One of the biggest challenges a student faces when studying abroad, especially in bigger countries like the USA is to get funds. The cost of study as well as living in this country is quite high and not everyone can afford it without receiving any financial aid. However, there are sources through which you can receive financial aids which will help you through it such as scholarships and education loans.
Education loan has gained more importance over the years as more and more students are choosing to study abroad. Therefore, banks are now much too eager to give a loan to a suitable candidate who aspires to study overseas.
In this article, we will be covering the Indian banks where you can get an overseas education loan for USA.
· Nationalised Banks
Nationalized banks offer a secured loan of up to INR 1.5 crores with an interest rate of 8% to 9%. The repayment of this loan is for up to 15 years and it is up to the student whether he wants to serve the simple interest during the moratorium period. The processing time for this loan is around 4 to 5 weeks.
· Private Banks
The private banks offer both secured and unsecured loans that could range up to INR 40 Lakhs. The interest can range up to 10–13% and the processing fee is 1% of the loan amount excluding GST. The processing time for sanctioning the loan could take around 10–15 working days. The repayment period for loans taken by private banks for education loan to study in USA is of 10–15 years.
· NBFCs
Non-banking Financial Companies provide an unsecured loan of up to INR 50 Lakhs for studying in the US. The interest rate is 11–13 % and the processing fee is 1% of the loan amount excluding GST. The loan process time is very quick for this type of loan in NBFCs which is 8–10 days. The repayment period considering how huge the amount is very flexible which is 10–15 years.
So, as you can see there are many options for a student to get an education loan to study in the US, you can easily find a bank that best fits your requirements. Each bank has its own perks such as government banks offering the most loan amount, NBFCs offering the highest amount of unsecured overseas education loan etc. However, if you are not able to get a loan from an Indian bank then there is always an option to go for international lenders. International Lenders provide unsecured loans of up to INR 75 Lakhs where the interest rate is 8–11% and the repayment period is 10–15 years.
We hope that this helped you find an education loan as per your needs. Acquire the loan best fitted for you and get started with your journey to pursue higher education from one of the best countries in the world with the best education system which is- the USA.
