After having researched well for the5 Best Places to Get an Education Loan in 2021, we have come up with some of the best options for you to check out. Here is the list-
HDFC Overseas Education Loans
HDFC grants study loans for different countries. The list of institutions in each country hat the bank approved for education loan abroad is mentioned in their annexure. The study loan amounts can go up to INR 35/45 Lakhs for unsecured and unlimited secured loans. Collateral is a must for higher loan value in case you are looking at STEM course in USA. HDFC offers loan through Credila NBFC, for education loan in USA, study loan for Canada, as well as study loans Australia. The rate of Interest is 11.00 – 13.00 % for the education loan.
| Pros | Cons |
| Quick processing | 1.00 % Fixed (Non
Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges |
| Lower rate of interest | Up to 4% of the prepayment charges during moratorium tenure |
| 80 E Tax Benefit | – |
Avanse Overseas Study Loans
Avanse is the non-banking financial company that is RBI regulated and focusses of providing affordable study abroad education loans to students and professionals. Avanse offers all kinds of education loans for countries like USA, Australia, Canada and more. They are more creative and have a lot of income based products . They can be a serious choice for weaker profiles.
| Pros | Cons |
| Quick processing and lesser paperwork | 1.00 % Fixed (Non
Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges |
| Also provides education loan for e-learning | Rate of interest is high |
| 80 E Tax Benefit | No pre-payment in initial 6 months |
SBI Overseas Education loan
SBI Global Ed-Vantage is provided for study loans Australia, education loan in USA and Canada. The courses for which SBI provides education loanfor studying abroad include technical and professional degree, diploma courses, and PG courses. There are certain certificate courses, such as CPA-US and CIMA-London, which are eligible for SBI education loan as well.
| Pros | Cons |
| Limited by 80% – 100% of
collateral or Maximum 100% cost of study |
All students treated as one with no interest differentiation based on Merit. |
| Lesser interest rate, 9.05% to 11% and lower processing fees. | Higher processing time |
| 80 E Tax Benefit | 15% margin required for foreign studies |
Baroda Scholar Education loan for study abroad
Baroda Scholar education loan provides study loan Canada and other countries. The list of institutions for which the loan is sanctioned is mentioned in their annexure. Students seeking education loan for USA can also consider Bank of Baroda for many advantages that the bank offers.
| Pros | Cons |
| Limited by 80% – 100% of
collateral or Maximum 100% cost of study |
INR 10,000 +GST (
Refundable/Non Refundable) + Optional Insurance+ Mortgage Fees – 0.2%+Legal Verification +Valuation |
| Lesser interest rate, 8.05% to 10% | Slow processing of loan documents |
| 80 E Tax Benefit | Strict OC and Legal property requirements. |
Prodigy Finance Overseas Education Loan :
Prodigy is an international lender wherein they provide you loan based on your admits from the Universities. They have a list of Universities globally ( 300+) where in in case you are looking at MBA or Master’s program they would be able to fund up to 100% of your Education loan.
| Pros | Cons |
| Very fast online processing | Higher interest rates and processing fees in USD terms. |
| Non Collateral and Non Co-signor Education Loan | Only finances Masters or MBA students from a hand full of Universities |
| Provides Higher Credit Score | Do not fund complete Education requirements |
Why go through EduLoans
EduLoans is not a financial institution, but is a highly credible point of source for getting faster education loan for studying abroad. Whether you are looking for education loan in USA, or study loan for Canada and Australia, EduLoans can help push your application with all documents and paperwork. We are well aware of the comparison factors of all our lenders and can guide you for free in an Unbiased way towards your best education loan.EduLoans provides door-step service and faster loan processing so that you can fly closer to your dream career.