Study Abroad Loans

As the world continues to bridge distance with technology, students are increasingly aware of the need to gain an international education. Many employers are now looking for students with an international background — an advantage students gain when they study abroad.

From about 270,000 last year, the number of US students studying abroad is projected to grow to 1 million by 2017. But it's not easy to finance an international education—for US students who plan to study abroad, travel costs and exchange rates increase the normal burden of tuition, fees and living expenses.

To help, we can provide you with study abroad loans, short term loans, semester abroad loans and foreign enrolled loans for students who are fully enrolled in a school overseas. For international students studying in the USA, we also provide international student loans to help fund your education in the US. Each of our low-hassle loan programs offer competitive interest rates, no application fees, as well as fast and easy loan application and processing.

No matter if you are a US student abroad or an international student in the US, use our loan comparison tool (above) to find and compare lenders today! To do so, simply chose your citizenship, state and school to be matched with lenders. You'll be able to compare each terms and conditions, and then chose the one that's right for you. Within a few short weeks, you'll be notified about your initial approval.

What is an International Student Loan - Repayment

u should always carefully evaluate how much money you will need to study in the USA. Then you will need to research and apply for scholarships, financial aid from your school, and find money from any other source, including family funds. After exhausting these avenues, most international students still have a funding gap, and that's where international student loans come in.

What is an International Student Loan

Federal student loans are popular with US students studying in the US, but they are not available to international students. Instead, international students are eligible for international student loans, specialized private education loans available to international students studying in the US.

International Student Loans are now a very realistic way to finance your education in the US. Loans are very flexible, and can offer loan amounts high enough to pay for your entire education, but with extended repayment terms and reasonable interest rates, so you can afford the repayment after you graduate.

Co-Signers

All international students applying for loans must have a US co-signer in order to apply. A co-signer is legally obligated to repay the loan if the borrower fails to pay. The co-signer must be a permanent US resident with good credit who has lived in the US for the past two years. The co-signer is often a close friend or relative who can assist in getting credit, since most international students cannot receive credit on their own.

Interest

Interest is the amount charged by the lender in addition to the amount of money that you borrowed. The interest rate is calculated based on an index plus a margin that will add an additional percentage interest rate depending on your co-signer’s creditworthiness. The two most common indexes used for international students are the Prime Rate and LIBOR Rate.

• Prime Interest Rate – This index is determined by the federal funds rate which is set by the US Federal Reserve.
• LIBOR – The LIBOR (London Interbank Offered Rate) is based on the British Bankers’ Association and is used on the London interbank market. The rate is an average of the world’s most creditworthy bank’s interbank deposit rates for overnight and one year terms.

When evaluating the loan, the lender will clarify which index the plan uses. Then, there will be an additional margin that will be added based on the borrower’s individual criteria, including the co-signer’s credit history. Based on their creditworthiness, an additional interest rate will be added to the index. This will be the total interest you owe. When your application is approved, your specific margin will be disclosed to you, at which point you can accept or refuse the loan.

Repayment

Repayment will vary depending on the loan option you choose. Since most international students are not able to work while they study in the US, repayment must be considered as an extremely important feature in your loan. You will need to consider how much the monthly payments will be, when payments will begin, and how long you will be able to defer paying back the loan. The repayment period generally ranges from 10-25 years, but the larger the loan, the longer the repayment period. The standard repayment plan options are:

• Full Deferral – Students are able to defer payment until 6 months after graduation as long as full-time status is maintained. Students can defer payments for a maximum of four years, which is the typical length of a degree.
• Interest Only – International students only pay the interest while in school, up to four consecutive years, and can defer the principal until 45 days after graduation, or when the student drops their course load to part-time.
• Immediate Repayment – Payments on both interest and principal are due immediately once the loan has been dispersed.

Funding support for EU students

European Union students applying for university places in the 2017 to 2018 academic year will still have access to student funding support.

The government has today (11 October 2016) announced that EU students applying for a place at an English university or further education institution in the 2017 to 2018 academic year will continue to be eligible for student loans and grants - and will be for the duration of their course.

The decision will mean that students applying to study from 2017 to 2018 will not only be eligible for the same funding and support as they are now, but that their eligibility will continue throughout their course, even if the UKexits the European Union during that period.

The move will help give universities and colleges certainty over future funding, while assuring prospective students applying to study at one of theUK’s world leading universities that they will not have the terms of their funding changed if the UK leaves the EU during their studies. The same assurance will be available for EU students studying in further education.

Today’s announcement follows assurances given by the government in June shortly after the EU referendum result. This included immediate guarantees that students currently in higher or further education, and those applying for a place this year (2016 to 2017) would continue to be able to access student funding support - including loans and grants - under the current eligibility criteria.

Universities Minister Jo Johnson said:

We know that the result of the referendum brought with it some uncertainties for our higher education sector. That is why in June we acted quickly to provide immediate funding guarantees for existing students and those applying to study this year.

International students make an important contribution to our world-class universities, and we want that to continue. This latest assurance that students applying to study next year will not only be eligible to apply for student funding under current terms, but will have their eligibility maintained throughout the duration of their course, will provide important stability for both universities and students.

We are also taking steps, through our Higher Education Bill, to maintain the world status of our universities while delivering students value for money and choice and employers the skills they need to help our economy grow.

Under current student finance rules, EU students are eligible to receive undergraduate tuition fee loans if they have resided in the European Economic Area for at least 3 years prior to study. EU nationals who have resided in the UK for over 5 years, are also able to apply for undergraduate maintenance support and master’s loans. Similarly, under EU law, EUstudents are also eligible for home fee status - which means they are charged the same tuition fees as UK students. Other, non-EU, international students do not have their tuition fees capped in this way.

Today’s confirmation will mean that for EU nationals, or their family members, who are applying for a place at university from August 2017 to study a course that attracts student support, the current funding rules will remain unchanged. All applicants will be eligible for student loans and/or grants under the current terms and, if deemed eligible, will be able to receive those for the duration of their course.

The migration status of EU nationals in the UK is being discussed as part of wider discussions with the EU as the government works on reaching an agreement protecting the status of EU nationals here and our citizens in Europe.

As college costs rise, loans become harder to get

When Daniel Ottalini entered the University of Maryland in 2004, his family had an array of choices to cover the cost -- cheap student loans, a second mortgage at low rates, credit cards with high limits and their own soaring investments. By the time his younger brother, Russell, started at the University of Pittsburgh this fall, the financial crisis had left the family with fewer options. Russell has had to juggle several jobs in school, and the money he could borrow came with a much higher interest rate that could climb even further over time.

The upheaval in financial markets did not just eliminate generous lending for home buyers; it also ended an era of easy credit for students and their families facing the soaring cost of a college degree. To pay for higher education, most Americans had come to rely on a range of financial products born of the Wall Street boom. Nearly all of these shrank or disappeared in the storm that engulfed the stock and debt markets. Lenders have raised rates and tightened standards, dramatically limiting the availability of home-equity loans and private student loans. College savings accounts, known as 529 plans, had acute losses in the downturn. And a new law, set to take effect Feb. 22, will bar students younger than 21 from getting credit cards on their own.

Loans offered with federal backing were the lone form of student debt to expand, but only because the government stepped in last year to prevent this business from collapsing under the pressure of the credit crunch. Still, the most common type of federally backed loan has a limit of $5,500 a year, not enough to pay for most four-year programs. Even as the financing options have narrowed for families, college expenses are rising faster than ever as schools suffer from endowment losses and cuts in state funding because of the financial crisis and the recession that followed. Last month, California's public universities announced that tuition fees would rise by 32 percent, sparking student demonstrations across the state. University of Virginia officials said a 15 percent cut in state funding for higher education will also force them to significantly raise tuition.

Some educators are concerned that the new price tags will discourage poor students from applying and will price out middle-class families that make too much to obtain financial aid, but not enough to easily afford college. "It's not only the credit model that has changed; the basic financial model of higher education has also become challenged," said Anthony Marx, president of Amherst College in Massachusetts. "We were already concerned that middle-class students were getting squeezed by racking up debt that could constrain their career choices after they graduate. All of that comes under more strain in these new circumstances." Other educators worry that students will be forced to compromise on their education.

Russell Ottalini said he choose the University of Pittsburgh because he judged that it would be best for his Japanese-language studies. He relied on his parents to borrow money for his education. But he acknowledged that economic times are tough and said he is willing to transfer to a cheaper school if one parent gets laid off, even if it means attending a lesser program.

'I Consider Law School A Waste Of My Life And An Extraordinary Waste Of Money'

Business Insider has been in touch with a 28-year-old lawyer who has deep regrets about his decision to go to law school. He agreed to answer questions about the burdens of law school debt, and about what he'd do differently if he could.

This law school graduate's answers are sobering. He attended a school that's one of the top 20 in the country, according to U.S. News and World Report, and yet he struggled to find decent work.

He believes his law school tricked him into thinking he'd easily find a prestigious job after graduation.

"I consider law school a waste of my life and an extraordinary waste of money. I feel like I was duped and tricked," he says. "At the end of the day, it's my own fault for being a sucker and I learned an extremely hard lesson."

These days, he makes $45,000 and has $200,000 in education debt. He lives with his parents in Virginia, doesn't have a car, and doesn't even date. In his free time, he does contract work to try to pay down his debt.

We're published all of his answers, which include insights into when law school might actually be a viable option. He asked that we not use his real name.

Why did you decide to go to law school?

Because I wanted to be a lawyer. I also wanted greater career opportunities than my BA offered me. I believed the legal education industry's sales pitch circa 2007-08 that lawyers will always be in demand and that bankruptcy will be a hot practice area when the economy is poor.

What kind of job were you hoping to get?

Optimal outcome would have been an associate position with a large firm making $160,000. I knew I only had a 20% chance of landing that position, so I thought a realistic outcome was at a mid-sized firm making less than the large law firm salary but still a respectable amount.

What kind of job did you end up getting?

I kicked around miserable small law firms for two years. My first job was at a small law firm where the owner ran through associates like tissue paper. He stole from paychecks, screamed, yelled, etc. I quit after a short while. In my next job, I worked for another small firm but this time I had to start as an "intern" even though I was a fully licensed attorney. This meant I had to work for free for three months. I did it in the hopes that this would lead to a decently paid associate position. After three months, my boss offered me $1,000 per month. I was desperate so I did it.

I have a top-20 law degree and I was making the equivalent of a $12,000/year salary. McDonald's managers - nay, workers - were my economic superiors by a long stretch. After 3 months getting paid $1,000/month, I got a raise to the paltry sum of $2,000. It was insulting considering the boss hired several other attorneys and paid them peanuts as well. There's such an enormous oversupply of law school graduates so he was and is able to continue this practice. Eventually I moved onto another law firm where I am now. I don't get much responsibility and there's no upward mobility potential at my current job, but I'm happy just to have an office to myself, a boss who isn't insane, health care, and some vacation time (!). I had all of these things before I foolishly went to law school.

How to get an education loan in India -Loan application process

Over the years, education has become absurdly expensive. As a parent, you want your children to have the best education possible, but that is often beyond your immediate means. Professional courses, such as engineering or medical, can set you back by Rs 5-10 lakh a year. And if you want your children to study abroad, it’s even more costly.

Education loans are one way to fund their education, and are a great investment in their future. Most banks offer attractive education loans. You can get an education loan for a variety of courses, be it graduate or under-graduate or professional or vocational. So what do you need to keep in mind while seeking an education loan?

Loan application process

To get a loan, you will first need to get your documentation in order. Here’s what you will need:

1. Proof of admission and break-up of costs
2. Academic records
3. Identify and address proof
4. Income documents

You will have to submit these along with a completed application form to the bank.

Quantum and disbursement of loan

• For loans up to a certain amount (between Rs 4-8 lakh), banks won’t ask for collateral. For loans above that, you will need to provide security.
• Banks usually will lend up to Rs 10 lakh for studies in India and double that for studies abroad. These, of course, differ from bank to bank. So check with several banks before choosing one
• The loans are usually disbursed directly to the institution, and you will need to submit a fee request letter from the college.
• If the loan is for studies abroad, most banks will insist on insurance, which will add to your cost.
• You will have to bear some of the expenses (‘margin’ as banks call them) – 5% for studies in India and 15% abroad
• Banks can take anywhere from a week to three weeks to sanction a loan.

Eligibility for loan

• Students can’t apply for a loan on their own. They can do so only if the guarantor is a parent, sibling or spouse.
• Typically, banks allow repayment of education loans six months to a year after the student has completed studies. The loan is repaid in equated monthly instalments.
• In case of default, the student and the guarantor are both held responsible, and their credit history will take a beating.

Loan for approved institutes

• You will get loan only for studies in a recognized institution. Check with the bank if the institution your child wants to apply to is recognized.
• The quality of the institution and the bank’s confidence in the student’s ability to land a job after completing studies also plays a part in successfully securing the loan.

Interest and tax benefit

Interest on education loans: At present, banks charge between 11 per cent and 15 percent. This depends on the type of institution the student has joined as well as the loan amount. Some banks may offer better interest rates to:

• Studies in world-class institutions
• Outstanding students
• Female students

You can get a tax rebate under section 80E for interest paid on education loans.

Getting an education loan, especially if you have a good credit score, ready documents and admission to a good institute, is easy. But to get the best deal compare offers and terms and conditions from different banks before signing on the dotted line.

Govt launches portal for easy student loans

If you are a student looking for an education loan, there’s an easy way out. Now, you need not go through the ordeal of visiting one bank after another to get a loan. Just log on to www.vidyalakshmi.co.in and apply to multiple banks by filling just one form.

The portal has been launched in line with an announcement made by finance minister Arun Jaitley in his February budget speech. After applying for a loan on the portal, students can track the status of their applications, and avail various loan schemes being offered.

The portal has been developed by NSDL e-Governance Infrastructure Ltd, in collaboration with the department of financial services in the ministry of finance, department of higher education (a part of the human resource development ministry) and the Indian Banks’ Association lobby group. NSDL is short for National Securities Depository Ltd.

Students will need to first register on the website and then fill a simple form to apply for a loan on the portal, which they can also use to write to banks about their grievances, if any, with the loan-sanctioning and disbursal process. The website also provides a link to the national scholarship website where students can access student loan schemes being offered by various government departments.

Thirteen banks, including the State Bank of India, IDBI Bank, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank, are registered with the portal to offer education loans. Of these, five banks have integrated their system with the portal for providing the loan processing status to students.

The number of banks will increase in the coming days, said Gagan Rai, chief executive and managing director, NSDL e-Governance Infrastructure.

“All state-run banks will be covered,” he said.

In his budget speech this year, Jaitley had proposed to provide students a single-window electronic platform for scholarships and educational loans.

“With a view to enable all poor and middle-class students to pursue higher education of their choice, without any constraint of funds, I propose to set up a fully IT-based Student Financial Aid Authority to administer and monitor scholarship as well as educational loan schemes, through Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education for lack of funds,” he had said.

Total outstanding education loans falling under priority sector lending stood at Rs.58,700 crore as of end-June, an increase of 2.8% from a year ago.

“It will make it easier to get an education loan. At present, the only option is to physically go to every branch and apply for a loan. The approach also varies from one branch manager to another. If the name of the institution is not very well recognized, then banks are wary of giving a loan,” said Abhijit Shankar, 19, who has dropped a year after his 12th board exams, since he did not get into Indian Institutes of Technology (IIT) and opted not to go for the more expensive private colleges.

Education and Skill development Industry: A joint venture of public and private players

Skills and knowledge are the driving force of economic growth and social development for any country. Indian demographic is with the unique facet of being fraught with a majority of young populace. Education sector in India is well developed and mature. The nation's educational infrastructure offers a concrete system comprising of Primary education, Secondary education and Higher education. The constitution of India has made education a fundamental right provisioning free and compulsory education for children between 5 to 14.

Education and Skill development becomes quite an imperative sector to appropriate this massive human resource. The supply of public education is inefficient and leaves a significant shortfall which is being filled by private education institutions. The working age group between 15 to 59 years is its largest bulk constituting of more than 65% of total population. In such a backdrop, 29% of children are enrolled in private schools. In higher education sector, private institutions, colleges and universities are playing a pivotal role in the education landscape.

Potentially the target group for skill development comprises of all those in the labour force, including those entering the labour market for the first time. The current capacity of the skill development programs is 3.1 million. India has target of skilling 500 people by 2022.According to a survey 2 percent of the country’s workforce is skilled which is much lower when compared to the developing nations; there is a dual challenge of developing skills and utilizing them in a proper way.

Education and Skill development sector constitutes of Industrial Training, Professional courses and vocational education apart from School and higher education. Skill development is associated more to the context of industry oriented training that fetch immediate employment and earning. In India, education and skill development sector is structured under two independent ministries.

The Ministry of Human Resource and Development is associated with conventional education system. Primary Education, Secondary Education, Higher Secondary and Higher education sector is regulated by this ministry. Industry oriented training and education is supervised by the Ministry of Labor and Employment. Industrial Training Institute and other vocational education programs are maintained under the ambit of this ministry. Additionally, a number of commissions and agencies such as AICTE, UGC are dedicated for higher education in the country.

About 1.3 million schools operate in India where over 227 million students are enrolled. The figure indicates the state of regular enrolment in primary and secondary education levels. Side by side, vocational education courses is also operated under the National Institute for Open Schooling. According to surveys, total number of government higher educational institutions in India is 20, 769. It includes Universities, Research Institutions, Colleges for Arts, Science and Commerce, Engineering and Architecture and Medical institutes, Polytechnic institutes and Teacher’s Training Institutes.

In contrast, the private sector has a much larger role in the education scenario of the country. Apart from primary education sector, private colleges, universities and institutes are contributing substantially to higher education. Industrial Training Institutes and Industrial Training Centers are the primary faculties for Vocational Training. 6,906 such institutes and centers are operating across the country imparting industrial training courses to about 9.53 lakhs students.

The government has to put massive effort to form better educational structure especially for skill development sector comprising of industry-oriented training. A number of special initiatives are rolled by Government. The National Skill Policy, among others, devised in 2009 set a target to impart skill development training to 500 million by 2022. An apex institution for devising policy and review Skill development sector is the Prime Minister’s National Council on Skill Development. Initiatives were also taken to coordinate both private and public sector to impart skill development.

National Skill Development Coordination Board, NSDC is setup on a PPP model. It is a juxtaposition of public sector and private entities. The board formulates policies and programs on National Skill Development under the ambit of Prime Minister’s Council. It also evaluates and monitors the outcomes of such programs. The agency planned to establish 1500 new ITIs and 5000 skill development centers. The NVEQF, National Vocational Education Qualification Framework will be formed for an integrated Skill development infrastructure. This framework is for affiliations and accreditation of vocational education and training systems.

Initiatives for skill development should be oriented towards both catering the demand and creating the demand. Skill development is strongly related to the market and industry. Efficient skill development programs will add value across wide sections of workers creating rich human resource. The need of skill development for employability is across every section of the workforce. From operators and technician level workers to highly skilled labor comprising of college graduates needs an effective platform for skill development. The initiatives by government are massive; however, the extent to which they operate is inadequate to bring effective progress to the lackadaisical nature of current scenario. This calls in for pervasive initiative by private entities through collaborated as well as independent works. Contributions by companies such as Everonn and Educomp in vocational training sector are noteworthy. Devising a modular structure for imparting skill development is an effective approach for progress in this direction.

There is massive scope of development in Education sector of India. Although a number of institutes are successful to be among top 100 in global ranking, deficiency is quite apparent. India should focus on a holistic approach to hone the human resource of the nation, by implementing better solutions to reach out to thousands of villages in rural landscape. Leveraging private sector is beneficial since a competitive sense to provide service is inductive in this domain. This helps in propagating effective and innovative ways to educate the deprived section bringing in more effectual as well as pervasive national development.

Factors Related to Effective Education of Students With Learning Disabilities

Factors Related to Effective Education of Students With Learning Disabilities

As early as 1982, the NJCLD took the position that “providing appropriate education for individuals must be the principle concept on which all educational programs and services are developed.” The NJCLD reaffirms its commitment to and support for the following:

• The education, social, and emotional needs of the individual, the types of disabilities, and the degree of severity should determine the design and delivery of educational programs and services.
• A continuum of education placements, including the regular education classroom, must be available to all students with learning disabilities and must be flexible enough to meet their changing needs.
• Specialized instructional strategies, materials, and appropriate accommodations must be provided as needed.
• Because the educational, social, and emotional needs of students with learning disabilities change over time, systematic and ongoing review of the student's progress and needs is essential to make appropriate adjustments in current educational programs and related services.
• Because learning depends on the quality of the programs and services provided, systematic and ongoing evaluation of programs and their effectiveness in producing desired long-term outcomes is essential.
• Due to the chronic nature of learning disabilities and the changes that occur across the life span of the individual, coordinated educational and vocational planning are required. Therefore, provisions must be made to facilitate transitions that occur at all major junctures in the student's education.
• Social acceptance has a significant impact upon self-esteem of students with learning disabilities. Social acceptance of these students requires the sensitivity of the entire school community.
• To ensure effective mainstreaming of students with learning disabilities, the building principle must set the tone for a positive and accepting learning environment for all children.

Education Loan Interest Rates

Education Loan Interest Rates

Many factors determine the attractiveness and acceptability of any standard loan product, a competitive interest rate being one of the more important factors in this regard. In India, education loans usually command an interest rate from anywhere “Between” 12.00 % to 16.00 %, depending on the bank’s base lending rate and other factors. The base lending rate for banks in India, as directed by India’s apex bank, the RBI, is around 9.00- 10.00%. Some private education loan lenders/ financial institutions offer interest rates that are based on their own base lending rates (often very dynamic) and calculation of interest rates are accomplished on a case-to-case basis.

Education Loan Application Checklist:

No. Things to Do. Yes/No?

1. Confirm upon applicable educational course (University, location, costs, etc.)  

2. Compare all available educational loans on BankBazaar.  

3. Basic Documents to Keep Ready- Address, Age and Nationality Proof.  

4. Attested Marks Cards- Starting from SSLC/10th Std.  

5. Admission Letter as issued by the admitting School/College/Institute.  

6. All essential documents issued by the admitting School/College/Institute, including prospectus, breakup of fees, etc.  

7. Letter from admitting School/College/Institute that stipulates non-availability of hostel facility.  

8. Income Proof- Bank statements (6 months), Salary slips (3 months) & ITR of Parent/Guarantor.  

9. Passport sized photographs (2 nos. each) for applicant, guarantor and parent.  

10. Studying Abroad- Employment Contract.  

11. Studying Abroad- Entry Permit (Validity, issuing authority etc., must be noted).  

12. Studying Abroad- Admission letter & I-20 form from Foreign Institution.  

13. Studying Abroad- Passport & Visa.  

14. Documents confirming upon the security/collateral.  

15. Substantiating documents if immovable property is offered as security.  

16. Affidavit confirming that NO education loans have been availed or defaulted on with regards to other banks or financial institutions.  

17. If Employed- Resignation letter, Acceptance of Resignation letter or Sanction letter for study leave.  

How to calculate EMI interest rates for education Loans?

The generally tedious task of calculating Equated Monthly Installments (EMI) on your subscribed education loan is easily accomplished (minus the sweat) with the friendly Education Loan EMI Calculator on BankBazaar. This useful tool offers the following advantages,Saves Time- Calculate your applicable EMIs, for varying inputs, in mere seconds! Massive saving of time and patience.

Know it All- Unearth all the information you need about your education loan, including applicable EMI amount, amortization details, etc. Find your Sweet Spot- Calculate EMI for different interest rates and applicable tenures. Find the combination that works the best for you.

100% Free- Using this handy tool is completely free of cost.

Comparing Education Loans from Top Banks

Comparing Education Loans from Top Indian Banks:

Lender. Loan Amount/ Interest Rate. Max. Loan Amount Repayment Tenure State Bank of India (Base Rate- 9.70%) Upto Rs.4 lakhs / 13.35% p.a (base rate + 3.65%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.60% p.a(base rate + 3.90%) Above Rs.7.5 lakhs / 11.60% p.a (base rate + 1.90%) Studies in India- Rs.10 lakhs Studies Abroad- Rs.30 lakhs 5-7 years Axis Bank (Base Rate- 9.95%) Upto Rs.4 lakhs / 16.95% p.a (base rate + 7.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 17.95% p.a (base rate + 8.00%) Above Rs.7.5 lakhs / 15.95% p.a (base rate + 6.00%) Studies in India- Rs.10 lakhs Studies Abroad- Rs.20 lakhs Maximum 7 years Punjab National Bank (Base Rate- 10.00%) Upto Rs.4 lakhs / 12.00% p.a (base rate + 2.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.00% p.a(base rate + 3.00%) Above Rs.7.5 lakhs / 12.50% p.a (base rate + 2.50%) Studies in India- Rs.10 lakhs Loans upto Rs.7.5 lakhs : 10 years Loans above Rs.7.5 lakhs : 15 years Avanse Education Loan (Avanse Base Lending Rate- 11.50%) Calculated individually based on course being pursued and the accompanying cost. Minimum- Rs.50,000 Maximum- No Limit Minimum Repayment Tenure- 12 months Maximum Repayment Tenure- 120 months

Top Banks Offering Education Loans in India:

The following banks are listed at the top of their class when it comes to education loans in India- SBI Education Loan-India’s largest public sector bank is also a firm favourite when it comes to education loans. Offering upto Rs.10 lakhs for studies in India and Rs.30 lakhs for studies abroad, the SBI Education Loan is a full-fledged offering with customer friendly features and benefits. Some of the key highlights of the SBI Education Loan are as follows- friendly interest rates, coverage of a wide spectrum of educational courses in India and abroad, immensely student friendly terms and the backing of SBI’s legendary name and reliability. Axis Bank Education Loan- India’s third largest private sector bank is a strong contender when it comes to student friendly loans for education. The Axis Bank Education Loan is a full featured offering that is characterised by friendly interest rates, quick turnaround times, loan amounts of Rs.10 lakhs for studies in India and Rs.20 lakhs for studies abroad, a comprehensive listing of funded educational courses (in India and abroad) and Axis Bank’s famous brand of customer support and banking innovation.

HDFC Education Loan- India’s fifth largest bank is a veteran when it comes to offering comprehensive and student friendly education loans and also commanding absolute devotion towards its loan schemes from students aspiring for higher education in India and abroad. Competitive interest rates, a whole range of student centric options and features, funding for an elaborate list of educational courses in India and overseas, alongside HDFC’s constant popularity and new-age banking methodologies, are some of the fundamental reasons why HDFC must be on your scanner when talking of good education loans.

Avanse Education Loan-The first thing that hits you about education loan offerings from Avanse is the sheer number of options on offer. Loans for studies in India, abroad, executive education, pre-admission loans, pre-visa disbursement loans and fast track loans are popular offerings, while a number of student friendly terms and conditions make the aforementioned loans very popular. Avanse Education Loan is focussed on top notch customer service that is backed by an interactive and robust loan processing and disbursal system that will ably match the best on offer in India.

Education Loan - Choose Education Loan

About Education Loan:

When it comes to all the building blocks that form a complete and successful life, nothing is as important as quality education. However, education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone. Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’. Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community.

Why Choose Education Loan?

The question should ideally be, why choose an education loan over a personal loan, or the money accumulated in your savings account? The versatility and advantages of education loans are listed below-Education is Expensive-It's a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.

Specialised Help-The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.

Widely and Easily Available- Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.

Timely Assistance- Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full-fledged education loan puts you at ease.

Features & Benefits of Education Loans:

When it comes to a complete education loan, the features and benefits offered are the designated deal makers. Commonly, the following conveniences are offered as part of the education loan-Universally available. Anyone with a will to study can apply.

Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.

Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For education abroad, banks will provide loans to the quantum of Rs.20 lakhs. The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.

Usually, female students are offered discounts and/or lower interest rates when it comes to education loans. Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.

The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years. Generally, loans below Rs.4 lakhs do not require a security or guarantor. Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.

Why Apply for an Education Loan on BankBazaar?

BankBazaar is a user friendly portal that is dedicated to the comparison of various banking products, including Education Loans. A helpful resource, BankBazaar allows visitors to better understand this loan, its pros and cons, as well as the various banks that offer them in India. Why BankBazaar? The reasons are as follows-100% Hassle Free- Save on time and effort as you ditch legwork and fire up your computer to check out the best education loan options. The process is extremely simple, distraction free and incredibly quick.

Compare Education Loans- BankBazaar lists almost all the education loans offered by the various banks and other financial institutions in India. The simple comparison option allows you to choose the loan that best suits your limitations and requirements. Plus, detailed information on every available loan option.

Apply Online- Post the comparison, use the simplistic BankBazaar interface to apply online for your chosen education loan. Kindly note- Currently, you can only apply for Avanse Education Loan on BankBazaar. More options are expected to be available soon.

Know it All- From important details such as education loan eligibility, documentation and the basic terms and conditions, to informational bytes that relate to the latest happenings across the education loan landscape in India, BankBazaar is a treasure trove of helpful information.

Always With You- Have a query or concern? BankBazaar’s brand of superior customer support is always just a phone call, email or chat-box away.

How to apply for an education loan on BankBazaar?

Applying for a suitable education loan (currently Avanse Education Loan is available) on BankBazaar is a very interactive and simple process. The following steps list this process clearly- On BankBazaar’s homepage, access the ‘Education Loan’ option from the top navigation bar.

Spread before you, on the drop-down, are popular education loan options. You can directly choose any lender from this list. Do you notice the ‘Get Quote’ and ‘Explore’ buttons? These link to wizards that help you, a) find the most suitable education loan for you, and b) find more information about individual loan options. Your eligibility for the loan is determined by an interactive wizard that takes just about 3 minutes to complete. At the end, a selection of the most appropriate education loan options are listed before you. Clicking on any of these allows you to explore this option further.

On a particular bank’s education loan page, the ‘Apply’ button is a prominent fixture. Click on the same to set the wheels in motion. Your information (as provided) will be forwarded to the bank in question and the representative from the latter will contact you in a short while. You can also track your loan application via SMS alerts and email notifications.