Top Courses for an Abroad Education Loan
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Table of content
- Courses Eligible for an SBI Student Education Loan
- Top Courses Eligible for a Bank of Baroda Education Loan
- Top Courses Eligible For a Punjab National Bank Education Loan
- Top Courses Eligible For a Canara Bank Education Loan
- Top Courses Eligible For an ICICI Bank Education Loan
- Top Courses Eligible for an Axis Bank Education Loan
- Top Courses Eligible For an Incred Education Loan
- Top Courses Eligible For an Auxilo Education Loan
- Top Courses Eligible For an Avanse Education Loan
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With the soaring prices of higher education tuition, more and more students are turning to abroad education loans to meet their expenses. One of the biggest problems these students face is not knowing whether their course is approved by lenders for an abroad education loan. This article aims to provide you with a list of some of the top courses which are approved by prominent education loan lenders in India.
Since SBI is one of the highly sought-after banks for an abroad education loan, we begin by listing out the top courses which are eligible for an SBI education loan for abroad.
Courses Eligible for an SBI Student Education Loan
Top Courses in India:
- Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, etc
- Teacher training/ Nursing courses approved by the Central Government or the State Government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping, etc. approved by the Director General of Civil Aviation/Shipping/ concerned regulatory authority
Top Courses For Studies abroad:
Job-oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in the USA, etc.
Top Courses Eligible for a Bank of Baroda Education Loan
The Bank of Baroda offers abroad education loans under two schemes, the Baroda Scholar Scheme and the Bank of Baroda Loan For Executive Development Scheme.
Courses Eligible for the Baroda Scholar Scheme to Study Abroad:
This BoB education loan for abroad study is applicable to the following courses in abroad universities:
- Graduation - for job-oriented and professional/technical courses offered by prestigious universities abroad.
- Post Graduation - MCA, MBA, MS, etc.
- Regular Degree/ Diploma courses like Aeronautical, Pilot training, Shipping, etc, provided these are recognized by the local Aviation / Shipping authority and Director General of Civil Aviation/ shipping in India or the competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.
- The Bank of Baroda also considers candidates who have secured admission for courses other than the ones mentioned above in institutions that are not listed in any of the Bank of Baroda university lists.
Top Courses Eligible For a Bank of Baroda Executive Development Program
This Bank of Baroda abroad education loan scheme is a unique education loan program offered by the bank for working professionals who wish to study for executive development programs in any university abroad with the aid of abroad education loans.
This education loan scheme in BoB is provided to working professionals who have secured admissions for various executive development courses of all natures (online/part-time/ distant learning programmes)
Top Courses Eligible For a Punjab National Bank Education Loan
The Punjab National Bank offers abroad education loans under the PNB Udaan education loan scheme. Let us take a look at the top courses covered by this abroad education loan scheme.
Courses eligible for a PNB Udaan Education Loan:
- Eligible Graduation courses under the PNB Udaan education loan scheme: Job-oriented courses & Technical Courses from recognized universities abroad.
- Eligible Post-Graduation(PG) courses: MBA, MCA, MS,
- Eligible Professional courses: Courses conducted by CIMA- London, CPA in the USA, etc.
- Eligible Degree/Diploma/Licence courses*: Aeronautical engineering, pilot training, shipping, etc. provided these licenses are recognized by the competent regulatory bodies for the purpose of employment, abroad.
- Students who have secured admissions into prestigious universities are mentioned in the PNB education loan college list.
*A special note for students who wish to borrow a PNB education loan to fund their diploma/certificate courses abroad:
A PNB education loan for diploma/certificate courses (other than the ones mentioned above) can be considered by the bank only if the candidate fulfils one of the PNB education loan requirements.
The condition is that the candidates have to pledge liquid security as collateral against their PNB education loan.
- Liquid securities can be pledged in the form of FDR/NSCs/ Surrender value of life insurance policies, along with relevant financial documents of co-applicants/joint borrowers/guarantors ( generally, family members are considered).
- The value of this liquid security has to be equal to 125% of the total loan amount being borrowed by the candidates.
Top Courses Eligible For a Canara Bank Education Loan
The Canara Bank offers abroad education loans under the IBA Model Loan Product For Higher Studies in India and Abroad. The following courses are eligible for a Canara Bank education loan for abroad studies.
- Undergraduate (Bachelor),
- Ph.D., PG-Diploma Courses, etc.
In order to have a better understanding of the courses covered under this education loan scheme, get in touch with the WeMakeScholars financial team at the earliest.
Top Courses Eligible For an ICICI Bank Education Loan
The ICICI Bank provides education loans for any job-oriented degree or postgraduate diploma/professional courses offered by reputed institutions at the undergraduate (UG) or postgraduate (PG) level.
In order to inquire or get our team’s assistance regarding any of the ICICI Bank education loan schemes, candidates will be required to request a callback.
Top Courses Eligible for an Axis Bank Education Loan
Axis Bank offers abroad education loans to students who have already enrolled for professional courses such as those belonging to the STEM category or management-related courses at the graduate/post-graduate level.
In order to know further about Axis Bank Education Loan, get in touch with the WeMakeScholars financial team at the earliest possible instance.
Top Courses Eligible For an Incred Education Loan
Eligible Courses: Any Masters & Diploma courses in the STEM or Management fields.
Being a non-banking company, Incred pays close attention to the possibility of employment of a student upon the completion of their higher studies abroad. Since the STEM programs and management programs are some of the most promising streams of higher studies abroad, students applying for an Incred education loan to fund their higher studies in these streams are given preference. However, if the student’s profile meets the Incred education loan eligibility criteria, they can be provided secured education loans for courses other than the ones mentioned here.
In order to know more, get in touch with the WeMakeScholars team.
Top Courses Eligible For an Auxilo Education Loan
Due to their high prospects of employment in the future, courses such as
Masters & Diploma Courses in STEM & Management fields are given due preference when it comes to an unsecured education loan from Auxilo.
Due to the nature of unsecured education loans, all Auxilo unsecured loans are granted only after giving thorough consideration to the country in which candidates wish to pursue their higher studies. If you wish to borrow a collateral-free education loan from Auxilo Finserve to study in any of the countries which are not mentioned in the above table, you may consider borrowing a collateral-based education loan.
Top Courses Eligible For an Avanse Education Loan
Masters & Diploma programmes in any of the STEM programmes offered by reputed universities of certain notable countries. Professional & Technical courses like MBA and Masters are given due preference.
Avanse Financial Services Limited caters to the funding requirements of students who wish to fund their higher education courses in any of the fields belonging to the STEM (Science, Technology, Engineering, and Medicine) category.
Students who wish to fund their courses belonging to other professional fields such as Arts & Humanities, pilot training, and license courses, etc. can apply for an avanse education loan with collateral.
Education Loan FAQs
What are the top courses for which I can apply for an education loan to study abroad?
When it comes to pursuing higher education abroad, the most popular courses for which Indian students apply for education loans are engineering, management, and medicine. However, you can also apply for an education loan to pursue other courses such as law, architecture, and media studies. It's important to note that the course you choose to study should be recognized by a reputed foreign university or institution to be eligible for an education loan.
What is the interest rate on an education loan in India?
The interest rate on an education loan in India varies from bank to bank and depends on various factors such as the course you are pursuing, the loan amount, and the repayment period. In general, the interest rate for education loans in India ranges from 9% to 16%, although some banks may offer lower interest rates for certain courses or institutions. To get negotiation support for the education loan interest rate you can get in touch with our experienced team, they are well-trained in negotiation skills.
Can I get an education loan in India for studying in a non-English speaking country?
Yes, you can get an education loan in India for studying in a non-English speaking country, provided that the course and institution you wish to pursue are recognized by a reputed foreign university or institution. However, some banks or financial institutions may require you to provide proof of your proficiency in the language of instruction.
Can I apply for an education loan in India for a diploma or certificate course abroad?
Yes, you can apply for an education loan in India for a diploma or certificate course abroad, provided that the course is recognized by a reputed foreign university or institution. However, the loan amount may be lower compared to a loan for a degree program, and the repayment period may be shorter. It's also important to note that some banks may not offer loans for diploma or certificate courses. Our Financial Officer will provide you with all the details regarding courses and banks acceptable for education loan.
What documents do I need to provide for an education loan in India?
To apply for an education loan in India, you need to provide various documents such as your admission letter from the foreign university, academic records, income proof of your co-applicant, and collateral details (if required). You may also need to provide additional documents such as visa details, travel tickets, and medical certificates.
Our Education Loan team will help you with any questions
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