Many Banks in India provides the education loan to students for higher studies in abroad

Education loan for abroad usually cover
Tuition fees
Charges for examination, library, laboratory and hostel
Cost of purchasing books, equipment, instruments and uniform
Travel expenses for study abroad
Caution money, refundable deposit, etc.
Study tours, exchange programs and project work

Documents Required
Study Abroad
• Mark sheet for last qualifying examination
• Proof of admission to the course
• Schedule of expenses for the course
• Copy of letter confirming scholarship, if any
• Copy of Foreign Exchange permit ( if available)
• Two passport size photographs
• Statement of borrowers bank account for last six months
• Income Tax assessment order not older than two years
• Brief statement of Borrowers Assets and Liabilities
• If not a customer of the lending bank provide proof of identity and residence


Here are some details about the interest rates on study abroad loan from some of top banks in India

Bank of Baroda offers loans of up to Rs 20 lakhs with a rate of interest per annum of 12% for loans above Rs 4 lakhs.

Canara Bank offers up to Rs 20 lakhs with a rate of interest per annum of 12% for loans between Rs 4 and 7.5 lakhs and 9.5% for loans greater than Rs 7.5 lakhs.

Axis Bank offers up to Rs 20 lakhs and its rate of interest per annum ranges from 13.75% to 15.75%.

Credila (of the HDFC Bank Company) offers up to Rs 20 lakhs and its rate of interest per annum is 13.5%.

ICICI Bank offers up to Rs 20 lakhs and has an annual interest rate of 15%.

Indian Overseas Bank offers up to Rs 40 lakhs and charges an annual interest rate of 15%.

State Bank of India offers up to Rs 30 lakhs with an annual interest rate of 13.75% for amounts between Rs 4 – 7.5 lakhs and 11.75% for amounts above Rs 7.5 lakhs.