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student education loan

Student Education Loan Options and the Right Lender

Now that you have secured admission into the university of your choice, you need to plan your finances to cover your tuition and living costs. While your parents may have saved up for your higher education, taking a student education loan to fund your higher education would be beneficial in several aspects. The primary reason why students prefer taking a loan is to reduce financial dependency on their parents. The reason to opt for loan could also be due to a genuine requirement as the high fees of some universities creates a shortfall despite the savings. Another very popular reason for taking an student education loan is that in case of any unforeseen eventuality in your parent’s financial affairs, the loan amount becomes a backup option, thereby allowing the student to continue studies without a break.

 

Having taken a decision to go in for an student education loan, it then becomes important to consider the various types of lenders in the market and decide on which option works best for you. Students are often plagued by questions like should they opt for a loan even if they have enough money to fund their education? Whom should they take a loan from? What is the Rate of Interest (ROI)? What are the tax benefits accrued by taking a loan? We hope to bring clarity by discussing these aspects on loans, and allow you to decide on which option suits your requirements best.

 

Let us first discuss about why taking a loan is a good option even if you have the required amount for your studies abroad and also when you do not require to take one. If your money is invested in your business and investments that are yielding in excess of the loan rate, i.e., 11.5% or above, then taking a loan may be an economical option for you. Likewise, if your parents’ income is very high (in the 30% tax bracket), then a loan could get you additional tax benefits. On the contrary, if the money is in savings/fixed deposits, then it is better to use that as you will be borrowing at a higher rate and earning a lower rate of interest.

 

Lender options available to students for a student education loan

There are several options available in the market and you can weigh the pros and cons of each option and decide on which one suits your requirements the best.

 

Lender Option Pros Cons
Government /Nationalised/Private Banks
  1. Lower rate of interest as they have access to funds through their CASA (Current Accounts and Savings Accounts) and fixed deposits.
  1. Security or collateral will be required if you need a loan greater than 10 lakhs (which usually is the case for education abroad)
  2. More processing time. For USA, they do not provide a sanction letter before you get the i-20 (and the university demands a sanctioned letter to provide an i-20, which is a catch 22 situation)
  3. There is a limit on the amount they can lend you.
  4. They only cover tuition fees and not living expenses.
  5. You need to visit the bank to complete documentation/formalities.
Non-banking Financial Companies (NBFCs)

Major players – Avanse, Credila, Incred, Auxilio

  1. Student Education loan is their primary business, unlike banks where it may be just one component of the business. Hence, they are more focussed and can provide a lot of extra features /benefits by providing customised solutions. 
  2. Low processing time – from 1 to 4 days if documentation is in place.
  3. Along with tuition fees, they also cover living expenses.
  4. They provide UNSECURED LOANS upto 40 lakhs or even more in some cases (again depending on various parameters). No need to mortgage your property or other assets.
  5. Service at your doorstep – They visit you at home to complete documentation.
  6. Flexibility in customising repayment during the moratorium period – you decide when you want to start paying the EMIs –  immediately/after  graduation/6 months after graduation etc. Till then, you just pay simple interest or partial interest during the moratorium period (some banks also provide this facility)

 

  1. Higher rate of interest
  2. Not all have the 80E certificate that provides tax benefits. (not a huge concern, more on this below)
Non-Indian Lenders

Major players – Prodigy Finance, Mpower etc.

  1. Online processing of documentation.
  2. No collateral required
  3. Low rate of interest (a myth)
  1. No full funding, you may have to pay 15% of the fees and even your living expenses.
  2. Since the company is not based in India, you do not get tax benefits (not a major concern)
  3. The actual amount you repay will be high if INR depreciates (will explain below with example)
  4. Only limited universities are covered 

 

 

Now that you are clear about the pros and cons of each type of lender, we need to focus on the financial advantage/ disadvantage of choosing a particular lender. The difference in the ROI is a primary concern. Secondly, there is also a dilemma of whether to take a loan from an Indian lender or a non-Indian lender, especially since the latter levies an interest of 8% as against the 11.5% from a NBFC. We can lend clarity to the arguments with the below examples:

 

[A] Bank A lends me 40 Lakhs at 9% ROI with collateral and an NBFC provides 40L at 11.5% ROI without collateral. Is the savings enough to justify mortgaging an asset that may be of a greater value?

 

Let us assume you get a disbursal of Rs.10 lakhs in the 1st semester (in August) and Rs.10 lakhs in 2nd semester (in January).

The outstanding amount now is Rs.10 lakhs for 5 months (August to December) and Rs.20 lakhs for 7 months (January to July). The interest is calculated on the average of this amount, which is Rs.16 lakhs (rounded off) for the entire year. 

The difference in the interest rates of the two lenders (11.5% – 9%) is 2.5% annually. 

2.5% on Rs.16 lakhs = Rs.40,000 a year less the tax benefit on the excess interest paid (40,000 * 30% = 12,000) resulting in a net cost of 28,000 or Rs. 2,333 per month.

 

So in a nutshell, by choosing an NBFC like Avanse or Credila, you would pay Rs.28,000 or Rs. 2,333 per month more for the first year and in the bargain, you would not have to mortgage your house/assets.

You can do calculations similarly for the next year, so on and so forth.  Generally, students do not take the last tranche as they secure a scholarship in terms of Research Assistantship/Teaching Assistantship/Graduate Assistantship etc. or an internship. They also save through on-campus jobs etc. Hence the advantage of taking a loan from an NBFC far outweighs that of securing a loan from a bank. 

 

The main deciding factor is whether you would be willing to give your property papers (the value of which maybe in crores) just to save Rs.28,000 a year. Even if you consider the long term impact, over a period of 6-8 years, the max difference would be about Rs.2 lakhs (on the conservative side and approximation based on various scenarios).

 

[B] A foreign lender is giving me a loan at 8% but in USD terms. Will it actually be cheaper?

 

Let us say you borrowed money from a foreign lender at 8% interest versus an Indian Company at 11.5% (both without collateral). 

Loan amount = Rs.40 Lakhs 

Let us assume in Aug 2018 the rate of USD / INR = 65 

The lender disburses a loan amount of Rs. 20 lakhs, which will be equivalent to $30,769.

You graduate in May 2020 and start earning and decide to repay the loans.

Let us ignore the interest amount and focus only on the principal loan amount of Rs. 20 lakhs that you need to repay.


Also, empirically, the rupee usually depreciates against the dollar over the long term and it definitely will in the near future considering the CAD India has now (more for economists to ponder upon).

 

Let us assume USD / INR = 70 in Aug 2020 when the students starts repaying (after 2 years of the disbursal)


Case a – Indian student education loan provider

You need to repay 20 lakhs 

in USD, you need to repay 20,00,000 / 70 = $ 28,571

 

Case b – For Foreign Lender

You need to repay $30,769

If you compare the 2 cases above, you are paying 7.6% more (the amount by which INR depreciated compared to the USD), and this is just on the principal amount of first disbursement. We have not considered the subsequent disbursements or interest tax benefits.

 

You may rightly argue that what if INR appreciates against the USD$, well, the chances for that happening are pretty slim considering the economic scenarios and if you wish to bet on it, then you can definitely go ahead with the foreign loan provider.

 

Some Caveats while taking an unsecured loan

If you are taking an unsecured loan, life insurance is usually mandatory and this actually makes sense. Since the whole idea is not to be dependent on anyone, in the case of any unfortunate eventuality, the insurance repays the loan without any burden on the parents. The lender also needs to mitigate the risk involved as there is no collateral to recover dues if any.

 

The 80E tax benefit on Interest

A sponsor can claim tax exemptions on the interest amount he has paid on the student education loan. These savings become substantial only if the parent is in the 20% or 30% tax bracket and has an annual income of more than Rs.8-10 Lakhs. Secondly, if students repay the loan, then the tax benefit is not available to the parents. To overcome this lacuna, students should transfer the money to parents as a gift, and let the parents use that money to pay off the loan. This would help them avail tax benefits. However, it is seen that most students repay the loan within 2-3 years, and therefore the savings accrued from 80E tax benefit are not substantial.

 

Taking a loan and its impact on getting your visa

Taking a student loan does not affect your chances of getting your visa. You need to explain about your funding to the visa officer and your repayment plan. Taking a loan or not by itself has never been a deciding factor for securing your visa.

 

Note:

The above facts are based on the prevalent rules, regulations and rates at the time of writing the article.  Moreover, every lender may have its own policies and features, and may also deviate from the generic assumptions made in the article for the sake of clarity. It is advisable that you check on the rules, rate of interest, foreign exchange rates etc., and take a call regarding the best student education loan option tailor-made to suit your requirements.

 

All about Education Loans

ALL ABOUT EDUCATION LOANS

Increasing career benefits of a foreign education coupled with an enriching global exposure has increased the number of students who aspire to pursue their higher education abroad. In spite of a plethora of advantages of studying abroad, the exorbitant expenses involved discourage students from following their dreams. Although many scholarships and financial aid options are available, all students do not become eligible for them. As a result, educational loans become significant to the study abroad plan for the student. Education loans for studying abroad are provided by almost all the major banks in India, but parents and students are apprehensive about the complicated and cumbersome loan application procedure.  With easy repayment options and reasonable interest rates, securing funding for study abroad plans has become much simpler than what is perceived. Below are a few tips to obtain student loans. All about Education Loans

  1. Be proactive All about Education Loans

While you are anxiously awaiting the offer letter from your dream University, start applying for an educational loan. For this, you must research the available loan options thoroughly. Make use of this period effectively to study the various loan options. Being proactive will give you sufficient time to properly weigh all your option before you choose the most suitable loan scheme.

  1. Compare Interest Rates All about Education Loans

As you research on loans from leading banks, you will find that they offer loans with varying rates of interest. Compare the student loans that are on offer and make a thorough comparison. State-run banks normally have lower interest rates as compared to private ones. The current interest rates usually fall between 11% to 14%; however most of these are offered on a floating rate basis. This means you should be prepared to face an increase or decrease in interest rates later depending on market conditions. With respect to security requirements for the loan-

(a) Loan up to Rs. 4 lakh- No collateral security is needed, parents are the joint borrower.

(b) Loan amount between Rs.4 to 7.5 lakhs- along with parents as joint borrowers, collateral security in the form of a third party guarantee must be given.

(C) Loan amount above Rs.7.5 lakhs- Parents must be joint borrowers plus tangible collateral security of suitable value is required.

  1. Apply to more than one bank All about Education Loans

Do not depend on just one bank for your loan. It is advisable to apply to multiple banks, in case your loan application gets rejected by one.

  1. Eligibility criteria All about Education Loans
  • The applicant should be an India citizen
  • The applicant has secured admission to a professional or technical course through an Entrance Test or Selection process
  • Secured admission to foreign university/ Institution
  • Banks generally offer educational loans for long-term programs by prestigious institutions. Short-term ones (such as English language programs) are usually not covered. For those planning to study vocational courses, educational loans do not cover these either. MBA, engineering graduate and medical students are among the top choices for banks. Banks usually do not provide loans to students with a bachelor’s or masters in Arts. Also, for courses where employment prospects are less (as per Bank’s evaluation), loans are sanctioned by considering the parents’ income.
  1. Cosigner All about Education Loans

When a loan amount exceeds Rs 5 lakhs, you must indicate who your cosigner is. A cosigner (usually parent) is a person who must sign the loan agreement with you, will be responsible for your debt and agrees to pay your debt, in case you fail to repay the loan.

  1. Prepare Application Checklist

Contact the bank and obtain a checklist from them in advance to have all documents and papers ready for the loan application. You must find out if the University has any tie-ups with banks for educational loans as it could expedite the loan process.

The Application Check List should comprise of-

  • Identity Proof- driving license, passport, pan card, voter identity card, and Aadhar Card.
  • Address Proof- Passport, Bank account statement, Ration card, Aadhar card, Voter’s ID Card and Telephone bill/ water bill/ electricity bill
  • Signature Proof- The banker’s signature verification, Driving license, PAN card, and Passport copy.
  1. Loan Amount All about Education Loans

For an overseas study, loan worth Rs 7 lakhs and above are approved against fixed deposits or property worth the loan amount, NSC certificates and a margin of 15 percent (means you get 15 percent less than the amount sanctioned as a loan). Also, if a loan below Rs 4 lakhs comes at a particular interest rate, the loan over Rs 4 lakhs is usually charged at one percent higher. This is a general overview but for more specifics and schemes on the amount, the rate of interest and repayment options, you must check the individual bank websites.

  1. Documents required for applying for a Student Loan

1) Mark sheet of the last examination for school and graduate studies in India

2) Proof of admission to the course

3) Schedule of expenses for the course

4) Copies of the letter confirming scholarship, etc.

5) Copies of foreign exchange permit, if applicable

6) 2 passport size photographs

7) Bank account statement of the borrower for the last six months

8) Income tax assessment orders not more than two years old

9) A brief statement of the assets and liabilities of the borrower (usually the parent or guardian) and proof of income.

10) In case you are not an existing client of the bank from which you wish to avail the loan, you will also need to establish your identity and give proof of residence.

  1. What the education loan usually covers

Education loans usually cover tuition fees, books and any other supplies, room and board fees, transportation costs, health insurance, as well as other living and education related expenses. The bank usually does not hand over the money to you, but will credit it to the University’s account at the start of each year or semester as required.

  1. Read the Fine Print

Take time to go through the loan agreement’s fine print before you sign it. You should check for the interest rate structure, the pre-payment details, and any options to extend loan repayment in case of unemployment after graduation. Understand the entire loan disbursement process, its various clauses and clear any questions that you have with the bank officials.

A list of banks that provide education loans for study abroad in India

  • State Bank of India
  • Allahabad Bank
  • Axis Bank
  • HDFC Bank
  • Credila (a non-banking finance company, subsidiary of HDFC Ltd. exclusively focused on education loans.)
  • Punjab National Bank (PNB)
  • IDBI Bank
  • HSBC India
  • Indian Overseas Bank (IOB)
  • Avanse Financial Services
  • Syndicate Bank
  • Canara Bank

Thus, by preparing for an education loan application well in advance, gaining a clear understanding of the moratorium period and repayment options and conducting an extensive research about the various loan schemes available, you will ensure that the loan application process is smooth and you will be that much closer to fulfill your dream of studying at a prestigious university abroad.

Dos and Donts of Student Loans in India

Dos and Donts of Student Loans in India

Increasing career benefits of a foreign education coupled with an enriching global exposure has increased the number of students who aspire to pursue their higher education abroad. In spite of a plethora of advantages of studying abroad, the exorbitant expenses involved discourage students from following their dreams. Although many scholarships and financial aid options are available, all students do not become eligible for them. As a result, educational loans become significant to the study abroad plan for the student. Education loans for studying abroad are provided by almost all the major banks in India, but parents and students are apprehensive about the complicated and cumbersome loan application procedure. With easy repayment options and reasonable interest rates, securing funding for study abroad plans has become much simpler than what is perceived. Below are a few tips to obtain student loans. Dos and Donts of Student Loans in India

  1. Be proactive

While you are anxiously awaiting the offer letter from your dream University, start applying for an educational loan. For this, you must research the available loan options thoroughly. Make use of this period effectively to study the various loan options. Being proactive will give you sufficient time to properly weigh all your option before you choose the most suitable loan scheme.

  1. Compare Interest Rates

As you research on loans from leading banks, you will find that they offer loans with varying rates of interest. Compare the student loans that are on offer and make a thorough comparison. State-run banks normally have lower interest rates as compared to private ones. The current interest rates usually fall between 11% to 14%; however most of these are offered on a floating rate basis. This means you should be prepared to face an increase or decrease in interest rates later depending on market conditions. With respect to security requirements for the loan-

(a) Loan up to Rs. 4 lakh- No collateral security is needed, parents are the joint borrower. Dos and Donts of Student Loans in India

(b) Loan amount between Rs.4 to 7.5 lakhs- along with parents as joint borrowers, collateral security in the form of a third party guarantee must be given.

(C) Loan amount above Rs.7.5 lakhs- Parents must be joint borrowers plus tangible collateral security of suitable value is required.

  1. Apply to more than one bank Dos and Donts of Student Loans in India

Do not depend on just one bank for your loan. It is advisable to apply to multiple banks, in case your loan application gets rejected by one.

  1. Eligibility criteria
  • The applicant should be an India citizen Dos and Donts of Student Loans in India
  • The applicant has secured admission to a professional or technical course through an Entrance Test or Selection process
  • Secured admission to foreign university/ Institution Dos and Donts of Student Loans in India
  • Banks generally offer educational loans for long-term programs by prestigious institutions. Short-term ones (such as English language programs) are usually not covered. For those planning to study vocational courses, educational loans do not cover these either. MBA, engineering graduate and medical students are among the top choices for banks. Banks usually do not provide loans to students with a bachelor’s or masters in Arts. Also, for courses where employment prospects are less (as per Bank’s evaluation), loans are sanctioned by considering the parents’ income.
  1. Cosigner

When a loan amount exceeds Rs 5 lakhs, you must indicate who your cosigner is. A cosigner (usually parent) is a person who must sign the loan agreement with you, will be responsible for your debt and agrees to pay your debt, in case you fail to repay the loan. Dos and Donts of Student Loans in India

  1. Prepare Application Checklist

Contact the bank and obtain a checklist from them in advance to have all documents and papers ready for the loan application. You must find out if the University has any tie-ups with banks for educational loans as it could expedite the loan process. Dos and Donts of Student Loans in India

The Application Check List should comprise of-

  • Identity Proof- driving license, passport, pan card, voter identity card, and Aadhar Card.
  • Address Proof- Passport, Bank account statement, Ration card, Aadhar card, Voter’s ID Card and Telephone bill/ water bill/ electricity bill
  • Signature Proof- The banker’s signature verification, Driving license, PAN card, and Passport copy.
  1. Loan Amount

For an overseas study, loan worth Rs 7 lakhs and above are approved against fixed deposits or property worth the loan amount, NSC certificates and a margin of 15 percent (means you get 15 percent less than the amount sanctioned as a loan). Also, if a loan below Rs 4 lakhs comes at a particular interest rate, the loan over Rs 4 lakhs is usually charged at one percent higher. This is a general overview but for more specifics and schemes on the amount, the rate of interest and repayment options, you must check the individual bank websites.

  1. Documents required for applying for a Student Loan

1) Mark sheet of the last examination for school and graduate studies in India

2) Proof of admission to the course

3) Schedule of expenses for the course

4) Copies of the letter confirming scholarship, etc.

5) Copies of foreign exchange permit, if applicable

6) 2 passport size photographs

7) Bank account statement of the borrower for the last six months

8) Income tax assessment orders not more than two years old

9) A brief statement of the assets and liabilities of the borrower (usually the parent or guardian) and proof of income.

10) In case you are not an existing client of the bank from which you wish to avail the loan, you will also need to establish your identity and give proof of residence.

  1. What the education loan usually covers

Education loans usually cover tuition fees, books and any other supplies, room and board fees, transportation costs, health insurance, as well as other living and education related expenses. The bank usually does not hand over the money to you, but will credit it to the University’s account at the start of each year or semester as required.

  1. Read the Fine Print

Take time to go through the loan agreement’s fine print before you sign it. You should check for the interest rate structure, the pre-payment details, and any options to extend loan repayment in case of unemployment after graduation. Understand the entire loan disbursement process, its various clauses and clear any questions that you have with the bank officials.

A list of banks that provide education loans for study abroad in India

  • State Bank of India
  • Allahabad Bank
  • Axis Bank
  • HDFC Bank
  • Credila (a non-banking finance company, subsidiary of HDFC Ltd. exclusively focused on education loans.)
  • Punjab National Bank (PNB)
  • IDBI Bank
  • HSBC India
  • Indian Overseas Bank (IOB)
  • Avanse Financial Services
  • Syndicate Bank
  • Canara Bank

Thus, by preparing for an education loan application well in advance, gaining a clear understanding of the moratorium period and repayment options and conducting an extensive research about the various loan schemes available, you will ensure that the loan application process is smooth and you will be that much closer to fulfill your dream of studying at a prestigious university abroad.

Scholarships for MS

Following options will help cut your financial costs when studying abroad.

Scholarships for MS
Fellowships –> Fellowships generally provide payment of tuition and a stipend for living expenses. Institutional fellowships are awarded either by departments or by a central fellowship office in an institution. Most are based solely on academic merit, although there may be some institutional awards that are intended for certain people, like children of veterans or people in a certain field of study. Even restricted fellowships generally involve some academic merit. Institutions that are actively recruiting students from populations underrepresented in their student body may have special fellowship programs to attract them. Scholarships for MS

Read More

Student Loans

Student Loans

Pursuing higher studies abroad has gained popularity over the years with young students aspiring to learn in a globally diverse environment provided by internationally reputed institutions. With the rising demand for skilled professionals in every field, studying abroad brings in excellent career growth opportunities. The variety of disciplines and interdisciplinary programs offered by Universities allow students to excel in their chosen fields. While the high living and tuition costs are a cause for concern, universities, on their part, encourage students to enroll with them by providing scholarships and student aid. But this brings down the cost marginally.  A majority of students fund their studies through savings, but the high costs often dry out the resources that have been set aside by parents. In such a scenario, students find themselves cutting down their list of universities to those that have comparatively lower tuition fees.

But now, you need not curb your desire to pursue your dream program in the university of your choice.  There is good news in the form of education loans provided by several leading banks and financial institutions to students pursuing their education abroad. Depending on the institution selected and the course of study, banks offer various schemes. Most of the education loan schemes give you a flexible repayment options and allow you to plan your finances accordingly. Education loans carry a moratorium or holiday period, which is very beneficial as the borrower is given a period of around six months after the completion of the course to search for a suitable job. The loan repayment commences after this period or as soon as the borrower has found a job. Not only do these loans cover the cost of boarding, lodging, and tuition fees, but also cover travel and other related costs that would be incurred by the student.

Listed below are some of the features of an education loan:

  • Individual aged between 18 to 35 years can secure an education loan to study at an approved university abroad.
  • Students can avail education loans for engineering and medicine courses, management courses, as well as graduate and post graduate program in pure science, arts, architecture, hotel management etc.
  • The expenses covered under an education loan include tuition fees, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects and study tours.
  • Borrowers have to bring in a margin of 5%-15% for loans taken for foreign studies.
  • During the moratorium period, borrowers must pay the interest, with the principal payment starting when the loan tenure begins.
  • Education loans can be repaid in monthly instalments through ECS or via post-dated cheques to the bank.
  • Generally, banks sanction education loans with tenure up to seven years, inclusive of the moratorium period.
  • A co-applicant has to be selected for education loans taken for full time courses. Co-applicants can include siblings, spouse, parents or other family members.
  • Banks will sanction a maximum of Rs. 20 lakhs with the moratorium period and up to a maximum of Rs. 10 lakhs for loans without a moratorium period.
  • No security has to be submitted for education loans taken up to Rs. 4 lakhs. Third party guarantee has to be furnished for loans between Rs. 4 lakhs and Rs. 7.5 lakhs and tangible collateral security is required for loans above Rs. 7.5 lakhs.
  • The Central Government has also introduced an interest rate subsidy scheme for repayments done during the moratorium period for the benefit of the weaker sections of the society.

Top education loans providers in India:

Below are some of the top education loan providers in India aiding students in pursuing their education abroad:

Bank Courses Covers Amount (Maximum) Loan Margin Rate of Interest Processing Fee Moratorium Tenure
Avanse Graduate and post graduate courses at reputed institutions Tuition fees, travel, living expenses, books /equipment fees and other related expenses Customised according to the borrower’s requirements Nil Variable 1% Variable Variable
SBI MBA, MCA, MS etc. and diploma courses. (CIMA), London and the Certified Public Accountant (CPA), USA Tuition fees, Examination, Laboratory and Library fees, caution deposit, cost of books and equipment, travel costs and other necessary expenses Rs. 30 lakhs with collateral 15% 2% on the current base rate _ 1 year 15 years
Axis Bank Hostel fees, tuition fees, book costs, etc. Rs. 20 lakhs 16.50% to 17.50%, special rates for women applicants
Punjab National Bank Graduate, post-graduate courses. Diplomas, job-oriented professional and technical courses, CIMA/CPA courses, etc. University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses As per requirement 15% Base rate as interest if studying in any of 200 top universities of the world. 1% 1 year 15 years
HDFC Bank over 950 courses across 36 countries University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses 1.5% of loan amount 15 years
Canara Bank Professional and technical courses, graduate and post-graduate courses University fees, travel, exam fees, lab fees, library fees, book/equipment fees and other related expenses 20 Lakhs 15% 15 years

Our trusted partner, Avanse Financial Services:

The Avanse Study Loan can be availed for pursuing education at over 1600 foreign universities across the world. For the convenience of borrowers, Avanse offers pre-visa disbursement loans, fast-track loans, pre-admission loans and certificate of availability of funds. Indian citizens can avail the Avanse education loan with a co-borrower for pursuing graduate and post graduate courses at reputed institutions. The minimum loan amount sanctioned for foreign education is Rs. 1, 00,000 with the maximum limit customised according to the borrower’s requirements. No margin is required and the loan tenure can be taken between 12 months to up to 120 months. The holiday period given is 6 months after completion of the course or three months after securing employment. As per the loan amount, the security requirement will be determined by Avanse.

For more information, visit:

https://www.bankbazaar.com/education-loan/top-education-loan-providers-india-for-foreign-education.html

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