Education Abroad is an expensive affair with many documentation processes to finally meet all the requirements. Although, educational loans are one of the core reasons why abroad studies are highly accessible to a vast domain of society coming from different financial backgrounds. There is a tax rebate for it and it’s the most hassle-free process for showing the funds during visa which eases out the later processes for your overseas dreams. The banks have their own set of checks and balances guided by their policies regarding the approval of the loans. Apart from its merits, educational loans do have certain demerits as well. For example, the tedious documentation and approval process if not done properly can end up taking a lot of time to get a loan sanctioned which can lead to months of delays. We at Maclareen intend to ease your loan processes by providing our sincere assistance regarding the application processes, the researched set of documents, and all the nitty-gritties that will help you in taking the right step in every stage of your abroad studies.
The entire loan process is time taking, so it is always advisable to apply for a loan a little early.
HDFC Bank is one of the largest banks offering education loans for overseas education, Their process is also faster and more efficient. The maximum loan amount offered by the bank is up to INR 20 lakhs.
SBI offers a loan of maximum INR 30 lakhs. The Interest rate charged on the loan amount is up to 2%. Further, the loan repayment tenure can be 1 year to 15 years.
EAxis bank offers study loans at competitive interest rates. The bank offers a maximum of INR 20 lakhs and covers different costs like tuition, accommodation, and books helping the miscellaneous expenses as well.
PNB Udaan is the education loan scheme offered by the Punjab National Bank for overseas education. The borrower needs to show a loan margin of 15% for the loan amount of above INR 4 lakhs.