Education Loan for Study Abroad Up to Rs 50 Lakhs
Expert loan advisory for Indian students. We help you compare, choose and get approved from top banks and NBFCs. Fast approval within 7-15 days. Free counselling from certified experts.
Complete Education Loan Solutions
From loan comparison to sanction — we handle every step so you can focus on your studies.
What Does the Loan Cover?
Education loans cover almost every expense of your study abroad journey.
- Full Tuition Fees (any duration)
- Hostel and Accommodation Charges
- Travel Expenses (flight tickets)
- Books, Laptop and Study Equipment
- Examination and Library Fees
- Health Insurance and Medical Cover
- Living Expenses (food, transport)
- Refundable Caution Deposit
- Study Tours and Project Costs
Who Can Apply?
Basic eligibility criteria for education loan. We help you match with the right bank based on your profile.
For the Student
- Indian citizen aged 18 to 35 years
- Confirmed admission from recognised foreign university
- Consistent academic record (min 55% - 60%)
- Valid English proficiency (IELTS, TOEFL, PTE)
- Valid passport with sufficient validity
- No prior loan defaults or CIBIL issues
For the Co-applicant (Parent/Guardian)
- Must be Indian resident (father, mother or spouse)
- Regular income with valid ITR (last 2 years)
- Salaried, self-employed or business owner
- CIBIL score 700+ recommended
- Property documents required for loans above Rs 7.5L
- Bank statements (last 6 months)
Tax Benefit Under Section 80E
Get income tax deduction on the entire interest paid on your education loan for up to 8 years under Section 80E of Income Tax Act. No upper limit on the deduction amount!
Interest Rates from Top Banks
Compare rates from India's leading education loan providers. Actual rate depends on your profile, university and loan amount.
* Rates are indicative and subject to change based on RBI guidelines, applicant profile, university ranking and loan amount. Contact us for personalised quote.
Simple 6-Step Loan Process
From free counselling to disbursement — we manage everything for you.
- Free Consultation
Book a 30-minute free call with our loan expert. Share your profile, target country and course.
- Eligibility Check & Bank Shortlist
We analyse your profile and shortlist 3-5 banks matching your co-applicant income, credit score and loan need.
- Document Collection
We provide a customised checklist. Upload documents online — we verify and organise them for you.
- Application Submission
We prepare and submit applications to multiple lenders in parallel to get you the best offer.
- Sanction and Approval (7-15 Days)
Bank verifies documents, does field investigation and issues sanction letter. We negotiate the best rate.
- Disbursement to College
Once you sign the loan agreement, funds are disbursed directly to your university OR to your account for expenses.
Documents Checklist
Keep these documents ready to speed up your loan approval. We help you organise everything.
Student Documents
- Admission letter from foreign university
- Complete fee structure of the course
- 10th, 12th and Graduation marksheets
- Entrance exam scores (GRE, GMAT, IELTS, TOEFL, SAT)
- Passport (valid for at least 2 years)
- Statement of Purpose (SOP)
- Aadhaar Card and PAN Card
- Recent passport-size photographs
Co-applicant Documents
- Aadhaar Card and PAN Card of co-applicant
- Income Tax Returns (last 2-3 years)
- Salary slips (last 6 months) if salaried
- Bank statements (last 6-12 months)
- Form 16 or business proof
- Property papers (for secured loans)
- Guarantor documents (if required)
- Address proof and photographs
Trusted Bank & NBFC Partners
We have tie-ups with India's leading banks and non-banking financial companies to get you the best deal.
🏭 Government Loan Schemes
Take advantage of subsidised Government of India schemes to reduce your interest burden.
Interest subsidy for economically weaker students from minority communities studying abroad.
100% interest subsidy during moratorium period for students from families with income below Rs 4.5 lakhs.
Government portal to apply for education loans from 40+ banks with a single application form.
Common Loan Questions Answered
Everything you need to know before applying for an education loan.
Do I need collateral for education loan?
Loans up to Rs 7.5 lakhs are unsecured. Above that, most public banks require collateral (property, FD, LIC policy). NBFCs like Credila, Avanse offer collateral-free loans up to Rs 50 lakhs based on profile.
Can I get 100% loan financing?
Yes, most banks fund 100% of the tuition fees. Some banks require you to fund 5-15% as margin money for premier institutions. NBFCs offer 100% financing including living expenses.
What is the moratorium period?
You don't have to pay EMIs during your course + 6 months to 1 year after course completion. During moratorium, only simple interest accrues (some banks offer waiver too).
Can I prepay my education loan?
Yes! Most banks allow prepayment without any charges. It's a great way to save on interest. Some banks have small prepayment charges for NBFC loans (0-3%).
What if I don't have a co-applicant?
Prodigy Finance and MPOWER Financing offer no-cosigner loans specifically for top international universities. These are typically for Master's and PhD students at ranked institutions.
How long does approval take?
Typically 7-15 working days from complete document submission. NBFCs like Credila are faster (5-7 days). Public banks may take 15-30 days but offer lower rates.
Is there any processing fee?
Public banks: 0.5% - 1% (max Rs 10,000). Private banks: 1% - 1.5%. NBFCs: 1% - 2%. We help you negotiate this down or waive it entirely with certain banks.
What about currency fluctuation risk?
Loans are disbursed in INR to your university in foreign currency at that day's rate. Some banks like SBI offer forex fixation for a fee. We advise you on the best forex strategy.
Ready to Fund Your Study Abroad Dream?
Get a free personalised loan quote today. Our expert will call within 2 hours during working hours. 100% free consultation, no obligation.