Education Loan for Study Abroad
Studying abroad is a dream for millions of students all over the world. It opens several successful career pathways for the students. However, studying abroad is often expensive for many students. To ease this financial burden of the students, education loans come to their rescue. Whether you are studying in Canada, USA, UK, New Zealand, Australia or any other country, a student loan for abroad studies provides the students the financial support they need. With the help of education loans, students can cover most of their financial expenses like tuition fees, living costs, travel costs , books, academic materials and all other study-related expenses.
Various banks provide student loans in India. Here, we will cover everything related to education loans in India - how to apply to get an education loan, the documents required, eligibility criteria and interest rates offered by the Indian banks.
Why choose Education Planner for your education loan?
To make your education loan process hassle-free, Education Planner is here with you at every step on this journey. With the help of our financing partners, Education Planner supports you through this whole process, providing you with the financial aid you need to fulfill your study abroad dreams and no financial constraints stop you.
We at Education Planner believe that you are not just securing an education loan—you're investing in your dreams, your future, your happiness and the endless future opportunities that will come your way.
Choosing to study abroad is a life-changing decision for the best. On top of receiving high-quality education in a world-class university, students studying abroad gain valuable international exposure and lifelong connections that ensure their growth in life as a better person.
Reliable Partner
With the support of our reliable financing partners, Education Planner will make your education loan process simple and stress-free.
Experienced Team
Our trusted and experienced team will guide you through your whole education loan process so that you have no hurdles in your study abroad journey.
Your Trusted Partner!
Let Education Planner be the trusted partner who helps turn your study abroad dreams into reality.
EMI Calculator for Education Loan
Using Education Planner's EMI calculator, you can easily calculate the EMIs for your education loan just in a few seconds after entering the following details:
Eligibility Criteria For Education loan in India
The following eligibility criteria must be met for the candidate applying for the loan to get an overseas education loan:
- The candidate must be a resident of India.
- The candidate must be between the age of 18-35 years. If the candidate is below the age of 18, then his/her parents must apply for the student loan for studying abroad.
- The student must have an admission letter from a recognised university outside India/abroad.
- The candidate should have a strong academic record.
- He/she must be pursuing a graduation/ post graduation or a Post graduate diploma.
- Having a co-applicant is mandatory for full term programs. The co-applicant could be your parent/guardian or spouse/parent in law.
Some banks may also have their own eligibility criteria for granting student loans for abroad studies. Kindly refer to the bank's official website before proceeding with the education loan application.
Documents Required for Education Loan
You must know the documents required for a student loan for abroad studies:
Passport size photographs of both the applicant and the co-applicant.
Identity proof - Aadhar Card/Pan card/Voter Id
Admission letter of the candidate from the university
Residence proof of both the applicant and co-applicant (Passport/Driving license or Electricity bill)
Academic records like - 10th and 12th board marksheets, certificates(if any), Graduation or Post graduation marksheets (if any)
Test scores of proficiency tests like IELTS/TOEFL/GRE or GMAT.
Bank account statement of the last 6 months
Passport of the applicant is mandatory for the study loan for abroad studies.
Income documents:
For Salaried persons - Latest Salary slip, Form 16 or latest ITR return
For Self-employed - Last 2 Year ITR with Computation of Income, Last 2 years Audited Balance sheet
*The above requirements may vary depending on the bank.
Education Loan for studying abroad without Collateral and with Collateral
Education loans can be categorized into two types- secured and unsecured education loans. Assets like house property, non-agricultural land are accepted by the banks as collateral. Unsecured loans are the loans provided without any security(collateral).
No security to offer! You don't have to worry as many banks also provide education loans without any collateral. After verifying your financial records and your academic background, banks can offer student loans for studying abroad without the need of collateral. Having a strong academic record can strengthen your chances for getting a collateral free loan and the financial assistance you require for studying abroad.
Each bank has their own requirements and interest rates for providing an education loan without collateral.
At every step of this life-changing journey, Education Planner will stand by your side.
From the moment you take the first step toward applying for a loan to the day your child boards that flight towards a brighter future, our experienced team will guide you through it all.
Your dreams deserve to soar. Let's make it happen—together with Education Planner.
FAQs: Your Questions, Answered
Find quick answers to common queries about studying abroad, applying to universities, and using our platform.
To apply for an education loan for abroad studies, the applicant must be a citizen of India and have an admission letter from a recognized university outside India. The applicant must be 18-35 years of age and for a minor, there must be a co-applicant. It can be your parent/guardian/spouse or parent in law. A good academic record is a plus point for loan disbursement.
