Pursuing education abroad can be an expensive endeavor, especially for international students looking to study in India.
While many students can benefit from financial aid, obtaining the right student loan is often crucial to covering tuition, accommodation, and other living expenses.
In India, a variety of banks and financial institutions offer loans to international students, each with different terms, interest rates, and eligibility criteria.
This article will highlight the 9 best student loans for international students in India, providing an overview of the key details for each loan provider.
We will cover the loan amount, co-signer requirements, interest rates, loan terms, and eligibility requirements, followed by a detailed description of each provider.
Best Student Loan for International Students in India
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| State Bank of India (SBI) | Up to ₹20 Lakh | Yes | 8.15% – 11.5% | 5 – 15 years | International students admitted to recognized universities |
| HDFC Bank | Up to ₹30 Lakh | Yes | 8.75% – 13% | 5 – 15 years | Must be a student admitted to foreign universities |
| Axis Bank | Up to ₹40 Lakh | Yes | 9% – 13% | 5 – 15 years | International students with a valid visa |
| ICICI Bank | Up to ₹20 Lakh | Yes | 10.5% – 13.5% | 5 – 15 years | Enrolled at recognized universities overseas |
| Bank of Baroda | Up to ₹20 Lakh | Yes | 8.5% – 11.5% | 5 – 15 years | International students admitted to approved universities |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Students admitted to eligible institutions abroad |
| Kotak Mahindra Bank | Up to ₹40 Lakh | Yes | 9.5% – 12% | 5 – 15 years | Students admitted to foreign universities |
| IDFC FIRST Bank | Up to ₹20 Lakh | Yes | 10.25% – 12.5% | 5 – 15 years | Must be enrolled in recognized foreign institutions |
| PNB (Punjab National Bank) | Up to ₹20 Lakh | Yes | 8.9% – 11.75% | 5 – 15 years | Students pursuing higher studies abroad |
1. State Bank of India (SBI)
- Loan Amount: Up to ₹20 Lakh
- Interest Rates: 8.15% – 11.5%
- Loan Terms: 5 – 15 years
SBI is one of the largest public sector banks in India and offers student loans to international students with a loan amount of up to ₹20 Lakh.
The interest rates range from 8.15% to 11.5%, and the loan repayment term can span from 5 to 15 years.
A co-signer is required, and students must be admitted to recognized foreign universities. This loan can be used for both tuition and living expenses.
2. HDFC Bank
- Loan Amount: Up to ₹30 Lakh
- Interest Rates: 8.75% – 13%
- Loan Terms: 5 – 15 years
HDFC Bank offers loans of up to ₹30 Lakh for international students, with competitive interest rates ranging from 8.75% to 13%.
The loan term can vary from 5 to 15 years, and the bank requires a co-signer.
This loan is ideal for students pursuing higher education abroad, and it covers both tuition fees and living costs.
3. Axis Bank
- Loan Amount: Up to ₹40 Lakh
- Interest Rates: 9% – 13%
- Loan Terms: 5 – 15 years
Axis Bank provides loans of up to ₹40 Lakh with interest rates ranging from 9% to 13%.
Loan terms range from 5 to 15 years.
Axis Bank requires a co-signer and supports international students planning to study abroad in recognized universities.
4. ICICI Bank
- Loan Amount: Up to ₹20 Lakh
- Interest Rates: 10.5% – 13.5%
- Loan Terms: 5 – 15 years
ICICI Bank offers loans of up to ₹20 Lakh with interest rates between 10.5% and 13.5%.
The loan term can be extended from 5 to 15 years.
A co-signer is required for international students, and the loan can cover tuition fees, travel, and other education-related expenses.
5. Bank of Baroda
- Loan Amount: Up to ₹20 Lakh
- Interest Rates: 8.5% – 11.5%
- Loan Terms: 5 – 15 years
Bank of Baroda offers student loans of up to ₹20 Lakh, with interest rates ranging from 8.5% to 11.5%. The loan repayment term is flexible, ranging from 5 to 15 years.
This loan requires a co-signer and is available for international students admitted to approved foreign universities.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave offers loans up to $80,000 for international students planning to study abroad.
The interest rates range from 5.99% to 12.99%, and the loan term spans from 5 to 15 years.
One of the major advantages of College Ave loans is that they do not require a co-signer, making them a convenient option for international students without access to a guarantor in India.
7. Kotak Mahindra Bank
- Loan Amount: Up to ₹40 Lakh
- Interest Rates: 9.5% – 12%
- Loan Terms: 5 – 15 years
Kotak Mahindra Bank provides loans of up to ₹40 Lakh with interest rates ranging from 9.5% to 12%. The loan repayment period can be extended from 5 to 15 years.
A co-signer is required, and the loan can be used for tuition fees and living expenses in foreign institutions.
8. IDFC FIRST Bank
- Loan Amount: Up to ₹20 Lakh
- Interest Rates: 10.25% – 12.5%
- Loan Terms: 5 – 15 years
IDFC FIRST Bank offers loans up to ₹20 Lakh with interest rates ranging from 10.25% to 12.5%.
The loan repayment term can extend from 5 to 15 years.
A co-signer is required, and the loan can be used to cover tuition fees, hostel fees, and other educational expenses.
9. PNB (Punjab National Bank)
- Loan Amount: Up to ₹20 Lakh
- Interest Rates: 8.9% – 11.75%
- Loan Terms: 5 – 15 years
Punjab National Bank offers loans of up to ₹20 Lakh for international students, with interest rates between 8.9% and 11.75%.
The loan repayment period can be between 5 and 15 years, and a co-signer is required for international students.
This loan is ideal for students who wish to study at approved foreign universities.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in India apply for student loans?
Yes, international students planning to study abroad can apply for student loans from Indian banks such as SBI, HDFC Bank, and ICICI Bank. These loans typically require a co-signer and are available to students admitted to recognized universities overseas.
Do I need a co-signer for a student loan in India?
Most of the banks listed in this article, such as SBI, Axis Bank, and Kotak Mahindra, require a co-signer for international student loans. However, College Ave Student Loans is one of the providers that does not require a co-signer.
What is the maximum amount I can borrow for studying abroad from Indian banks?
The maximum loan amount varies by provider. For example, Axis Bank offers loans up to ₹40 Lakh, while SBI provides up to ₹20 Lakh. Some providers like College Ave offer loans of up to $80,000 for students heading abroad.
Conclusion
Choosing the right student loan is crucial for international students planning to study in India.
The 9 best student loans highlighted in this article provide various options based on loan amounts, interest rates, and eligibility requirements.
Be sure to review each provider’s terms carefully and assess which loan suits your financial situation the best.
Whether you need a co-signer or are eligible for a no-co-signer loan, there are plenty of choices available to help you finance your education.
