A large number of international students are now aspiring to pursue their higher education overseas from the top ranked global universities. Some students finance their higher studies on their own with the help of savings whereas few others apply for an education loan. All the financial lenders in India provide two kinds of overseas education loan i.e., Secured Overseas Education Loan and Unsecured Overseas Education Loans. In this article, we are going to discuss about the top education loan providers in India. So, let us get straight into it.
Government Providers
Government Providers are referred to the government banks in India that offers financial services to the citizens. In a government bank, the large number of stakes are held by the government itself.
State Bank of India:
State Bank of India established in the year 1806, is the oldest and the popular financial lender in the Indian subcontinent. An SBI education loan is the go-to option for majority of the students in India due to varied benefits it offers. Students willing to pursue technical and job-oriented courses at undergraduate, postgraduate and PHD level, can apply for a study abroad loan via SBI. In case of an unsecured overseas education loans, banks offer up to 7.5 lakhs of loan whereas for secured overseas education loans, it offers up to 1.5 Cr. In India, SBI is considered to be the best Bank For Overseas Education Loan.
Bank of Baroda:
Bank of Baroda with its wide network of over 9,288 branches across India is financing the dreams of study overseas aspirants for over 100 years now. Bank of Baroda only offers secured overseas education loan and the limit for the same is up to 1.5 Cr. Students willing to study overseas and finance their degree program can opt for two types of education loans. They are as follows:
• Baroda Scholar: Baroda Scholar Overseas Education Loan Scheme is for the aspirants willing to pursue their higher education in foreign universities at Bachelors, Masters and PHD level.
• BOB Executive Development Program: BOB Executive Development Loan Program is for the working professionals applying for full-time or part-time online programs in Indian or overseas universities.
Private Providers
Private Providers is referred to the private banks in India offering financial services. Here, majority of the shares are held by the shareholders of the bank itself.
Axis Bank:
Axis Bank, established in the year 1994, is the third-largest commercial private bank in India. The bank has categorized the foreign educational institution into 3 categories i.e., Prime A, Prime B and Non-Prime. In the Prime A category, students securing an admission at the top ranked universities can avail an unsecured education loan up to INR 40 lakhs whereas for Prime B, students can avail up to INR 25 lakhs of unsecured overseas education loan. In the Non-prime listing, students can avail an education loan of INR 7.5 lakhs.
So, these are the top financial institutions that offer foreign education loan. If you require any kind of assistance for overseas education loan process, reach out to us at Elan Loans.
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