International education loan

Secure Your Future with International Education Loans from EduBridge

Studying overseas can be a life-changing decision. For most students, the idea of studying overseas comes with the promise of a new life experience in a different country. For students of low-income families, this dream is out of their budget. Here, they come in need of international education loans. We at Edubridge can help you get your international education loan and fulfil your dream of studying abroad. You can completely trust us for the education loan process and get financial assistance for your studies.

What are international education loan?

An international education loan is a financial resource that students apply to avail funds for their studies abroad. Different banks and financial institutions offer those loans at high-interest rates, but Edubridge provides you with education loans securely at lower interest rates.

Studying at recognized universities, especially abroad, opens doors to numerous opportunities. However, the fee for such education may be huge. We at Edubridge, provide the international education loan to students, so they can cross all barriers and get quality education.

With diverse banks and creditors offering education loans for studies abroad, choosing the right alternative can be overwhelming. This is in which Edubridge comes in to help. We assist students discover the high-quality international study loan for their have a look at overseas needs, tailored to their precise documents, ensuring a continuing and hassle-free loan approval method.

Types of International Education Loans

There are two types of international education loan available for students to get  

Secured loans

  • In this loan for international research, the borrower pledges some of their assets as collateral. When someone obtains a secured loan, they need to loan their assets to the bank or financial institution. Furthermore, the borrower’s loan property can’t be agricultural land.

Unsecured loans

  • Unsecured education loan for abroad are for those that the borrower’s property cannot secure. Financial establishments may additionally provide unsecured loans under various packages. One must meet numerous requirements to acquire an unsecured loan.

How Edubridge Education loans Makes your path to success

When you apply for an international education loan, you will request the loan amount you want for the academic year. In many cases, you may apply on your full fee of attendance minus any financial aid you’ve already obtained. If you’re eligible for the loan, the lender will verify your value of attendance along with your college and then issue the funds to faculty to cover tuition and expenses.

Who Needs an International Education Loan?

Here are the various situations in which students need international education loan

  • Students with Big Aspirations

Most people these days do not need to live their lives with any boundaries or limitations. They want to choose their own personal path in their life. They want to study abroad. Such people with big aspirations usually apply for international education loans.

  • Students Who Choose to Remain Independent

Moving abroad to study can imply quite a bit of financial stress for you and your family. Young people these days do not need their mother and father to sacrifice whatever for them. Instead, they fund their own education with education loans for studying abroad in India. By doing this, they are able to live their life on their own terms. With the help of our best international student loan, they fund their personal education and living expenses.

  • Students Who Require a Little Assistance

Sometimes, younger individuals want help with the application office work to fulfil their goals. They might also need some financial assistance to take care of their living and other costs. With an international education loan offered by Edubridge, they are able to get the assistance they need without being a burden on their loved ones.

Features of International Education Loans

There are various unique features that make international education loan unique.

  • Any individual aged between 18 and 35 years can avail themselves of an education loan to pursue research at any international college.
  • These loans are offered to students for graduate and postgraduate tiers in management, engineering, medicinal drugs, the arts, structure, natural science, hotel control, and different professions, in addition to management courses.
  • The prices covered under an education loan consist of course fees, examination expenses, lab and library fees, caution deposit, travel, books and equipment, projects and examine excursions.
  • Borrowers have to pay interest for the duration of the moratorium duration, and the first main rate is due whilst the loan time starts off.
  • Education loans may be repaid in monthly instalments through Electronic Clearing Service (ECS) or by post-dated cheques sent to the bank.
  • Generally, banks sanction education loans with a tenure of up to 12 years, along with the moratorium time.
  • A co-applicant needs to be selected for international study loan taken for full-time courses. Co-candidates can encompass siblings, partners, parents or different family contributors.
  • Banks do not require collateral for education loans up to Rs.7.5 lakhs. Most lenders provide abroad education loan without collateral.
  • The Central Government has also delivered an interest rate subsidy scheme for repayments made in the course of the moratorium period for the advantage of the weaker section of society.

Benefits of International Education Loan

international education loan offer plenty of benefits to students.

Financial Resources

  • An international student loan will help students to cover their educational costs, travel and living costs. It reduces the financial burden as there may be no want to liquidate any investment.

Tax Benefit

  • The education loan is eligible for tax benefits. Under section 80E of Income tax act, interest on international education loans are applied.

Repayment Post Education

  • The international education loan EMIs (Equated Monthly Instalments) start the most effective submit-of entirety of the course. The student can pay attention absolutely on their research and don’t need to worry about reimbursement at some stage in the path. Flexible alternatives for reimbursement are also offered by means of many creditors which makes the compensation system stress free.

Credit History

  • By repaying the loan on time, students can build up a good credit record. This will help acquire any financial plans like loans, credit cards, and so on., in future.

How much Edubridge Education Loans you get?

The international education loan does not possess any minimum or maximum limit. Education loans are generally supposed to cover the complete expenses of the student, even when studying overseas. Study abroad education loans are available for Indian students pursuing graduate and post-graduate applications and technical guides in recognized universities and professional institutions in remote places. These courses are

  • Bachelor’s degree programs
  • Master’s diploma programs
  • Medicine
  • Law
  • Business and management packages together with MBAs

Many banks can also require a coverage policy to be in the city to get a loan, with the ability to roll the premium into the loan cost. International education loans are available to finance college expenses and academic fees, which include the price of books and laboratory gadgets. In addition, many vendors also cover flight prices for your travel overseas and ordinary living costs consisting of hostel lodging.

Borrowers are eligible for the loans easily after being regularly occurring as a student at the college or group. But you’ll be able to request a provisional loan sanction letter if you want to demonstrate any proof of investment earlier than, such as with the I-20 form for universities.

Education loan for abroad eligibility

Most lending establishments remember the applicant’s profile prepared for processing if their admission to an educational institute abroad is shown. The eligibility requirements are important standards that need to be fulfilled to avail of an international education loan

Criteria

Eligibility

Age

16-35 years

Minimum Qualification

Senior Secondary Certificate or Diploma

Program to Pursue

Graduate/ postgraduate diploma or postgraduate degree in professional education

Institute for admission

Listed, recognized and permitted institutes abroad

Factors Affect the education loan for abroad eligibility

The amount of international education loan an applicant is eligible for is decided by a range of factors. These factors encompass are

  • Credit Worthiness

Credit worthiness is a factor determined by comparing a person’s credit records. Lenders check a person’s credit worthiness to decide his/her ability to pay off the loan on time. This is completed to reduce the risks related to an education loan. Individuals with a clear credit history have a tendency to get higher loan amounts and faster approvals.

  • Credit Score

Credit rating performs a crucial position in figuring out your eligibility for international education loan, credit cards etc. The timely price of credit score card payments and EMIs on current loans reflects positively on your credit rating and helps in enhancing your chances of having an international education loan.

  • Academic History of Student

The academic record of a student performs a very important function whilst considered eligible for an education loan. Meritorious college students with a first-rate academic history showcase seriousness towards their education and profession and, hence, have a better chance of getting education loan approval.

Documents Required for Applying for Education Loan to Study Abroad

To apply for an international education loan , you’ll need to submit various documents,  including proof of university admission, educational data, and financial statements. Also, you have to meet your requirements on the way to be eligible for the loan to apply overseas.

  • Admission Letter: Proof of admission to a recognized college or institution overseas.
  • Pan & Aadhar ( General KYC)
  • Passport: A valid passport is needed for ID verification and travel purposes.
  • Academic Documents: Mark sheets, diploma certificates, and other education information to show academic eligibility.
  • Income Proof: The co-applicants income documents include income slips, income tax returns, and financial institution statements.
  • Collateral Documents: If the collateral is needed to stabilise the international education loan, relevant documents together with assets papers, fixed deposit receipts, and other asset documents.
  • Test Scores: Scores of standardised tests consisting of TOEFL, IELTS, GMAT, or GRE, if required by the lender.

Processing Time for Education Loans to Study Abroad

Processing time is the time it takes for the lending group to affirm personal, financial and academic information. It takes 2-3 days for Edubridge to process and sanction the loan. Processing fees usually range from 1.5% to 2.5% of the total international education loan amount, and this varies with the bank or financial institute providing it. In some cases, an additional application fee may be rated. 

The processing time for NBFCs ranges from 2 to 3 days with the assistance from Edubridge. Both processing time and fee can also range from the given days and per cent in line with the loan plan, and whether longer collateral is required.  

Considering the processing time, it’s far smarter to use for an international education loan to apply overseas 90-100 days earlier than the consultation starts off. The 3-month time- allows the candidate and guardians to complete the essential documentation and timely disbursement of funds to the institute.

What are current international education loan rates?

Interest rates for international education loan range from 10.5 % to 13 %. The actual rate you acquire relies upon multiple factors, which include whether or not you’ve got a co-signer, the type of APR (fixed as opposed to variable), your country foundation and your credit score profile, annual income and debt-to-income ratio. The amount you could borrow also varies depending on your level of application and rate of attendance.

Tenure of education loan

The average tenure for an education loan is between 10-12 years in the case of most banks. However, a few NBFCs can provide a longer tenure of as much as 15 years in case of a higher loan amount.

Repayment of International Education Loan

Understanding the compensation terms is critical to a well-controlled international education loan. Students can begin reimbursement at any time, all through their education guides or within six months after crowning glory. Fully paying off the loan earlier than course completion exempts students from abroad education loan interest rates.

Post the grace time, students acquire distinctive documentation specifying interest prices and repayment quantities. For those with a student line of credit score from CIBC, it transforms into a loan a year after commencement. Moreover, students experience flexibility, extending the repayment duration to a maximum of 20 years.

List of Expenses that are Covered Under international education Loan

The list of expenses that are covered under international student loan can vary for every financial institution. However, the common expenses that can be covered under a loan for higher education abroad are given below

Tuition Fees

  • The education fee amount is included in every international education loan. Every financial organisation like Nationalised Banks, Private Banks, NBFCs and international lender for education loan cover the tuition rates inside the have a look at international education loan. The education prices are at once disbursed to the applicant’s university or college. Tuition fees cover a main part of a study abroad loan.

Living Expenses

  • Every financial organisation covers the living rates of the loan applicant. However, the extent of insurance will vary for each financial organisation. The living costs encompass costs like accommodation (on or off campus), meals, everyday travel costs, etc. The applicant need to calculate the living expenses and apply for the amount for that reason. Every financial institution has extraordinary disbursement techniques for living fees.

Health Insurance

  • Most establishments abroad require student health insurance. The costs of medical insurance are included by private banks. But in case you are taking a look at an student loan for international studies from a nationalised bank you will have to cover the medical insurance fee all by yourself. You can request that your financial institution cover the health insurance expense.

Visa Fees

  • Not each financial group covers the visa prices. Only private banks encompass visa rates inside the listing of fees. If you are apply for best education loan for abroad studies from some different banks, you will have to pay the visa expenses.

Air Ticket

  • Banks don’t offer air tickets via default; you’ll need to request to feature air tickets on your living price list in case you are not able to endure the tour fee yourself. Mostly, all the financial establishments comply with the air ticket cost.

Expenses Related to Studies

  • Pursuing a degree entails numerous fees like buying books, computers, course system, undertaking work, examine tours, and many others. Such rates are not included in the education rates and require extra money. The international education loan offered by us at Edubridge helps you to cover your costs related to your education and stay stress free in a foreign country. However, if you have a look at prices that are not covered to your loan amount you can request your bank to feature this to the list. 

Eligible Courses for Education Loan

There are various courses that are applicable while taking an education loan. The reason for international education loan is to assist students and offer a budget to deserving students in India. Banks basically rely on students who are looking to pursue courses, which can also cause anticipated employment and career growth in destiny. These courses can both be STEM courses (Science, Technology, Engineering, Mathematics) or Non-STEM courses like Public Policy, Aviation, etc. The designated list of the courses eligible for international education loan is as applicable.

  • Undergraduate Degrees and Diploma courses – B.A, B.Com, B.E, B.Ed, B.Sc, B.B.A, M.B.B.S, B.Tech, L.L.B, and others
  • Postgraduate Degrees and Diplomas – M.A, M.Com, M.Sc., LLM, M.F.A, M.B.A, M.D., and others
  • Any process-oriented courses like Diploma in Engineering, Agriculture, Veterinary course  and others
  • Degree / Diploma in Aeronautics or another applicable Pilot Education course

How can I Get an International Education Loan?

The step-by-step guide to apply for an international education loan is given below.

Research

  • The first step in the process is research. Yes, there are various creditors giving education loans, which makes the method of selecting the best one. This makes it crucial to research the numerous lenders and perceive those providing education loans for studies abroad. Make a knowledgeable decision by evaluating the various abroad education loan interest rates offered, eligibility criteria, compensation phrases, and so on., of various creditors.

Documentation

  • Once the lender has been shortlisted, collect and arrange all of the documents required by the lender – proof of income, proof of admission to an abroad college, education certificates, etc.

Apply for a Loan

  • The other step would be filing the loan application form. This might be performed online or on the department relying on the lender. The application form should be filled out correctly, and all the required details must be supplied.

Review and Disbursement

  • Once the application is submitted, it’ll be reviewed by the lender and any additional necessities can be knowledgeable to the student. If the application and documents are in accordance with the lender’s requirements, the application can be authorised, and the loan amount will be distributed to the university.

Important Tips Before Applying For an International Education Loan

  • Any student who needs to use an international education loan should have their parents or legal guardians join up as co-candidates. You need to begin paying back your student loan six months once you complete your degree or if you discover work earlier than that time, year when you complete your studies, whichever comes first.
  • You need to pick out a financial institution that offers the choice of extending the repayment time in case of postponement due to unforeseeable situations.
  • Students from the economically underprivileged sections of society need to pick government-controlled banks due to the fact they offer benefits in the form of student interest subsidies.
  • At the start of each semester, the amount of education loan for abroad is frequently distributed directly to the faculty wherein you need to apply. Therefore, it needs to include all of the advantages and services provided so you do not need to pay any more costs.

Strategies for Managing Education Loan Debt

While the best way to pay off education loan debt is to find a high-paying activity, it can take time to pay off your student loans. If you can’t wait that long to repay your loan, there are methods to improve this system.

The first aspect you should do is look at your finances and spot where you could make changes to save more money for compensation. If you’re having a hassle finding more money for your budget, you need to keep in mind refinancing your loan. Before refinancing your loan, ensure you understand the situations of the settlement and how they will affect your general payback.

Another way to improve the repayment ability is to make a repayment plan. You can do that together with your loan lender or with an internet repayment assistance service. This will assist you stay on course and keep you prompted to pay off your loan as fast as viable.

Unlock Your Future with Our Trusted Loan Partners

Edubridge is the best international education loan provider. We help you get financial assistance on your educational journey. By taking a loan from us, you don’t need to worry about your education and further expenses. Also, we give loans to students at lower interest rates so they can focus on their education without any stress. We provide education loans for abroad studies through our trusted loan partners.

State Bank of India

8.3-10.7%

Axis Bank

10.5-15%

Avanse

11-14.5%

ICICI Bank

11-14.6% p.a

Union Bank Of India

10.3-12.25%  p.a

InCred

11-14% p.a

HDFC Credela

10.5-14% p.a

MPower financing

14.74% p.a

Auxilo

10.5-14.5% p.a

IDFC First bank

10% -15% p.a

Prodigy Finances

14.68%  p.a



Why do I have to apply for an Education Loan at Edubridge?

There are many good reasons why you apply for an international education loan from us at Edubridge.

Affordable & Quality Education

  • Don’t allow education fees or educational expenses to keep your lower back from pursuing your dreams. Our secure education loans are available for you.

Fastest Loan Sanction process

  • We process all unsecured loan applications within 2-3 working days and all our secured loan -applications within 7-10 working days which is the fastest possible service that one can get.
  • Sanction of loan in 24 hours* is also possible.

Flexible Repayment Options

  • We offer Education Loan Repayment Options in which you can begin paying after completing your education, so that you can pay attention to studies without any instant financial burden.

Competitive Interest Rates

  • At Edubridge, we offer you international Education Loans at lower interest rates. We know how much students deal with the financial stress or the burden of their education costs, so we assist them by providing loans.

No Collateral Required

  • With our unsecured education loans for abroad studies (i.E., Education Loan without Collateral), you do need to fear about submitting collateral. We need to assist your dreams come to a reality, without any additional burden.

Quick Hassle-free Process

  • Our Education Loan Application procedure is brief and simple. We price some time, and to make sure that your experience is hassle-free, we’ve got a dedicated team to help you at each step.

Expert Financial Guidance

  • Our financial experts at Edubridge are prepared to offer you personalised support and aid. We’ll help you make wise decisions about your education financing, ensuring that you choose the right loan to your needs.

Frequently Asked Questions

Best banks for education loan abroad cover the whole price of studying abroad. However, public banks may additionally ask the students to cover 10-15% of the value by self-financing. The relaxation might be taken care of by an education loan.

Both lenders and debtors run a substantial risk while getting international education loan. Unlike different loans, student loan reimbursement is more unclear since it causes the chances that students will pass their course and find employment.

To become eligible for international education loans, students must be citizens of India. Parents should be present. A letter of recognition from a reputed university is required.

As such, there is no limit set by banks for giving education loans to students for their studies abroad. It depends from bank to financial institution. The majority of the banks offer loans of up to INR 60-80 lakhs.

Generally, banks and NBFCs choose to give loans for undergraduate and postgraduate courses. Also, the majority of banks opt to get international education loan for pursuing activity orientated and expert courses.

Students can avail of a loan of as much as INR 80 lakhs without collateral. This is specially possible if your loan application is getting processed from Edubridge.