There is few banks that offers education loan in USA for Indian students. Top 5 of them are 1. Canara Bank, 2. Axis Bank, 3. HDFC Credila, 4. International student loan program, 5. Bank of Baroda Scholar Loan
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Canara Bank: A Trusted Partner in Education Loan in USA for Indian students
Canara Bank has long been a reliable institution for Indian students seeking education loans to study in the USA. The bank offers competitive interest rates and flexible repayment options, making it an attractive choice for many. The loan covers a wide range of expenses, including tuition fees, accommodation, books, and travel costs, ensuring that students can focus on their studies without financial stress.
| Loan Details | Canara Bank |
|---|---|
| Interest Rate | 9.85% – 12.85% |
| Loan Amount | Up to INR 40 lakhs |
| Repayment Period | Up to 15 years |
| Moratorium Period | Course duration + 1 year |
Required Documents:
- Proof of admission to the course
- Completed loan application form
- Academic records
- Proof of income for guarantor/co-borrower
- Passport-size photographs
- Valid passport and visa details
How to Apply: Students can apply for an education loan at Canara Bank by visiting the nearest branch or applying online through the bankโs official website (https://canarabank.com/pages/education-loans). It is advisable to contact the bank directly to get precise details and assistance with the application process.
Axis Bank: Comprehensive Coverage for Education Abroad
Axis Bank stands out with its tailored education loan schemes designed to cater specifically to students aspiring to study abroad. Known for its competitive interest rates and minimal processing fees, Axis Bank ensures that the financial burden on students and their families is manageable.
| Loan Details | Axis Bank |
|---|---|
| Interest Rate | 10.50% – 12.50% |
| Loan Amount | Up to INR 75 lakhs |
| Repayment Period | Up to 15 years |
| Moratorium Period | Course duration + 1 year |
Required Documents:
- Admission letter from the educational institution
- Completed loan application form
- Academic transcripts
- Income proof of co-borrower
- Photographs (passport-size)
- Passport and visa documentation
How to Apply: Applications can be made online through the Axis Bank website (https://www.axisbank.com/retail/loans/education-loan) or by visiting a local branch. It’s beneficial to consult with a bank representative to understand the specific requirements and streamline the application process.
HDFC Credila: Specialized Education Loans for Global Aspirations
HDFC Credila specializes in offering education loans that are tailored for students aiming for higher studies abroad. With its expertise in the education loan sector, HDFC Credila provides customized solutions that meet the unique needs of each student, including flexible repayment terms and competitive interest rates.
| Loan Details | HDFC Credila |
|---|---|
| Interest Rate | 11.50% – 13.00% |
| Loan Amount | Up to INR 40 lakhs |
| Repayment Period | Up to 15 years |
| Moratorium Period | Course duration + 1 year |
Required Documents:
- Proof of admission
- Completed loan application form
- Previous academic records
- Income proof of guarantor
- Passport-size photos
- Passport and visa details
How to Apply: Prospective students can apply online via the HDFC Credila website (https://www.hdfcbank.com/personal/borrow/popular-loans/educational-loan/education-loan-for-foreign-education) or visit any of their branches. Detailed consultations with HDFC Credila representatives can provide clarity and guidance throughout the application process.
International Student Loan Program: Tailored for Global Scholars
The International Student Loan Program offers loans specifically designed for international students studying in the USA. These loans are usually co-signed by a US citizen or permanent resident, ensuring competitive interest rates and flexible repayment options.
| Loan Details | International Student Loan Program |
|---|---|
| Interest Rate | 5.99% – 13.99% |
| Loan Amount | Varies by program |
| Repayment Period | Up to 20 years |
| Moratorium Period | Course duration + 6 months |
Required Documents:
- Proof of enrollment
- Co-signerโs financial documents
- Completed loan application form
- Academic transcripts
- Proof of identity (passport)
- Visa information
How to Apply: Students can apply online through the programโs official website. It is recommended to have a US co-signer ready and to carefully review the specific documentation requirements before beginning the application process.
Bank of Baroda Scholar Loan: Supporting Academic Excellence
Bank of Baroda offers the Scholar Loan specifically for students aiming to pursue higher education abroad. Known for its favorable interest rates and comprehensive coverage of educational expenses, Bank of Baroda ensures students can achieve their academic goals without financial hurdles.
| Loan Details | Bank of Baroda |
|---|---|
| Interest Rate | 9.60% – 11.60% |
| Loan Amount | Up to INR 80 lakhs |
| Repayment Period | Up to 15 years |
| Moratorium Period | Course duration + 1 year |
Required Documents:
- Admission letter from the educational institution
- Loan application form
- Academic records
- Co-borrowerโs income proof
- Passport-size photographs
- Valid passport and visa details
How to Apply: Students can apply by visiting the nearest Bank of Baroda branch or online through the bankโs website (https://www.bankofbaroda.in/personal-banking/loans/education-loan/baroda-scholar). It’s beneficial to discuss the loan terms with a bank representative to ensure all criteria are met and to facilitate a smooth application process.
FAQs
Who can apply?
Indian students with confirmed admission at a recognized US university can apply for an education loan.
What are the loan options?
Secured loans (backed by collateral) and unsecured loans (with a cosigner) are available from Indian banks.
What expenses are covered?
Tuition fees, examination fees, living expenses, and sometimes airfare are covered depending on the lender.
What documents are required?
Admission letter, mark sheets, financial documents of student/cosigner (if applicable) are typically required.
When do repayments begin?
Repayment options vary, but some lenders offer deferment during studies and a grace period after graduation.
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