Comparative Study for Higher Education Loan for Studying Abroad

Do you want to study abroad? But are you worried about your finances? Then stop worrying now, as most banks in India offer higher education loans to eligible candidates. Some offer a low interest rate while some a have a higher interest. Some banks provide a flexible EMI option, others do not. Consumer VOICE has compared education loans offered by top 13 banks in India for study abroad.

Banks Compared:  BOB, CBI, OBC, Syndicate, BOI, SBI, PNB, Axis, Indian , IOB, HDFC,  City Union,  Karur Vysya, Federal

Parameters Compared: Rate of Interest, Maximum Loan Amount, Processing Charges, Maximum Repayment, Life Insurance Cover and Percentage of collateral cover provided

When do you need an education loan for studying abroad?

If you have been selected for a course of study and offered admission in a recognized university, then you can apply for an education loan.

Are banks the only ones to give education loans for studying abroad?

No. Non banking financial services also offer education loan for studying abroad.

What are the documents required for a bank loan?

Some of the documents which are required are:

  • Mark sheets of the last qualifying examination for school & graduate studies in India
  • Proof of admission to the course
  • Schedule of expenses ( study fees, books, hostel fees, etc) for the course
  • Copies of letter confirming scholarship, if any

How many education loans have been compared in the study?

Consumer VOICE compared education loans 13 banks of India to bring out the best & worst in them, so that the consumer-student/parent is able to understand the product and its suitability to him.

What are the key findings?

The key test findings on various qualitative and performance parameters are available in August 2019 issue of “Consumer VOICE” magazine.