Getting an overseas education loan in the present times comes with its own set of predicaments. In the present times of 2020, where pandemic has reeled almost the entire world, it is important that you do not give in to the fear. It isn’t right to stop dreaming and stop chasing your dreams. The pandemic shouldn’t slow you down in your career aspirations. While the students are especially intimidated with going abroad after 12th, professionals are finding this time absolutely important to upskill themselves. The demand for technical and professional courses has increased tremendously after the government eased restrictions with international borders and traveling became a normal scenario. Overseas education loan is again in demand. But, which one is best? Eduloans can help you know which education loan is best suited for your further career prospects. While in this blog, we shall cover three main options for you, SBI education loan remains in demand because of its high credibility and nationalized reputation.
Comparing Interest Rates for overseas education loans
Three options that Eduloans brings at your disposal are- Bank of Baroda, SBI and HDFC Credila. In the table below, you get to know all the details needed for comparison. SBI education loan- Global Ed-vantage offers the most competitive edge, while offering maximum amount and covering a plethora of professional and technical courses.
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Features |
SBI education loan- Global Ed-vantage |
Credila education loan by HDFC |
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Max Loan Amount |
Rs. 80 Lakh |
₹1.5 crore |
Rs. 40 lakhs (can go up to Rs. 1 crore in certain cases) |
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Interest Rates |
Loans upto Rs. 4 lakh |
9.65 % - 10.40% , for Girls - 9.15% |
Loans Up to Rs. 7.5 Lakhs |
10.25% |
11% to 12.5% |
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Loans Rs. 4.0 - 7.5 lakh |
9.65 % - 10.40% , for Girls - 9.15% |
Loans Above Rs. 7.5 Lakhs |
10.50% |
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Loans > Rs. 7.5 lakh |
9.65 % - 10.40% , for Girls - 9.15% |
- |
- |
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Margin requirement (by student/family) |
Loans upto Rs. 4 lakh |
0% |
Loans Up to Rs. 4 lakh |
0% |
Nil |
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Loans above Rs. 4 lakh |
10% |
Loans above Rs. 4 lakh |
10% |
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Max Tenure Post Moratorium |
10-15 years (depends on the loan amount) |
Maximum 15 years |
- |
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Co-Applicant required (Y/N) |
Yes |
Yes |
Yes |
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Collateral Security (Fixed deposit/ Property, LIC) |
Required for Loans > Rs. 7.5 lakh |
Required |
Options available for collateral and non-collateral loan requirements |
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Prepayment Charges |
Nil |
- |
Nil |
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Moratorium Period |
After course period |
12 months |
After course period |
12 months |
Only interest amount to be paid during moratorium period; EMI begins after course completion+6 months |
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After getting job |
6 months |
After getting job |
6 months |
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Conclusion
Eduloans provides a complete list and help you with the processing of your overseas education loan. By comparison, we find that the SBI education loan is the best suited for students as it has the most sanction Value, Highly cost competitive and the maximum reach for the student. It also provides concession to girl students and people availing Rin Raksha policy. If you wish to get a faster redressal to your needs, you may get in touch with us. Y just submitting your query, you can rest assured regarding the remaining process as we are first portal to be digitally tied up with SBI and look to connect with the branch managers for faster loan processing.