Many Indian students dream of studying in the United States of America because it is home to some of the best universities in the world. For example – Harvard, Yale, Stanford, MIT, John Hopkins, etc. To fulfil this dream, one needs to have a lot of money as the cost of studying and living in the US is very high. The best way to deal with the financial problem is to apply for an education loan. There are many banks in India today that offer education loan to Indian students to help them in pursuing a course in the US. Students can also apply for international student loans, provided they have someone from the US as a co-signer.
Education Loan offered by Banks in India to Study in USA:
Mentioned below are some of the education loan schemes that are offered by banks in India for studies abroad:
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- HDFC Bank Education Loan for Foreign Education
This loan scheme is offered only to Indian students who wish to study abroad. This scheme offers a maximum of Rs.20 lakhs as loan at attractive rates of interest. The amount is sanctioned before admission and borrowers can enjoy tax benefits on the same.
Check your eligibility, loan interest rates and required document to apply for HDFC Bank Education Loan.
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- SBI Student Loan Scheme
This loan scheme is for Indian students who have got an admission in a course in India/abroad. It offers a maximum of Rs.20 lakhs as loan at competitive interest rates. The loan can be repaid within a period of 15 years. The repayment period starts 12 months after the end of the course. Borrowers have to provide collateral to avail the loan only if their loan amount is more than Rs.7.5 lakhs.
Check your eligibility, loan amount and required document to apply for SBI Bank Education Loan.
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- SBI Global ED-VANTAGE Scheme
This education loan scheme is offered by SBI to Indian students who want to study a full-time course outside India. It provides Rs.20 lakhs to Rs.1.5 crore as loan. The loan can be repaid within a period of 15 years. The repayment period starts 6 months after the end of the course. All the borrowers have to provide collateral to avail this loan.
Check your eligibility, loan amount and required document to apply for SBI Global Ed-Vantage Scheme.
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- Oriental Bank of Commerce Education Loan for Study in India and Abroad
This scheme is offered to students who want to pursue their higher education in India and abroad. In case of students who wish to study in the US, the loan amount will depend on the fee structure of the institute they plan to apply to. Top-up facility is available for this loan scheme. The margin is 15% on loans taken for foreign education, provided the amount is over Rs.4 lakhs. This loan scheme does not charge prepayment penalty from borrowers and also provides insurance protection.
Check your eligibility, loan amount and required document to apply for OBC Education Loan.
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- Bank of Baroda Scholar Loan
This education loan is offered at attractive interest rates by Bank of Baroda to Indians who want to study outside India. The scheme has 2 lists of institutes called List A and List B. It provides loan to people who apply in any of the institutes mentioned in both the lists. It also offers loan for any institute that is not mentioned in both the lists. The maximum loan amount offered by the scheme for institutes mentioned in List A and List B is Rs.60 lakhs and maximum loan amount offered by the scheme for institutes not mentioned in List A and List B is Rs.40 lakhs. There is no margin loans taken for education in any List A and List B institute. The margin is 10% for education in institutes not mentioned in the lists. Loan amount of up to Rs.7.5 lakhs has to be repaid in maximum of 120 months and loan amount of over Rs.7.5 lakhs has to be repaid in maximum of 180 months. Collateral is required only if the amount exceeds Rs.7.5 lakhs.
Check your eligibility, loan amount and required document to apply for BOB Education Loan.
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- Corp Vidya Scheme
This education loan scheme is offered by Corporation Bank to help students pursue their education in India and abroad. For foreign education, the scheme offers up to Rs.20 lakhs as loan, which has to be repaid within 15 years. The repayment holiday is course period plus 1 year. A margin of 15% is applicable on foreign education only if the loan amount is more than Rs.4 lakhs. If the loan amount is more than Rs.7.5 lakhs, then collateral is required. The loan is not available for pursuing research and PHD courses outside India.
Check your eligibility, loan amount and required document to apply for Corporation Bank Education Loan.
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- PNB Udaan
This education loan scheme is offered by Punjab National Bank for foreign education. The loan can be availed for studying a graduation/post-graduation course outside India. It can also be taken for studying certain degree/diploma courses and courses offered by CPA in USA, CIMA – London, etc. The amount of loan depends on the requirements of the borrower. The loans taken under this scheme can be repaid in a period of 15 years. The repayment period starts after the course ends plus 1 year.
Check your eligibility, loan amount and required document to apply for PNB Education Loan.
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- SYNDVIDYA Scheme
It is an education loan offered by Syndicate Bank to help Indians in pursuing their higher education in India and abroad. It offers a maximum of Rs.20 lakhs for foreign education, which has to be repaid in a period of up to 15 years. The repayment holiday is course period plus 1 year. The loan can be taken to study a graduation or post-graduation course. The loan amount can also be used to study courses offered by CPA, CIMA, etc. and to study certain degree or diploma courses.
Check your eligibility, loan amount and required document to apply for Syndicate Bank Education Loan.
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- BOI Star Education Loan
This loan scheme is offered at attractive interest rates by Bank of India to students to financially help them in pursuing an education in India and outside India. It can be availed to study graduation, post-graduation and selected degree/diploma courses in the USA. It can also be taken to study courses offered by CPA in USA, CIMA – London, etc. The maximum amount of loan offered by the scheme for foreign education is Rs.20 lakhs. The margin for foreign education loan of over Rs.4 lakhs is 15%.
Check your eligibility, loan amount and required document to apply for Bank of India Education Loan.
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- CENT Vidyarthi
This education loan is offered by the Central Bank of India. It provides up to Rs.20 lakhs as loan for foreign education. The interest rates for female borrowers is MCLR + 1.5% and the interest rate for male borrowers is MCLR + 2%. This loan scheme offers life insurance protection as well. The repayment period of a loan of up to Rs.7.5 lakhs is a maximum of 10 years and the repayment period of a loan of over Rs.7.5 lakhs is a maximum of 15 years.
Check your eligibility, loan amount and required document to apply for Central Bank of India Education Loan.
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- Allahabad Bank Education Loan Scheme
Under this scheme, meritorious Indian students can avail education loan to study courses in India and abroad. If borrowers take a loan under this scheme to study outside India, they have to ensure the course they wish to study is a profession or technical job oriented course. For foreign education, the scheme offers a maximum of Rs.50 lakhs as loan. This loan can be repaid after the course ends.
Check your eligibility, loan amount and required document to apply for Allahabad Bank Education Loan.
