% of the loan amount or tangible property as collateral worth 110% of the loan. |
| Processing Charge | Up to 15 years after course completion and moratorium period. An extension of 2 years is available to students unable to repay loans in due time. |
| Moratorium Period | Course duration plus 12 months or 6 months after securing employment, whichever is earlier. |
| Repayment Period | Upto 15 years after course completion and moratorium period. An extension of 2 years is available to students unable to repay loans in due time. |
| Eligible Courses | Study in India: Diploma courses by certain regulatory bodies. Courses by ICAI. Graduate, Postgraduate, and Postgraduate Diploma courses by recognised universities. Study Abroad: Graduation, Postgraduation, and Doctorate programs by recognised universities. Diploma courses in aviation and shipping. Courses by CPA, CIMA, etc. |
| Expenses Considered for Loan | Tuition Fee Examination/Lab/Library Fee Essentials for course completion like uniforms, books, laptops, instruments, and equipment. Caution money Travel expenses for study abroad students. The cost of two wheelchairs (up to INR 50,000) can be included in cases where the loan is secured by a third-party guarantee or collateral. A premium of Rinn Raksha |
Also Read: Check out the FAQs on the Restructuring 2.0 Scheme of RBI that provides benefits to the borrowers affected by the COVID-19 pandemic.
Countries Covered under Study Abroad Loans
SBI provides the maximum education loan in India for students pursuing higher education in foreign universities under its Shaurya Education Loan, SBI Scholar, and SBI Education Loan schemes. Students get loans for approved courses at recognised institutions in the following countries:
- UK
- USA
- Canada
- Australia
- Japan
- Singapore
- Hong Kong
- New Zealand
- Denmark
- Czech Republic
- Poland
- France
- Estonia
- Belgium
- Austria
- Portugal
- Norway
- Itlay
- Ireland
- Netherlands
- Greece
- Germany
- Russia
- Sweden
- Spain
- Switzerland
- Finland
Study abroad students and students seeking admission to academic institutions in India can secure the maximum education loan in India from the SBI. This central bank grants maximum education loans in India for various undergraduate, postgraduate, diploma, certificate, and doctorate courses from several types of institutions in the native land as well as a foreign land.
Maximum Loan Limits by Other Major Banks
Here’s a breakdown of the maximum loan amounts for domestic studies from leading banks:
| Bank | Maximum Loan Amount (Domestic) | Key Features |
|---|---|---|
| Bank of Baroda | Up to INR 125 lakh | Collateral-free up to INR 40 lakh for select institutes; covers 100% of costs. |
| HDFC Bank | Up to INR 150 lakh | Up to INR 50 lakh without collateral for premier institutes; flexible repayment. |
| ICICI Bank | Up to INR 100 lakh | Collateral-free up to INR 40 lakh for select courses; quick disbursal. |
| Federal Bank | Up to INR 10 lakh | Covers tuition, hostel, and equipment; no security up to INR 4 lakh. |
Factors Influencing Loan Amounts
The maximum education loan you can get in India for domestic studies is influenced by several factors:
- Institution Reputation: Premier institutes (e.g., IITs, IIMs) often qualify for higher loan amounts due to better placement records.
- Course Type: Professional courses like MBBS, engineering, or MBA may attract higher limits compared to general degree programs.
- Applicant’s Profile: Academic performance and the co-applicant’s creditworthiness play a significant role.
Maximum Loan Limits for International Studies
The table below outlines the maximum loan amounts for studies abroad:
| Bank | Maximum Loan Amount (Abroad) | Key Features |
|---|---|---|
| Bank of Baroda | Up to INR 150 lakh | Pre-visa disbursement; no collateral up to INR 40 lakh for premier foreign institutes. |
| HDFC Bank | Up to INR 150 lakh | Preferential rates for top-ranked universities; no upper limit for secured loans. |
| ICICI Bank | Up to INR 300 crore | Collateral-free up to INR 100 crore for select institutes; covers travel and laptop. |
| Axis Bank | No upper limit (secured) | Unsecured loans up to INR 75 lakh; pre-visa disbursal for international studies. |
Key Considerations for Overseas Loans
When determining the maximum education loan you can get in India for international studies, consider these aspects:
- Exchange Rates: Foreign currency fluctuations can affect the total loan amount and repayment.
- University Ranking: Top-ranked universities (e.g., Harvard, Oxford) may qualify for higher unsecured loans.
- Collateral: Secured loans (backed by property or fixed deposits) often have no upper limit, unlike unsecured loans.
Government Schemes Supporting Education Loans
The Indian government supports education loans through schemes that enhance accessibility and affordability. These initiatives often influence the maximum education loan you can get in India by providing guarantees or subsidies, especially for economically weaker sections.
Notable Government Schemes
- Credit Guarantee Fund Scheme for Education Loans (CGFSEL):
- Purpose: Provides a 75% guarantee on loans up to INR 7.5 lakh without collateral or third-party guarantee.
- Eligibility: Applicable for loans from scheduled banks under the IBA Model Education Loan Scheme.
- PM-Vidyalaxmi Scheme:
- Purpose: Offers collateral-free loans and 3% interest subvention for students with family income up to INR 8 lakh.
- Loan Limit: Up to INR 10 lakh for studies in top 860 institutions.
- Central Sector Interest Subsidy (CSIS):
- Purpose: Subsidizes interest during the moratorium period for students with family income up to INR 4.5 lakh.
- Eligibility: Professional/technical courses in NAAC-accredited or centrally funded institutions.
- Application Process: Apply through the Vidya Lakshmi Portal for seamless access to multiple bank schemes.
- Impact: These schemes reduce financial burdens, making higher loan amounts more accessible.
Tips to Secure the Maximum Education Loan Amount
Maximizing the education loan you can get in India requires strategic planning and preparation. By aligning your application with lender requirements, you can secure higher loan amounts and favorable terms.
Practical Steps to Follow
- Choose Reputed Institutions: Admission to premier institutes increases your chances of securing higher loan limits without collateral.
- Maintain a Strong Academic Record: Good grades and entrance exam scores enhance your eligibility.
- Provide Collateral for Larger Loans: Offering property or fixed deposits can remove loan amount caps for secured loans.
- Compare Lenders: Evaluate interest rates, repayment tenures, and collateral requirements across banks like SBI, HDFC, and ICICI.
- Leverage Government Schemes: Apply for subsidies or guarantees through portals like Vidya Lakshmi to reduce costs.
- Documentation: Ensure you have admission letters, fee structures, KYC documents, and co-applicant income proof ready.
- Plan Repayment Early: Understand EMI obligations and explore tax benefits under Section 80E for interest deductions.
FAQs
A student going for higher education abroad can avail of the maximum education loan in India under SBI Global Ed-Vantage Scheme and Shaurya Education Loan scheme.
State Bank of India (SBI) provides the maximum educational loan in India.
Students who have secured admission to academic organisations in India can avail of a maximum of INR 50 lakh and students going for higher studies abroad can apply for education loans up to INR 1.5 cr.
Yes, applicants can take a second loan, which is also called Top Up Education Loan. This can be taken within the overall limit that is permitted to pursue a professional course in India or abroad. The condition is that the projected income of the student, after placement should be sufficient to cover full loan repayment.
As per the RBI guidelines on education loans, banks are allowed to offer education loans up to INR 4 lakhs without collateral, up to INR 7.5 lakhs can be obtained with collateral in the form of suitable third-party guarantee, while education loans above INR 7.5 lakh require tangible collateral.
Education loan limits in India vary by bank. For studies in India, loans range from INR 10 lakh to INR 150 lakh; abroad, up to INR 300 lakh. Higher amounts often require collateral. Check with banks for specific limits.
Yes, a INR 1 crore education loan is possible, mainly for studies abroad or premier Indian institutes. Banks like SBI, ICICI, and HDFC offer such amounts with collateral. Strong academics and a co-applicant’s income are crucial. Verify terms with lenders.
A INR 50 lakh education loan is achievable for studies in India or abroad. Banks like SBI, ICICI, and HDFC provide this with collateral or for top institutes without. Good academics and co-applicant income are needed. Confirm with banks.
Indian Bank offers education loans without a fixed cap, based on course costs and eligibility. High-value loans (e.g., INR 50 lakh+) are possible with collateral for recognized courses.
This was all about the maximum education loan you can get in India. To know about education loans, the loan application process, the best international 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.
