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Education Loan in India for Study Abroad, Rate of interest, Details

Education Loan in India for Study Abroad:

Students having talent and potential to study in famous universities of abroad but having lack of financial support, need not to worry these days as  they can get Education Loan in India for Study Abroad.

Education Loan for Study Abroad:

In an effort to provide financial support to meritorious students who have got lack of funds for turning their dreams into reality, almost all the commercial banks in India are providing Education Loan for getting higher education in abroad.

Eligibility criteria:

The requirement for getting educational loan is that the student should be an Indian national and he must have a secured admission in a foreign university.

Students can get a maximum sum of 20 Lakh which basically covers:
  • Tuition fees
  • Hostel charges
  • Travel expenses
  • Books and equipments cost etc.

Students can repay the loan in installments after one year from the course or after 6 months if he gets the job in 5-8 years.

Rate of Interest for getting Education abroad:

Different banks have different interest rates which vary from 11- 14% per annum aprox. and different rates for different amounts as 4 Lakh, between 4-7.5 Lakh and above 7.5 Lakh.

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