From the innovative tech hubs of Silicon Valley to the breathtaking landscapes of New Zealand, studying abroad offers an experience of a lifetime to students that goes beyond textbooks. It's about immersing yourself in new cultures, gaining global perspectives, and building an international network. But the price tag is something that has held back many such dreams over the years.
Not anymore! Education loans are here to make overseas study dreams into reality. In this article, we'll explore this popular study abroad financing option offered by Yes Bank. Stay with us till the end as we talk about the loan features, eligibility, documents and more regarding Yes Bank Education Loans.
Yes Bank is a popular commercial bank that operates pan-India with its headquarters in Mumbai. The bank offers a wide range of services and financial products that offer digital solutions that cater to different sectors. For the purposes of this article, we will be focusing on the loans offered by the bank for abroad studies.
Let’s have a glance at the top advantages of taking an overseas education loan from the bank.
Higher Loan Amounts
Quick Approvals
Loans at your Doorstep
Customizable Repayment Options
These are the major advantages of taking a study abroad loan from Yes Bank, moving on we will now look at the features of this loan.
Among the many features, the notable ones include:
Loan Amount: The Bank offers loans up to INR 1.5 Cr for secured loans and the unsecured loan amount differs depending on the category where the University is listed. There are 4 categories and the unsecured loan amount offered to each category is as follows:
Category A: INR 50 Lakhs
Category B: INR 40 Lakhs
Category C: INR 30 Lakhs
Category D: INR 25 Lakhs
Rate of Interest: The student loan interest rates for secured and unsecured loans offered by the bank range from 11.50% to 13%. The interest rates vary depending on the category like:
Category A: 11.50%
Category B: 11.50%
Category C: 12%
Category D: 12.50%
Funding: The Bank offers 100% funding for secured and unsecured loans for abroad studies. For loans taken against FD, 90% of funding is offered.
Study Level & Courses: The loans are offered for various courses. The secured loans are offered for selected Bachelor's and Master’s Degree courses. The unsecured loans are offered for STEM and Management courses for Bachelors and Masters.
Income Criteria: The loan is offered to students depending on the income of their sponsors. The income of the sponsors should be INR 5 lakhs or more.
Repayment Tenure: The education loan repayment tenure depends on the category of the loan:
Category A: 15 Years (Excluding the Moratorium Period)
Category B: 15 Years (Excluding the Moratorium Period)
Category C: 15 Years (Excluding the Moratorium Period)
Category D: 10 Years for all Courses & 7 Years for Bachelor Courses (Excluding the Moratorium Period).
After knowing about the features of the, it’s time to find out the eligibility criteria students need to meet to acquire the loan.
To be eligible for an overseas education loan offered by Yes Bank, applicants need to fulfil the following criteria:
Be a Citizen of India
Should have Secured Admission to an International Institution.
Loan Co-borrowers should be Parents, Grandparents or Immediate Family.
Along with meeting the criteria, it is also important for students to submit the right documentation. We will look at that in the next section.
The essential documents required for the loan application are as follows:
Identity Proof: PAN Card, Aadhar Card, or Passport are also accepted
Address Proof: Utility Bills
Academic Records: 10th and 12th Results, Bachelors Results (If Applicable)
Admission Proof: University Admission Letter
Financial Statement: Bank Statements, Income Tax Returns, Salary Slips, etc
Co-applicant/Guarantor Documents: Proof of Identity, Residence and Income
These are the documents required to apply for the loan. To know more about the application process students can reach out to experts at Élan Overseas Education Loans for assistance.
As we have seen in this article, Yes Bank is an excellent option for students pursuing overseas education. With quick approval processes and 100% funding, students can concentrate on their studies without financial stress. The bank's competitive and lowest interest rate on education loans enhances its attractiveness.
To know more about the loan acquisition process and simplify it, students can consult Study Abroad Loan Experts at Élan Overseas Education Loans. Our Loan Advisors will ensure a smoother financial path as students work towards their academic aspirations abroad.
Reach out to us today and start your loan application process with Yes Bank!
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