Education and Career Forum

In which terms and conditions I can get edu loan to go abroad for job is what I want to know in details so, can someone please do tell me that.

You can get education loan for studies in abroad. Some of the terms and conditions of education loan are mentioned below. For detailed terms and conditions you need to contact the concerned branch manager of the bank from which you are seeking education loan.

- Upper limit of Education loan for studies in abroad is 20 lakhs.
- The interest is computed as simple interest for the study period and then it will be computed as compound interest.
- The interest fluctuates between 13-14.5% as per orders from RBI; however SBI offers 1% lesser than the interest rate prevailing in the market.
- For education loan upto 4 lakhs, it is easy to get the loan sanctioned since no third party guarantor or mortgage is required.
- For loan above 4 lakhs and upto 7.5 lakhs, third party guarantor along with 15% security deposit is required.
- For loan above 7.5 lakhs, third party guarantor along with mortgage of property and 25% security deposit is required.
- Academic background, current academic performance, reputation of educational institute where enrolled and income of the family are checked by the bank before sanctioning education loan.