Many of the students have a dream and the aim to study abroad but for that one requires loan. In order to make sure that each and every student gets the educational loan to study in USA, UK, Germany and Singapore that he or she demands there are many banks that come up with the educational loan scheme in India.
And now the demand for study abroad loan is on rise and also the cost of education is increasing.
The student is eligible for the education loan if he/she is an Indian Citizen.
What All Expenses Does The Education Loan Cover?
Expenses that are covered for Study abroad loan are:
- Fees payable to the school or the hostel.
- Examinations fee/Library fee or the laboratory fees
- Purchase of the books, equipment, instruments and uniforms.
- Caution deposit, the fund required for the building and the refundable deposit.
- Travel Expenses and the Passage Money for studies abroad.
The expenses also covers like study tours, the project works etc. Most of the banks also provide the loan upto Rs 20 lakhs for studying abroad.
Bank in India That Provide The Educational Loan
do you know what are the names of the bank in India that provide the educational loan? Almost all the loans provide the educational loan these days i.e both private and nationalized banks provide the loans.
The names of a few banks that provide the loan are SBI, Bank of Maharashtra, IDBI Bank, Allahabad Bank, OBC, UBI, and Bank of Baroda are some of the banks that provide the educational loan.
Below mentioned are the interest rates that are provided by each and every bank
Bank of Baroda
- The bank provides the loan up to Rs 4.00 lakhs at interest for which below the BPLR it would be 10.00% and at BPLR it would be 12.00%.
Bank of Maharashtra
- For Loan up to 4 Lakhs at interest for which below the BPLR it would be 10.25% and at BPLR, it would be 11.00%.
Oriental Bank of Commerce
- For Loan up to 4 Lakhs at interest for which below the BPLR it would be 10.75% and at BPLR, it would be 11.50%.
- The Benchmark Prime Lending Rate would be 12.75% per annum.
Hence each and every bank has its own interest rate visit the individual bank to know more about the same.
Required Document for Education Loan
What are all the documents that are required to be submitted to get the loan for study abroad?
- Completely filled out Application form with the photographs
- Letter of admission from the institute
- Letter from the Institute stating the expenses of the program both team wise and year wise.
- Documents for the Applicant and the co-applicant i.e the Residence Proof, the ID Proof, Signature of the verification proof and the Age-proof.
- Mark Sheets from 10th till the latest examination passed.
- Income Documents of the Co-applicant i.e the Payslips or the ITR Copy etc
- Visa Approval papers
- Travel Documents
- Score Card of International Entrance Exams to Study Overseas ( TOEFL AND IELTS, GRE, GMAT, SAT, MCAT AND LSAT etc.)
- I-20 in case of the applicant going to USA
- Declaration or the Affidavit confirming that no loan has been availed from the other bank or the Institution.
Thank you for reading. Furthermore, if you need any guidance for studying abroad, then do comment below.