Education Loans for Abroad Studies by Indian Government Banks.

Government banks in India offer a number of benefits for international education loans, including:

Wecare Capital will help you with each step of your planning: –

• Lower interest rates: Government banks typically offer lower interest rates on international education loans than private banks.
• Longer repayment terms: Government banks also offer longer repayment terms for international education loans, typically up to 15 years. This gives borrowers more time to repay the loan and reduces their monthly payments.
• Moratorium period: Government banks typically offer a moratorium period on international education loans, which means that borrowers do not have to start repaying the loan until after they have completed their studies and found a job. This can give borrowers a much-needed financial break during a time when they are transitioning into their careers.
• Subsidy schemes: Government banks offer a number of subsidy schemes for international education loans, which can help to reduce the overall cost of the loan. For example, the Government of India offers an interest subsidy scheme for students from economically weaker sections (EWS) of society.
• Collateral-free loans: Government banks offer collateral-free loans for international education up to a certain amount, typically ₹7.5 lakhs. This means that borrowers do not have to put up any security to obtain the loan.

In addition to the above benefits, government banks also offer a number of other advantages for international education loans, such as:

• Wide network of branches: Government banks have a wide network of branches and ATMs across the country, making it easy for borrowers to access their loan account and make repayments.

Overall, government banks offer a number of benefits for international education loans, including lower interest rates, longer repayment terms, moratorium periods, subsidy schemes, collateral-free loans, network of branches, and good customer support with the help of Wecare Capital.

Here are some additional benefits of government bank’s international education loan products:

• Government banks are more likely to approve loans for students from economically weaker sections (EWS) of society.
• Government banks are more likely to approve loans for students who are pursuing technical or professional courses.

As a result of these benefits, government banks are a good option for students who are looking for affordable and accessible international education loans.

Minimum percentage required to apply for an education loan for abroad studies by the government banks:

The minimum percentage required to apply for an education loan for abroad studies by the government banks is 60% in most cases. However, this may vary depending on the bank and the specific loan scheme. For example, some banks may require a higher percentage for students who are going to study in more expensive countries or who are pursuing less popular courses.

In addition to the minimum percentage requirement, government banks also consider other factors when evaluating loan applications, such as the student’s academic record, financial background, and the creditworthiness of the co-applicant. Wecare Capital will help to let you know more about the banks facility with its experienced customer support service:-

There is a list of some of the government banks in India that offer education loans for abroad studies:

• State Bank of India (SBI)
• Bank of Baroda
• Punjab National Bank (PNB)
• Canara Bank
• Union Bank of India

And more!

Students can contact Wecare Capital to learn more about the specific eligibility criteria and application process for an education loan for abroad studies.

With careful planning and preparation, students can increase their chances of getting approved for an education loan for abroad studies.

The documents required for applying for an education loan for abroad studies in government banks may vary slightly from bank to bank, but the following is a general list:

• KYC documents:
  • Aadhaar card
  • PAN card
  • Voter ID card
  • Passport
• Educational documents:
  • Class 10th and 12th mark sheets and certificates
  • Undergraduate mark sheets and certificates (if applicable)
  • Admission letter from the overseas university
  • Fee structure from the overseas university
• Financial documents:
  • Income tax returns of the applicant and co-applicant for the past 3 years
  • Bank statements of the applicant and co-applicant for the past 6 months
• Other documents:
  • Signed loan application form
  • Passport-size photographs of the applicant and co-applicant.

#. There is some basic and vital information about the Government Banks….

• Processing time
• Loan Amount (up to)
• Processing Fee
• Loan Tenure Period
• And some information.

S. No.	Bank Name	Processing Time.	Loan Amount (UP TO)	Processing Fee	Loan Tenure Period
1	SBI	15 Days	1.5 CR	10,000	15 Y
2	BOB	15 Days	1.5 CR	10,000	15 Y
3	PNB	15 Days	1.5 CR	10,000	15 Y
4	Canara bank	15 Days	1 CR	10,000	15 Y
5	Union bank	15 Days	1 CR	10,000	15 Y

Here is the tip for choosing the perfect government banks for education loans abroad

Contact us

State Bank of India (SBI)    

About SBI bank :

The SBI Global Ed-Vantage Scheme is an education loan scheme offered by the State Bank of India (SBI) to Indian students who wish to pursue higher education abroad. The scheme offers a number of benefits,

Repayment:

The repayment of the loan commences after the completion of the course. The student has the option of repaying the loan in equated monthly installments (EMIs) or in a lump sum.

Name	(SBI) State Bank of India
Loan Amount	UP TO 1.5 CR
Processing Fees:	10,000 *
Total Expenses covered	All expenses related to the course abroad
Total Loan Tenure:	Up to 15 years
Interest Rate:	10% To 11%
Processing Time:	28 Days

• Bank of Baroda (BOB)

   Bank of Baroda (BOB):

Bank of Baroda offers a variety of education loans for students who want to pursue higher education abroad. The bank offers competitive interest rates and flexible repayment options.

Repayment tenure:

The repayment tenure for Bank of Baroda education loans for abroad studies is up to 15 years. The repayment can be started after the completion of the course and a moratorium period of up to 6 months.

Name	(BOB) Bank of Baroda
Loan Amount	UP TO 1.5 CR
Processing Fees:	10,000 *
Total Expenses covered	All expenses related to the course abroad
Total Loan Tenure:	Up to 15 years
Interest Rate:	10% To 11%
Processing Time:	28 Days

• Punjab National Bank (PNB)

  About PNB:

Punjab National Bank (PNB) offers a variety of education loan schemes for students pursuing higher education abroad. These schemes are designed to provide financial assistance to deserving students to help them achieve their academic goals.

      Repayment:

The repayment of the loan begins after the completion of the course and a moratorium period of 6 months. The repayment tenure can be up to 10 years.

Name	(PNB) Punjab National Bank
Loan Amount	UP TO 1.5 CR
Processing Fees:	10,000 *
Total Expenses covered	All expenses related to the course abroad
Total Loan Tenure:	Up to 15 years
Interest Rate:	10% To 11%
Processing Time:	28 Days

• Canara bank

About Canara Bank:

Canara Bank is a public sector bank in India, headquartered in Bangalore. It is one of the largest banks in the country, with over 10,000 branches and over 100,000 employees. Canara Bank offers a variety of banking and financial services, including education loans.

Canara Bank Abroad Education Loan is a loan scheme that is designed to help students who are pursuing higher education abroad. The loan can be used to cover the cost of tuition fees, living expenses, travel expenses, and other expenses related to studying abroad.

Repayment Terms:

The repayment terms for Canara Bank abroad education loans are flexible. The borrower can start repaying the loan after the completion of their course and a moratorium period of up to one year. The maximum repayment period is 15 years.

Name	Canara bank
Loan Amount	UP TO 1 CR
Processing Fees:	10,000 *
Total Expenses covered	All expenses related to the course abroad
Total Loan Tenure:	Up to 15 years
Interest Rate:	10% To 11%
Processing Time:	28 Days

• Union bank

About Union Bank:

Union Bank of India is one of the largest public sector banks in India, with over 9,600 branches and 13,100 ATMs across the country. It also has branches in overseas locations such as London, New York, Dubai, and Singapore.

Union Bank Abroad Education Loan

Union Bank offers a variety of education loan schemes for Indian students who wish to pursue higher studies abroad. These loans are available for both undergraduate and postgraduate studies in a wide range of courses and institutions.

Repayment Terms:

The repayment terms for Union Bank abroad education loans are flexible. The borrower can start repaying the loan after the completion of their course and a moratorium period of up to one year. The maximum repayment period is 15 years.

Name	Union bank
Loan Amount	UP TO 1 CR
Processing Fees:	10,000 *
Total Expenses covered	All expenses related to the course abroad
Total Loan Tenure:	Up to 15 years
Interest Rate:	10% To 11%
Processing Time:	28 Days

FAQ’s :

Q: What is the difference between a government bank education loan and a private bank education loan?

A: Government banks typically offer lower interest rates and longer repayment terms on education loans than private banks. However, private banks may offer more flexible loan options and a faster approval process.

Q: What are some of the government-sponsored subsidy schemes for education loans?

A: The Government of India offers a number of subsidy schemes for education loans, such as the Central Sector Interest Subsidy Scheme (CSIS) for students from economically weaker sections (EWS) of society and the National Overseas Scholarship Scheme (NOS) for students pursuing higher education abroad.

Q: What are some of the collateral-free education loan schemes offered by government banks?

A: Most government banks offer collateral-free education loans up to ₹7.5 lakhs. Some banks also offer collateral-free education loans for higher amounts, up to ₹10 lakhs or ₹15 lakhs.

Q: How can I compare different education loan options from different banks?

A: You can compare different education loan options from different banks by using an online education loan comparison tool. These tools will allow you to compare the interest rates, repayment terms, and other features of different loans.

Q: What are some of the documents that I will need to submit when applying for a government bank education loan?

A: The documents that you will need to submit when applying for a government bank education loan will vary depending on the bank and the loan scheme. However, some of the common documents that you may need to submit include:

• KYC documents (Aadhaar card, PAN card, voter ID card, passport)
• Educational documents (Class 10th and 12th mark sheets and certificates, undergraduate mark sheets and certificates (if applicable), admission letter from the overseas university, fee structure from the overseas university)
• Financial documents (income tax returns of the applicant and co-applicant for the past 3 years, bank statements of the applicant and co-applicant for the past 6 months, asset and liability statement of the applicant and co-applicant)
• Other documents (signed loan application form, passport size photographs of the applicant and co-applicant, processing fee)

Q: What are some of the tips for increasing my chances of getting approved for a government bank education loan?

A: Here are some tips for increasing your chances of getting approved for a government bank education loan:

• Start planning early and gather all of the required documents well in advance.
• Compare different loan options from different banks to get the best deal.
• Be honest and transparent about your financial situation in the loan application form.
• Be prepared to answer questions from the bank about your study plans and how you plan to repay the loan.

With careful planning and preparation, you can increase your chances of getting approved for a government bank education loan and pursue your dream of studying abroad.

 Conclusion:

Wecare Capital helps you to rely on Government bank education loans for abroad studies which is a powerful tool that can help you achieve your dreams. They offer a number of advantages, including lower interest rates, longer repayment terms, and moratorium periods. Additionally, the government offers a number of subsidy schemes to help students from economically weaker sections of society.

If you are considering applying for a government bank education loan for abroad studies, I encourage you to do your research and compare different options. .  Wecare Capital is always ready to choose the best option with careful planning and preparation, you can increase your chances of getting approved for a loan and pursuing your dream of studying abroad.

Remember, education is an investment in your future. A government bank education loan can help you make that investment and achieve your goals.

NOTE

**Aspirants are advised to decide on a detailed study keeping in mind all the aspects i.e. Cost of education, Work opportunities, Geographical Preference, and personal liking and disliking**