Pursuing higher education abroad is an exciting opportunity for many Indian students, but the cost can be overwhelming.

Education loans are an effective way to finance your studies in foreign countries.

In India, several financial institutions offer education loans specifically for international students.

In this article, we’ll explore the 7 best education loans for international students in India, detailing the loan amount, co-signer requirements, interest rates, loan terms, and eligibility criteria.

Best Education Loan for International Students in India

Loan ProviderLoan AmountCo-signer RequirementInterest RatesLoan TermsEligibility Requirements
State Bank of India (SBI)₹20 Lakh to ₹50 LakhYes10% – 13%5 – 15 yearsIndian citizens, admission to recognized foreign institution
HDFC Credila₹50,000 to ₹25 LakhYes10.5% – 14%5 – 15 yearsIndian students, enrolled in a foreign institution
ICICI Bank₹1 Lakh to ₹20 LakhYes9.5% – 13.5%5 – 10 yearsIndian citizens, admission to an accredited foreign institution
Axis Bank₹50,000 to ₹75 LakhYes10.5% – 13.5%5 – 12 yearsIndian students, accepted in a foreign university
Punjab National Bank (PNB)₹1 Lakh to ₹20 LakhYes8.5% – 11%5 – 10 yearsIndian citizens, enrolled in foreign institution
College Ave Student LoansUp to $100,000No5.5% – 9.0%10 – 15 yearsEnrolled in U.S.-based institution
IDFC First Bank₹1 Lakh to ₹30 LakhYes10.5% – 12.5%5 – 15 yearsIndian citizens, admission to accredited foreign institutions
Best Education Loan for International Students in India

1. State Bank of India (SBI)

  • Loan Amount: ₹20 Lakh to ₹50 Lakh
  • Interest Rates: 10% – 13%
  • Loan Terms: 5 – 15 years

SBI offers one of the most popular education loans for international studies in India.

The loan amount ranges from ₹20 Lakh to ₹50 Lakh, depending on the course and country of study.

The interest rates range from 10% to 13%, with repayment terms between 5 and 15 years.

A co-signer is required, and the loan is available to Indian citizens who have secured admission to a recognized foreign university or institution.

2. HDFC Credila

  • Loan Amount: ₹50,000 to ₹25 Lakh
  • Interest Rates: 10.5% – 14%
  • Loan Terms: 5 – 15 years

HDFC Credila offers education loans for international studies with a loan amount ranging from ₹50,000 to ₹25 Lakh.

The interest rates vary from 10.5% to 14%, depending on the student’s profile, and the loan term ranges from 5 to 15 years. A co-signer is required for the loan.

The loan is available to Indian students enrolled in accredited foreign universities and courses.

3. ICICI Bank

  • Loan Amount: ₹1 Lakh to ₹20 Lakh
  • Interest Rates: 9.5% – 13.5%
  • Loan Terms: 5 – 10 years

ICICI Bank offers education loans for international students ranging from ₹1 Lakh to ₹20 Lakh.

The interest rate varies from 9.5% to 13.5%, and the loan repayment period is between 5 to 10 years.

A co-signer is required, and students must have confirmed admission to an accredited foreign institution.

4. Axis Bank

  • Loan Amount: ₹50,000 to ₹75 Lakh
  • Interest Rates: 10.5% – 13.5%
  • Loan Terms: 5 – 12 years

Axis Bank provides education loans for international studies with amounts ranging from ₹50,000 to ₹75 Lakh.

Interest rates range from 10.5% to 13.5%, and the repayment period is between 5 to 12 years. A co-signer is required for the loan.

This option is available for Indian students pursuing undergraduate or postgraduate courses abroad.

5. Punjab National Bank (PNB)

  • Loan Amount: ₹1 Lakh to ₹20 Lakh
  • Interest Rates: 8.5% – 11%
  • Loan Terms: 5 – 10 years

PNB offers competitive interest rates for education loans, ranging from 8.5% to 11%.

The loan amounts range from ₹1 Lakh to ₹20 Lakh, with flexible repayment terms between 5 and 10 years.

A co-signer is required, and the loan is available to students who have secured admission to recognized foreign institutions.

6. College Ave Student Loans

College Ave Student Loan
Best Education Loan for International Students in India
  • Loan Amount: Up to $100,000
  • Interest Rates: 5.5% – 9.0%
  • Loan Terms: 10 – 15 years

College Ave Student Loans provides education loans for international students enrolled in U.S.-based institutions.

The loan amount can go up to $100,000 (approximately ₹75 Lakhs).

Interest rates range from 5.5% to 9.0%, and the repayment term is between 10 and 15 years.

This loan does not require a co-signer and is available to students enrolled in accredited U.S. universities.

7. IDFC First Bank

  • Loan Amount: ₹1 Lakh to ₹30 Lakh
  • Interest Rates: 10.5% – 12.5%
  • Loan Terms: 5 – 15 years

IDFC First Bank offers education loans for students pursuing studies abroad with loan amounts ranging from ₹1 Lakh to ₹30 Lakh.

Interest rates range from 10.5% to 12.5%, and the loan repayment term is flexible between 5 and 15 years.

A co-signer is required, and students must be enrolled in a recognized foreign institution.

Quick One: We have other useful loan articles here.

Frequently Asked Questions

Do I need a co-signer for education loans for international studies?

Yes, most education loans for international studies in India require a co-signer. Banks typically require a co-signer to guarantee the repayment of the loan in case the student is unable to repay. Some banks, like College Ave Student Loans, do not require a co-signer for U.S.-based institutions.

What is the typical interest rate on education loans for international students?

Interest rates on education loans for international students typically range from 8.5% to 14% depending on the bank, loan amount, and student’s profile. For instance, PNB offers rates starting from 8.5%, while HDFC Credila offers loans with interest rates from 10.5%.

How long do I have to repay my education loan for international studies?

The repayment terms for education loans generally range from 5 to 15 years, depending on the loan provider and amount. For example, SBI offers repayment terms of 5 to 15 years, while ICICI Bank offers a slightly shorter term of 5 to 10 years.

Conclusion

Securing an education loan is an important step for Indian students wishing to pursue higher studies abroad.

With various options available from SBI, HDFC Credila, ICICI Bank, and others, students can find a loan that suits their financial needs.

Be sure to check the interest rates, co-signer requirements, and eligibility criteria to make an informed decision.

With proper planning and research, you can easily secure the financial assistance required to achieve your academic goals abroad.

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