Thinking about applying to an Ivy League or Russell Group university but unsure if you will easily secure an education loan? Don’t worry, we have you covered!
Many public and private banks have a ‘prime list’ of approved foreign universities, which can make your loan process smoother. These lists feature universities that meet certain standards of academic excellence and stability, making them a safer investment for lenders. If you apply to a university on this list, you are more likely to get approval for a loan, as the institution is recognized for providing quality education and has a reputation globally.
In this article, we will explore the universities which are on the prime lists set by leading banks in India, boosting your chances of getting a study abroad loan.
The USA is renowned for its top-tier universities and world class education. With over 5,000 Public and Private Universities, Ivy League Schools, and Community Colleges, the options are vast.
Below is the list of US Universities approved for Foreign Education Loans in most of the Indian Banks.
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University of Washington |
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Columbia University New York |
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University of Pennsylvania |
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University of Pittsburgh |
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University of Arizona |
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University of Chicago |
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University of California |
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University of Wisconsin Madison |
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New York University |
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Purdue University |
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Canada, the second largest country in the world, is known for its high-quality education, diverse culture, and safe, welcoming communities. The education system, mainly funded by the Canadian government, includes universities, community colleges, and private institutions.
Many of these universities are approved for foreign education loans by the Public & Private Banks in India, as listed below:
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University of British Columbia |
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University of Alberta |
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University of Calgary |
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Simon Fraser University |
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University of Montreal |
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University of Ottawa |
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Dalhousie University |
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McGill University |
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Trent University |
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University of Manitoba |
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University of Saskatchewan |
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University of Windsor |
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Carleton University |
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Northeastern University Canada |
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Toronto Metropolitan University |
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Wilfrid Laurier University |
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The UK is known for its excellence in education, with the Russell Group of Universities being a prime example. All top-ranked institutions offer strong programs in fields such as Engineering, Science, Business, Law, Art, and Design. With its highly valued education system, the country attracts over 600,000 international students each year.
Here’s the list of UK institutions which are eligible for study abroad loans in Indian Banks.
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University of Oxford |
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UCL University College London |
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University of Edinburgh |
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University of Manchester |
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University of Nottingham |
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Alliance Manchester Business School |
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London Business School, London |
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Warwick Business School |
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London School of Economics |
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Said Business School, University of
Oxford |
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Cardiff University |
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Oxford Brooks University |
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Queens University Belfast |
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Did you know that around 95% of Australian Universities are ranked globally? Australia, known for its strong higher education system, features research-intensive institutions like the Group of Eight (Go8). Once you’ve chosen your field of study, you’ll be well on your way to a successful future.
Here are some of the in-demand universities of the country that most Indian financial institutions approve for education loans to study in Australia.
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University of Melbourne |
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Australian National University |
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University of Queensland |
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Monash University |
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University of Western Australia |
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Deakin University |
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RMIT University |
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University of Newcastle |
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University of Technology Sydney |
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La Trobe University |
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Central Queensland University |
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University of Southern Queensland |
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Edith Cowan University |
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University of South Australia |
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All universities in New Zealand are among the top 2% globally! Beyond this, it also boasts some popular institutions. Plus, New Zealand ranks #1 in the world for work-life balance. This means that studying and working in the Kiwi Country will not only offer you academic advantages but also a fantastic environment for professional growth.
Here are some of the top institutions of the country eligible for study abroad loans through Indian Banks.
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University of Otago |
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Lincoln University |
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Massey University |
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The University of Waikato |
University of Canterbury |
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Ara Institute of Canterbury |
Manukau Institute of Technology |
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Otago Polytechnic |
Southern Institute of Technology |
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Waikato Institute of Technology |
Imperial College of New Zealand |
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Pacific International Hotel Management School |
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Europe offers a variety of excellent study destinations, including Ireland, Germany, France, and the list goes on. Each of these countries is known for providing high-quality education in fields like Computer Science & IT, Engineering & Technology, Business & Management, and Natural Sciences & Mathematics. Furthermore, these countries are home to Top-Ranked Universities, & Business Schools that can pave the way for a successful career.
Let’s have a look at the top institutions of popular European study destinations that most public and private banks in India approve for the education loan.
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Trinity
Business School |
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University
College Dublin |
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Dublin
City University |
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National
College of Ireland |
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Technological
University Dublin |
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University
of Limerick |
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University
of Galway |
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Ruprecht Karls Universität Heidelberg |
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KIT, Karlsruher Institut für Technologie |
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Ludwig-Maximilians – Universität München |
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University Hamburg |
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University Freiburg |
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University Tubingen |
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Rheinisch Westfalische Technische Hochschule
Aachen |
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University zu Köln |
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University Of Bonn |
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INSEAD Business School France |
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ESSEC Business School, France |
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Emlyon Business School |
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ISC Paris Business School |
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Paris School of Business |
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Wageningen University & Research Centre |
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Erasmus University of Rotterdam |
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Eindhoven University of Technology |
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Radboud University |
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Rotterdam School of Management |
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University of Groningen |
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VU University of Amsterdam / Vrije
Universiteit Amsterdam |
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École Polytechnique Fédérale de Lausanne |
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Swiss Federal Institute of Technology Zurich |
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University of Geneva |
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IMD Business School, Lausanne |
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The best part with the Asian study destinations is that most of the UK, US, Australian Universities have their campuses in Asian countries like Dubai, Singapore & Malaysia. So, students can study on these campuses, saving upon the living expenses. They can also study one or two semesters at their accredited partner universities thereby gaining international exposure. Furthermore, destinations like Dubai & Singapore are also home to highly popular business schools offering a variety of Masters and Bachelors courses.
Below is the list of approved institutions in the popular Asian study destinations that are eligible for study abroad loans through Banks in India.
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INSEAD, Singapore |
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NUS Business School |
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ESSEC Business School, Singapore |
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National University of Singapore |
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University of Birmingham |
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Heriot Watt University |
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Canadian University |
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Abu Dhabi University |
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Middlesex University |
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Now that we’ve looked at some of the best international universities, colleges and business schools abroad for which you can get a study loan through Indian Banks and NBFCs, let’s shift our focus to the list of Financial Institutions offering the same.
When applying for a study abroad loan, choosing an institution from a bank's prime list can offer several benefits. You might also enjoy better loan terms, such as lower interest rates and easier education loan processes.
In the table below, you'll find the key features of the top Indian banks offering loan for higher education abroad:
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ICICI
Bank |
Up to 1 Crore Unsecured Loan for
Universities in the Prime List Up to 20 Lakhs Unsecured Loan for
Universities in the Non-prime List |
10.5%-11.25% |
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Union
Bank of India |
Up to 1.5 Crores Secured Loan Unsecured Loan of 40 Lakhs for Top
160 Listed Universities Unsecured Loan of 30 Lakhs for Top
100 Universities |
50% Secured Loan (Listed
Universities)- 9.50% 100% Secured Loan (Non-Listed
Universities)- Up to 10.85% 100% Unsecured Loan (Listed
Universities)- 9.75% |
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Saraswat
Bank |
Secured Loan of up to 1.5 Crores |
Up to 10% |
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Bank of
Baroda |
Secured Loan of up to 1.5 Crores for
Premier Universities Unsecured Loan of up 60 Lakhs for
Non-Premier Universities |
10.35% for Non-Premier Universities |
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Punjab
National Bank |
Secured Loan
of up to 1.5 Crores |
10.50% |
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Bank of
Maharashtra |
Secured
Loan of up to 1.5 Crores |
10.05% |
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State
Bank of India |
Secured
Loan of up to 1.5 Crores |
11.15% |
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Bank of
India |
Unsecured Loan
of up to 20 Lakhs |
11.75% |
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Axis
Bank |
Up to 75 Lakhs Unsecured Loan for
Universities in Prime A Up to 50 Lakhs Unsecured Loan for
Universities in Prime B Up to 15 Lakhs Unsecured Loan for
Universities in Prime C |
10.5% -
11.25% |
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Yes
Bank |
Unsecured Loan of up to 50 Lakhs for
A Category Universities List Unsecured Loan of up to 40 Lakhs for
B Category Universities List Unsecured Loan of up to 30 Lakhs for
C Category Universities List Unsecured Loan of up to 25 Lakhs for
D Category Universities List |
11.50%-13% |
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IDFC
First Bank |
Up to 62 Lakhs (USA) & 41 Lakhs
(others) for Universities in Platinum Category Up to 49 Lakhs (USA) & 35 Lakhs
(others) for Universities in Titanium Category Up to 31 Lakhs (USA) & 29 Lakhs
(others) for Universities in Gold Category Up to 25 Lakhs (USA) & 23 Lakhs
(others) for Universities in Bronze Category |
11%-13.25% |
This overview of study abroad loan options from Top Indian Banks should help you find the right fit for financing your education overseas. By comparing the loan amounts and interest rates, you can choose the best bank to support your academic journey!
For more personalized guidance and to navigate other intricacies of study abroad loans, consider connecting with Élan Overseas Education Loans. Our experts will not only help you choose a prime-listed university that fits your academic and financial needs but also assist you in securing the necessary loan according to your overseas education loan eligibility.
Why wait any longer? Connect with our team today!
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