Education Loan Schemes to Study Abroad: Know the Most Popular Schemes in 2023

Students willing to pursue higher education abroad prefer to take an education loan to fund their study expenses. Since the demand for studying abroad is rapidly increasing, there are several financial institutions that provide secured and unsecured overseas education loans for study abroad aspirants. 

Considering the number of education loans available in the market, finding the best one can be a confusing task. However, to help you find the best bank to get the most suitable overseas education loan schemes, here’s a list of the most popular overseas education loan schemes in 2023. 

Keep reading to know more about these education loan schemes offered by some of the best banks in India.

Most Popular Overseas Education Loans Schemes

1. SBI Global Ed-Vantage Scheme: State Bank of India

One of the leading nationalised banks in India, the State Bank of India is also o.ne of the most sought-after financial institutions for overseas education loans. The popular overseas education loan scheme by SBI is the Global Ed-Vantage education loan scheme. Let’s proceed to know the details of this scheme which provides secured overseas education loans.

Key Features of the SBI Global Ed-Vantage Scheme

• Loan Amount - Up to INR 1.5 Crore (and above if the project cost is more than INR 1.5 Crore)
• Interest Rates - 10.90% (Floating rate of interest)
• Loan Margin - 10 %
• Processing Fees - INR 10,000/-
• Loan Tenure - 15 years 
• Simple Interest - Simple interest will be charged during the Course Period and Moratorium Period.
• Total Expenses Covered Under this Scheme - Tuition fees, other related study expenses, travel expenses, and passage money will be covered in this scheme.

2. Special Union Education Loan Schemes for Premier Institute Abroad Studies: Union Bank of India

Yet another leading nationalised bank in India, the Union Bank of India has recently introduced a new scheme for overseas education loans. The Special Union Education Loan Schemes for Premier Institute Abroad Studies is open for all Indian students who have secured admission to postgraduate courses in the Premium University Abroad. Under this scheme, the bank has curated a list of 159 Premiere universities and institutions. One peculiar feature of this scheme is that it provides collateral free education loans for abroad for up to INR 40 Lakhs. 

Key Features of the Special Union Education Loan Schemes for Premier Institute Abroad Studies

• Loan Amount –
  For Secured Education Loans - Up to INR 1.5 Crore. 
  For Unsecured Education Loans - Up to INR 40 Lakhs.
• Interest Rates – 10.50- 11.50% 
• Loan Margin – 15 %
• Processing Fees - INR 5,000/- 
• Loan Tenure – 15 years (Past the moratorium period)
• Simple Interest – Simple interest will be charged during the Course Period and Moratorium Period.
• Total Expenses Covered Under This Scheme – Tuition fees, living expenses, other related study expenses, insurance premium for the student borrower, travel expenses, and passage money will be covered in this scheme. 

3. Baroda Scholar Scheme: Bank of Baroda

The Baroda Scholar Scheme by the Bank of Baroda is a popular loan scheme for providing instant education loans for abroad studies. Under this scheme, an education loan is provided to Indian students who have secured admission to professional or technical courses abroad through an entrance test or merit-based selection process. A list of Premier Institutes for various courses has been curated by this bank, to provide education loans under this scheme. Other than the specified list of Premier Institutes, the Bank of Baroda provides education loans for other institutions as well. 

Key Features of the Baroda Scholar Scheme

• Loan Amount –
  For Institutions Specified in List of Premier Institutions - Up to INR 1.5 Crore.
  For Institutions not specified in the List of Premier Institutions - Up to INR 60 Lakhs.
• Interest Rates –
  List of Institutes Specified in the list of Premier Institutions - 10.40%
  List of Institutes Not Specified in the list of Premier Institutions - 10.75%
  
• Loan Margin – 10 %
• Processing Fees - INR 10,000/- 
• Loan Tenure – 10 - 15 years (After the moratorium period)
• Simple Interest – Simple interest will be charged during the Course Period and Moratorium Period.
• Total Expenses Covered Under This Scheme – Tuition fees, other related study expenses, travel expenses, and passage money will be covered in this scheme. 

4. Star Education Loan - Studies Abroad: Bank of India

Bank of India (BOI) is one of the leading nationalised banks that offer overseas education loans under a scheme known as the Star Education Loan. This education loan scheme is for Indian students who are pursuing a full-time degree course abroad. 

Key Features of the Star Education Loan - Studies Abroad Scheme

• Loan Amount - Up to 1.5 Crore INR. 
• Interest Rates  - 11.85 % 
• Loan Margin – 10 %
• Processing Fees - INR 5,000/- 
• Loan Tenure – 15 years (After the moratorium period)
• Simple Interest – Simple interest will be charged during the Course Period and Moratorium Period.
• Total Expenses Covered Under this Scheme – Tuition fees, living expenses, other related study expenses, travel expenses, and passage money will be covered in this scheme. 

These are some of the popular overseas education loan schemes in 2023. Since there are so many options to choose from, it is quite natural to get confused. To ease your task and help you find the most suitable education loan scheme, you can reach out to our expert loan advisors at ÉLAN Overseas Education Loans. 

Our team is well-trained to help you determine which bank will be the most suitable option for you. In addition to this, we also provide complete assistance in education loan processing.

So, if you are worried about how to get an education loan for study abroad, reach out to team ÉLAN and begin your hassle-free loan application process.