Are you aspiring to study abroad but worried you might not be able to afford it? Mumbai has numerous education loan providers who can help realise your dreams. Many reputable banks in Mumbai offer student loans for international students planning to attend universities in the United States, the United Kingdom, Canada, or anywhere else. With a commitment to customer satisfaction, these financial institutions offer competitive advantages such as low-interest rates, diverse repayment plans, and personalized assistance. In this article, you can find all information on Mumbai's top education loan providers to help you realise your dream.
| Table of Contents |
Best Education Loan Providers in Mumbai to Study Abroad
The best education loan providers in Mumbai to study abroad is provided below:
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State Bank of India
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
SBI Global Ed-Vantage Scheme for abroad |
|
Max. 100% of collateral value |
5% for loans up to Rs. 4 lakhs, 15% for loans above Rs. 4 lakhs |
Up to 12 months after course completion or getting a job (whichever is earlier) |
Rs 10,000 + GST |
Upto 1.5 Cr (A higher amount can be applied) |
Starting from 10.90% 0.50% - Rinn Raksha discount 0.50% - for female students |
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Axis Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Axis bank education loan for abroad |
|
Max. 85% of collateral value |
5% for loans up to Rs. 4 lakhs, 15% for loans above Rs. 4 lakhs |
Up to 12 months after course completion |
1-2% of the loan amount |
No upper limit for secured Upto 40 lacs unsecured |
Starting from 11.5% |
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Union Bank of India
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Special education loan scheme for abroad |
|
Max. 75% of collateral value |
Nil for loans up to Rs. 4 lakhs, 5% for loans above Rs. 4 lakhs |
Up to 12 months after course completion or 6 months after getting a job (whichever is earlier) |
1-2% of loan amount |
Upto 2 Cr Student can apply to get even higher amount |
Starting from 11.15% 1% if the SI is paid in full 0.5% for female students |
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ICICI Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
ICICI Bank education loan for abroad |
|
Max.100% of collateral value |
Nil for loans up to Rs. 20 lakhs |
Up to 6 months after course completion or getting a job (whichever is earlier) |
2% of the loan amount |
No upper limit for secured Upto 50 lacs unsecured |
Starting from 10.5% |
-
Bank of Baroda
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Baroda Scholars for abroad |
|
Max. 85% of collateral value |
15% for loans above Rs. 4 lakhs |
Upto the course period plus one year or six months after getting a job |
Rs 10,000 + GST |
Upto 1.5 Cr Greater loan amount is also possible |
Starting from 10.60% |
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Karur Vysya Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
KVB education loan for abroad |
|
Max. 85% of collateral value |
15% for loans above Rs. 4 lakhs |
Upto the course period plus one year or six months after getting a job |
1-2% of loan amount |
Upto 1.5 Cr Students can try to get a higher loan amount |
Starting from 10% |
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IDFC First Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
IDFC First Bank education loan for abroad |
|
Max. 100% of collateral value |
Nil for loans up to Rs. 10 lakhs |
Up to 12 months after course completion or getting a job (whichever is earlier) |
1-2% of loan amount |
Need-based with collateral Upto 50 lacs unsecured |
Starting from 8.5% |
Documents Required For Best Education Loan Providers in Kochi for Studying Abroad
The lender and type of education loan in Kochi determine the required documents. However, some common documents required are:
- Duly filled application form
- Passport-sized photographs
- Photo ID proof (such as Aadhaar card, PAN card, passport, etc.)
- Residence proof (such as electricity bill, Aadhaar card, etc.)
- Academic documents (such as mark sheets, certificates, admission letter, standardized test scores, etc.)
- Income proof of the co-applicant or guarantor (such as salary slips, bank statements, ITR, property proof, etc.)
- Collateral documents (such as property papers, FD receipts, etc.) if applicable
- Loan agreement signed by the applicant and co-applicant or guarantor
- Repayment instructions (such as PDCs, ACH or SI mandate, etc.)
Final Thoughts
We have covered the features, benefits, eligibility criteria, and required documents of the top Kochi education loan providers for studying abroad. Some of the most common inquiries regarding student loans for study abroad have also been answered. We hope that this article has provided you with useful information as you consider your options for educational financing. Don't let a lack of funds keep you from furthering your education in a foreign country. Get a student loan today so you can start living your best life.
Remember that Yocket's counselors are available 24/7 to answer any questions or provide additional assistance you may require as you prepare to study abroad.
Yocket Finances is the best website for students who want to study abroad without breaking the bank. You can find out if you qualify for a loan, shop around for the best rate, find out what kind of coverage and savings you can expect, and get free help every step of the way. Use the AI College Finder, Test Prep+, Community, Events, and more to prepare for your study abroad experience.
