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Which bank is giving low interest rate for Education loan in india

Government bank in India giving education loan at low interest rate for study abroad:

Every parent gets admission in good schools and colleges to give good education to their children. There was a time when children had to go to big states in India to take higher education in India. But in today's time, private universities are found in schools in almost every city. But in the last few years, the craze of studying in foreign is increasing a lot among youngsters. Youngsters are going to countries like Australia, Canada and USA to pursue higher studies and search for higher education options for their better future. But studying foreign is very expensive because students have to convert their country's currency into foreign country's currency to pay the fees, which is very expensive.

Today we have brought some great education loan options for the viewers of our website to study abroad. There are many private & government banks in India that are offering education loans. We have selected one government bank which is giving education loan in India at low  rate of interest. 

Also read: What is good investment options in India


What are the types of Loans?


We would like to inform our readers that there are two types of Education Loans available for Study Abroad. One is "Secured Loan" & the other "Unsecured Loan". Let us first understand the difference between these two loans in a simple language.

Secure Loan:

Secured loan is that which is given to you on the basis of collateral security. In which students have to pledge some security. In which physical assets and fixed deposits amount are also included. It depends what the bank is demanding from you at that time and what is the condition of the bank from which you are taking education loan. Speaking in the language of finance, a secured loan is given on the basis of tangible collateral security.

Unsecured Loan:

Unsecured loan is one which is given on the basis of intangible collateral security. Such loans are given by private banks and NBFCs. The loans may be granted on the basis of the worth. Such kind of loans may prove risky or not easy to get such loans and also bit expensive.

Now let us discuss the best education loan provider bank in India for study abroad

State bank of India education Loan for study abroad:

SBI is one of the best Indian government best which provides the education loan for study abroad at low interest rates. One of the major benefits to take education loan from SBI is that it is government bank and government banks offer low interest rates loans. Even Indian government has more focus on providing Low interest rate loans for the domestic students as well as to the students those wants to study aboard.  In State bank of India students will get Education loan against pledging tangible collateral security. Means Parents have to pledge assets or Fixed amounts with SBI for taking such loan. If parents are into Regular government job, Private Job & even having own small business then It is easy to take education loan from any government banks. In Simple words regular source of income is required for repayment of loan in particular time.


What is eligibility for taking education loan for study abroad from State bank of India?


1) Student must have offer letter for Regular study in Graduate/Postgraduate. It means that student should have offer letter of master degree or bachelor degree from government recognized university of aboard.

2) Students, those want to join regular study in  Diploma/Certificate/Doctorate Courses in any discipline must have valid offer letter by foreign Institutes/Universities.


Name of the countries for them State bank of India grant education loan for study abroad?


State bank of India offers Education loan for study abroad for the countries like USA, Singapore, , UK, New Zealand,  Canada, Australia, Japan, Hong Kong. If we will talk about Europe then SBI Offer education loan for countries like Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom etc  comes under the  SBI education loan scheme.


Which SBI Education Loan Scheme is best for Study abroad?


The best education loan scheme for study abroad is SBI Global Ed-Vantage Education loan scheme

According to our research SBI Global Ed-Vantage Education loan scheme is one of the best scheme for taking loan for study abroad.


 What is rate of Interest for SBI Global Ed-Vantage Education loan scheme for study abroad?


Education loan up to 7.5 lacs or above rs 7.5 lacs, the effective rate of interest is 8.65% & it is floating Rate type. There is 0.50% of concession in rate of interest for girl students


What are the benefits for taking SBI Global Ed-Vantage Education loan scheme?


1) SBI offer online & offline education loan application processing facility. In this scheme you may apply education loan by online application.

2) The process of Repayment of education loan through EMI up to 15 years option is also available.

3) Education loan approval before Visa granting.

4) This loan scheme covers Examination/Library/Laboratory fee of university for the study.

5) It also covers travel expenses for studies abroad. Means It will be easy to manage the funds.

6) You can take education Loan amount Up to Rs. 1.50 Crores but it depends upon the country to country and study to study. Bank staff will verify strictly all documents.

7) For taking education loan under this scheme Minimum Loan Amount is above Rs. 7.50 Lacs.

8) Under this scheme Scholarship/assistant ship to be included in margin & It is need to be in on YOY (Year on year basis) basis when disbursements are made on a pro-rata basis.

9) Processing Fee for SBI Education loan is Rs 10,000 for  per application.

10) After granting Education loan under this scheme Simple Interest will be charged during Course Period + Moratorium Period as per policy.

We have discussed all main features and benefits of SBI Global Ed-Vantage Education loan scheme.


What kind of financial security is required for taking education loan under SBI Global Ed-Vantage Education loan scheme?


As we have discussed above that Tangible collateral security is must to take education loan from any government bank of India. Also, another option is there like Collateral security offered by Third Party ,other than parents can also be accepted.

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