You’ve got the talent. You’ve got the skills. But what is stopping you from pursuing your dream career in a foreign university? Finance. Money. But standing on the 21st century, it is no longer a problem for a talented and ambitious person to pursue his or her dream career in a foreign land. Education Loan is the answer to all your problems regarding money matters.
Most large commercial banks in India offer education loans to deserving students for studying abroad. Over the years banks have also increased their education loan portfolio. Several trusts also offer loans to excessively meritorious students for studying abroad. Banks which offer education loans fro studying abroad are State Bank of India, Andhra Bank, HDFC, Canara Bank and Syndicate Bank to name a few. For more details on educational loans click here.
The bank will require the following documents for loan application. So, please ensure that you have the documents ready before you start applying to the bank for education loans for studying abroad:
The amount of loan varies from bank to bank and is dependent upon a number of factors. An educational loan for studying generally covers the following expenses:
Repayment of loan is usually done in the form of EMIs or Equated Monthly Installments. Which starts from one year after the program is over or six months after the graduate gets a job. Repayment tenure can range from 3-8 years. Interest charged for education loans is tied to the Prime Lending Rate (PLR) which is the rate at which a bank offers loan to prime borrowers. For loans up to 4 lakhs banks usually do not ask for any collateral. However, for those taking more than 4 lakhs, the interest rate will be usually one per cent more than PLR.