Finance for Indian Students
There are several options available for Indian students who wish to pursue higher education abroad and require financial assistance in the form of an education loan. Here are some of the common options:
- Government banks: Various government banks in India offer education loans to students who want to study abroad. These loans typically cover tuition fees, travel expenses, accommodation, and other related expenses. Some popular banks that offer education loans include State Bank of India (SBI), Bank of Baroda, Punjab National Bank, etc.
- Private banks: Private banks such as HDFC Bank, ICICI Bank, Axis Bank, etc. also offer education loans for students who want to study abroad. These loans come with different terms and interest rates, and students can choose a plan that best suits their needs.
- Non-banking financial companies (NBFCs): NBFCs like Credila, Avanse, InCred, etc. also offer education loans to Indian students who want to study abroad. These loans come with different terms and conditions and interest rates, and students can choose the best option for them.
- Government-sponsored schemes: The Government of India also offers education loans for students who want to study abroad under schemes like the Vidya Lakshmi Portal and the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).
To avail of an education loan, students need to provide proof of admission to a recognized university abroad, along with other required documents such as academic records, passport, etc. It’s important to carefully compare different loan options, terms, and interest rates before choosing one, and to ensure that the loan repayment schedule is feasible within one’s budget.
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