#1
January 21st, 2016, 11:30 AM
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Student Loans for International Study
I am living in India and want to take educational loan for international study so can you please provide me the details regarding this?
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#2
January 21st, 2016, 11:31 AM
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Re: Student Loans for International Study
There are many bank in India that provide educational loan to meretricious students for higher studies in abroad. The loan basically cover your tuition fees, book and any supplies fees, room and board fees, transportation fees, health insurance fees, and also your living expenses. It should take care of all your education-related expenses. The bank won’t actually hand you the money but will generally credit it into the Uni’s account at the start of each year or semester as required. All the banks offer loans with varying rates of interest. Educational loan interest rates- 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. Most banks offer educational loans for long-term programs by reputed institutions. Short-term ones (such as English language programs) are usually not covered. Requirements- Identity Proof: Driving license Passport Pan card Voter's identity card A signed verification letter from a recognized public authority or public servant for your identity and residence. Aadhar card Address Proof: Passport Bank account statement Ration card Aadhar card Voter’s ID card Telephone bill/ water bill/ electricity bill Allotment letter issued by a government department Signature Proof: The banker’s signature verification Driving license PAN card Passport copy |
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