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Best Overseas Education Loan Schemes by Financial Institutions in India for 2024

Pursuing higher education abroad is an exciting step to take and recently many young Indians have preferred to study in a foreign country. However, this aspiration is financially demanding as there are numerous pre-arrival and post-arrival expenses that need to be covered. While there are various options available for students, taking an education loan to study abroad has become a go-to funding choice for many. Among the many benefits, some of the leading ones are that these loans cover nearly all the study-related expenses and have competitive interest rates.

Recognizing the importance of finding the right loan funding, Élan Overseas Education Loans presents an exclusive article on the leading education loan schemes for 2024. Our goal is to acquaint aspiring scholars like you with comprehensive insights into the diverse loan options available be it for collateral-based or collateral free education loans for abroad. So, here’s a detailed list of top overseas education loan schemes.

Exclusive Education Loan Schemes for Higher Education Abroad

  1. PNB Udaan by Punjab National Bank
    Key Features: PNB Udaan offers competitive interest rates, substantial loan funding of up to 1.5 crores for secured loans, and a range of repayment options, including a moratorium period for students aspiring for higher education abroad. However, the notable feature of this loan scheme is that the bank accepts collateral security belonging to extended family, friends, neighbours, and office colleagues to keep as a mortgage in the bank.

    Starting Interest Rates: For PNB Listed Universities - 9.25% & for Non-Listed Universities 10.5%.

  2. SBI Global Ed-Vantage Scheme by the State Bank of India
    Key Features: The SBI Global Ed-Vantage Scheme provides financial assistance to students belonging to all income groups and studying all kinds of course options at prestigious institutions overseas. This scheme offers a secured loan amount of up to 1.5 crores or more as per the study cost. Furthermore, SBI also provides pre-visa disbursement as per visa immigration norms for selected countries including education loans for Canada, Australia, the UK, and many more leading study destinations.

    Starting Interest Rates:  11.15%

  3. Baroda Scholar Scheme by the Bank of Baroda
    Key Features: The Baroda Scholar Scheme is renowned for its comprehensive coverage of educational expenses and for providing 100% loan funding with zero loan margin for secured loans. The scheme offers processing fee refunds after the first disbursement. Additionally, applicants can show the property of extended family, friends, neighbours, and office colleagues, to keep as a mortgage in the bank.

    Starting Interest Rates:  For Listed - 9.70% Universities & for Non-Listed - 10.20%.

  4. Special Union Education Loan Schemes for Premier Institute Abroad Studies by the Union Bank of India
    Key Features: UBI's Special Union Education Loan Scheme is made to meet the specific needs of students aspiring to study in premier institutions abroad. The bank has a list of 160 top-ranked universities, and they provide unsecured loans of up to 40 lakhs based on the applicant’s and co-applicant’s CIBIL scores.

    Starting Interest Rates: For 100% Collateral 9.25%, for 50% Collateral 9.50% and for Non-Collateral -9.75%.

  5. Collateral-free Loan Scheme for Premium Institutes by ICICI Bank
    Key Features: ICICI Bank's Collateral-free Loan Scheme for Premium Institutes offers a hassle-free financing solution for students aspiring to study in the top 150 international institutions. With no collateral requirement for loans up to 1 crore, the applicants, and co-applicants CIBIL scores should be good and have a clear CIBIL history.

    Starting Interest Rates:  10.65% to 12.75%.

  6. Platinum Plus, Platinum, and Titanium Lists by IDFC First Bank
    Key Features: IDFC First Bank's Platinum Plus, Platinum, and Titanium Lists provide exclusive options for students seeking education loans for higher studies abroad. These lists classify institutions based on their rankings and reputation and offer loan amounts ranging from 50 to 75 lakhs with no collateral security and parent's income proof. The bank also offers education loans based on the applicant’s GRE scores. If the score is 315+, then you will get a loan of up to 62 lakhs.

    Starting Interest Rates:  10.85% - 12.75%.

  7. Dollar Loans by Avanse
    Key Features: Avanse Dollar Loans provides financial assistance to students pursuing higher education abroad in USD currency. If the applicant is admitted to any of the top 150 universities, then they get an unsecured loan of up to $ 91, 000 for STEM Courses & Masters and up to $1,21,000 for an MBA. A good CIBIL score is required, and no income proof is needed.

    Starting Interest Rates:  10.50 -14%.

  8. GRE Product Scheme by Avanse
    Key Features: Avanse GRE Product Scheme offers loans based on the Graduate Record Examination (GRE) scores. It provides financial assistance for overseas education ranging from 45 to 60 lakhs INR if the applicant's GRE score is 300+. Furthermore, no property and income proof are required. But the CIBIL scores should be good and the applicant’s bank account must have an average minimum balance of INR 5000 – 10,000/- for 6 months.

    Starting Interest Rates:  10.50 -14%.

  9. Schools We Support by International Lenders
    Key Features: Schools We Support scheme offers loan solutions for a wide range of educational institutions abroad in USD. Whether students are aiming for Ivy League universities or specialized programs, they can get an unsecured loan of up to 1,00,000 USD. The applicant should have a clear CIBIL history and the co-applicant’s property, or income proof are not required.

    Starting Interest Rates:  12-16%.

  10. Double Loan Offer Scheme by HDFC Credila
    Key Features: HDFC Credila Education Loan Scheme offers comprehensive financial assistance by providing a doubled loan amount as per the property’s value. For example, if the applicant has a collateral security valued at 50 lakhs INR, then he/she is eligible to take a loan of 1 crore INR. Similarly, if they have a 20 lakhs INR Fixed Deposit then they can avail a loan of up to 40 lakhs.

    Starting Interest Rates:  10.50-14%.

Summing up this article, these are the top overseas education loan choices available this year. We hope that with our comprehensive guide, you're equipped to make an informed decision. These top-notch schemes not only offer competitive interest rates but also have flexible repayment terms and a quick and hassle-free application process.

Now you must be thinking about how to get education loan for abroad studies. For more information reach out to our team and shortlist the best scheme as per your financial profile and education loan preferences. Our experts will explore the best-suited scheme based on your preferences and assist you with the entire loan application process. From shortlisting of financial institutions to loan disbursements team Élan is just a call away. Reach out to our experts today!

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