How Indian Students Can Get an Education Loan for Studying Abroad
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Studying overseas can be life-changing, but the costs involved often hold students back. An education loan can help cover tuition fees, living costs, travel, insurance, and other related expenses. Here’s what you need to
Studying overseas can be life-changing, but the costs involved often hold students back.
An education loan can help cover tuition fees, living costs, travel, insurance, and other related expenses.
Here’s what you need to know if you’re planning to apply for one.
Which Banks Offer Loans?
Many well-known Indian banks and financial companies offer loans for overseas studies.
Here are some of the main options:
Who Can Apply?
● Must be an Indian citizen.
● Should have an offer from a recognised university or college overseas.
● A co-applicant (parent, guardian, or spouse) with steady income is usually needed.
● Academic record should show at least 50% in qualifying exams.
● Most banks prefer applicants to be 18 or older.
What Documents Are Needed?
● Mark sheets and academic certificates.
● Estimated cost of study.
● Identity, age, and address proof.
● Income proof of co-applicant (salary slips, tax returns).
● Property documents if offering security.
How Does Repayment Work?
Repayment usually begins once your course ends.
Many loans have a moratorium period, so you don’t have to pay straight away.
Repayment can stretch up to 15 years depending on the lender.
Tax Relief
Interest paid on an education loan can be claimed as a deduction under Section 80(E) of the Indian Income Tax Act.
This helps reduce your tax bill while you repay.
How to Apply
Check the eligibility rules for each bank. 2.
Collect your documents. 3.
Apply online or visit a branch. 4.
The bank will review your application and decide. 5.
Funds are sent directly to the institution or your account as needed.
Points to Remember
● Compare interest rates, limits, and fees across lenders.
● Look at secured and unsecured options to see what suits you best.
● Some banks offer collateral-free loans up to certain limits for top-ranking institutions.
● Keep your co-applicant’s credit history strong to boost your chances.
Useful Links:
● SBI Global Ed-Vantage ● ICICI Bank Education Loan ● HDFC Credila ● Avanse ● Axis Bank Education Loan ● Union Bank Education Loan
Getting the right loan can make overseas study affordable.
Do your research, plan ahead, and pick the option that matches your needs.
If you’d like help finding the right loan or putting your application together, get in touch with Super 7 Visa we’re here to guide you through every step.
14,Vinayak shopping centre, Opp Dahisar railway station, near Aqua Stone restaurant, Dahisar East, Mumbai 400068 Call: (+91)9769 6666 36 Email: contact@super7visa.com
1, Mohanbhai Gopalbhai Wadi, Near Urmi Society, Nr.
Baroda Pristage , Varaccha Main Road, Surat 395006 Call: (+91)9769 6666 38 Email: contact@super7visa.com