Financial Gateway to Global Education: Study Abroad Loan Schemes
The journey of studying abroad represents a compelling adventure, one that unfolds doors to diverse and unique perspectives. However, the financial dimension associated with pursuing education in a foreign country poses a formidable challenge for many ambitious students. It is within this context that the overseas education loan scheme emerges as a crucial financial conduit, facilitating the transformation of dreams into realities.
It functions as a meticulously tailored financial assistance program, this scheme adeptly caters to the distinctive academic needs of students. Moreover, it encompasses a spectrum of expenses, including tuition fees, accommodation, travel, and other educational requisites, the scheme serves as a comprehensive solution.
If you are planning to opt for a loan for bachelors or an education loan for masters in Canada, the UK, the US, Ireland, etc. This article will help you explore some of the most popular schemes offered by top lenders to study abroad.
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SBI Global Ed-Vantage Scheme: State Bank of India
SBI Global Ed-Vantage Scheme caters exclusively to those aspiring to pursue full-time regular courses at foreign colleges and universities. With an attractive interest rate, this loan lightens the financial load, providing amounts ranging from Rs 20 lakhs to Rs. 1.5 Crore. The repayment process is made more manageable with the option of spreading payments through EMIs over a period of up to 15 years.
Notably, SBI ensures early approval, sanctioning the loan before obtaining the i20/Visa, facilitating smoother planning for students. The loan covers various courses, including regular graduate, postgraduate, and doctorate programs in countries like the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand. Additionally, applicants can benefit from tax advantages under section 80(E). Now that you have a brief understanding of this scheme let us now move ahead and jump into our next popular scheme.
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Baroda Scholar Scheme: Bank of Baroda
Baroda Scholar Scheme presents an education loan program for students aspiring to pursue vocational or technical studies abroad. Noteworthy features of this scheme include a 1% processing charge for loans exceeding Rs 7.50 lakh, which is refunded upon the first loan disbursement for premium institutions. For loans up to Rs. 7.50 lakh there are no processing or documentation charges. Additionally, a free debit card is provided, and no security is required for loans up to Rs. 7.50 lakh.
The scheme supports a diverse range of courses, including job-oriented professional and technical courses at reputed universities for graduation, and post-graduation in fields like MCA, MBA, and MS. And for education loan for masters in UK or bachelors, there are courses conducted by institutions such as CIMA-London and GPA in the USA. The list of premier institutes encompasses management, STEM, medical, and other education courses. Different interest rates apply to premier and non-premier universities, with financing capped at Rs. 150 lakhs for premier institutions and Rs. 60 lakhs for others. Now, let us talk about our last scheme among the three popular ones.
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Star Education Loan – Studies Abroad: Bank of India
Bank of India offers a specialized education loan scheme designed to support students pursuing higher studies in premier international institutes. With a focus on transparency and affordability, the loan comes with numerous advantages. There are no documentation charges, hidden fees, or prepayment penalties. Processing charges are nil, and no collateral security is required for amounts up to Rs. 7.50 Lakhs.
For loans ranging from Rs. 4.00 Lakhs to Rs. 7.50 Lakhs, parents or co-borrowers are joint borrowers and coverage under CGFSEL is mandatory. Beyond Rs. 7.50 Lakhs, tangible collateral security, acceptable to the bank, is required, along with the assignment of the student’s future income for installment payments. The loan supports both medical and non-medical courses with a maximum amount of Rs. 150 Lakhs. It covers expenses based on the student’s earning potential after course completion. The repayment period extends up to 15 years from the commencement of repayment, with a moratorium period covering the course duration plus one year.
In a Nutshell
The above-mentioned financial lenders not only provide education loans for students to study abroad but also these specialized schemes. This ensures that the dream of studying abroad by offering transparent, affordable, and comprehensive financial solutions. Moreover, these schemes ease the financial burden and make pursuing international education more accessible for aspiring students. We hope this article was helpful, good luck!
