Educational Loans for Study Abroad

Bridging the gap between you and higher education

Particular	Estimated Expenses (U.S)
Tuition expenses	12000$-15000$ annually
Living expenses	1000-1100$ per month
Health insurance	1200-1400$ annually
Books	400-500$ annually @

@ It is better to get books from India as they are very expensive in U.S

Studying abroad is expensive and you might need loan to pursue your studies. In order to make sure that no student is denied of pursuing higher education, various banks in India have come up with educational loan scheme. The demand for the study abroad loans is on a rise as the cost of education is escalating over the years.

Am I Eligible for educational loan?

You are eligible if you are an Indian resident having secured admission in any of the bank's list of approved course or universities.

Which expenses does the loan cover?

Expenses considered for Study Abroad loan

• Fees payable to school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms
• Caution Deposit/Building Fund/Refundable Deposit
• Travel Expenses/Passage money for studies abroad
• Any other expenses required to complete the course like study tours, project work etc.

How much loan can I take?

Most of the banks provide loans upto Rs. 20 lakhs for studying abroad.

Which banks in India provide Educational Loan?

SBI, Bank of Maharashtra, IDBI, Allahabad Bank, OBC, UBI, Bank of Baroda are some of the banks that provide educational loan.

What are the interest rates?

Interest Rate of various banks follow as:

Bank of Baroda:

For Loan upto Rs. 4.00 Lakhs	2.00% below BPLR i.e. 10.00%.
For Loan upto Rs. 4.00 Lakhs	At BPLR i.e. 12.00%.

Bank Of Maharashtra:

For Loan upto Rs. 4.00 lakhs	BPLR-2.00% i.e. 10.25% p.a.
For Loan above Rs.4.00 lakhs	BPLR-1.25% i.e. 11.00% p.a.

Oriental Bank of Commerce :

For Loan upto Rs. 4.00 lakhs	PLR - 1.25 = 10.75 % per annum
For Loan above Rs. 4.00 lakhs	PLR - 0.50 = 11.50 % per annum

(0.50% concession in interest for girl student)

IDBI Bank :

Benchmark Prime Lending Rate (BPLR) : 12.75% p.a.

For Loan upto Rs. 4.00 Lakhs	11.75 % (BPLR - 1%)
For Loan upto Rs. 4.00 Lakhs	12.75 % (BPLR )

Punjab & Sind Bank:

General Public

Loan Up to Rs.4 Lakhs

BPLR (-) 1.00 %

Concession in interest 0.50, if either Collateral or guarantee is given

Loan above Rs.4 Lakhs & Up to Rs.10 lakhs

BPLR (-) 0.50%

Concession in interest 0.50, if Collateral in addition to guarantee is given

Above Rs.10 Lakhs & Up to Rs.20 lakhs:

BPLR

No Concession
Staff as co-borrower

Loan Up to Rs.4 Lakhs

BPLR (-) 2 .00 %

Concession in interest 0.50, if either Collateral or guarantee is given.

Loan above Rs.4 Lakhs & Up to Rs.10 lakhs

BPLR (-) 1.50%

Concession in interest 0.50, if Collateral in addition to guarantee is given.

Above Rs.10 Lakhs & Up to Rs.20 Lakhs

BPLR -1.0%

No Concession.

Which documents have to be furnished to avail the loan?

• Completely filled Application Form with Photographs.
• Letter of admission from the Institute.
• Letter from the Institute stating expenses of the program (term-wise, year-wise)
• Documents for the Applicant & Co-applicant (Residence Proof , ID Proof , Signature Verification Proof , Age proof )
• Mark sheets from SSC onwards till the latest examination passed.
• Income Documents of the Co-applicant ( Pay Slips / ITR copy etc )
• Visa approval papers
• Travel documents
• GRE/GMAT/SAT score
• I-20 in case of applicant going to the USA
• Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution