Education and Career Forum

Do we get loans to study abroad? How much time is given to repay the loan? Can you please give me the complete details on the same? What is the procedure followed to apply? Will everyone can get the education loan or is there any criteria applied?

Yes, you can apply for education loan for studying abroad. The terms and conditions for repayment are same like study at home country. Guarantor will be required and also collateral security, as studying abroad is not cheap in any case.

Hence, the bank will ask for collateral security equivalent to education loan, before providing you the loan amount.

Yes, you can get an education loan to the maximum of Rs. 20 or 30 Lac (based on bank) to study abroad if you have collateral security in tangible form like house property or land or LIC of equal amount with Co-Obligation of Parents together along with the assignment of future income to the bank is required. Apart from this the candidate or the borrower must have secured admission in the recognized college or university and the borrower should be the citizen of India. You need to submit the ID proof, address proof, Income certificate, Income proof, etc. with the bank. You can apply bu visiting the official website of the bank or else you can visit the nearest branch of the bank and can fill the application form.