In India, overseas education is in demand, and increased students from diverse backgrounds choose higher education abroad for better research and career opportunities. Apart from having a passion to excel, it is essential to explore and comprehend financing aids for a smooth and seamless educational journey.
Study abroad loans are one of the best ways to finance your education, however, all come with distinct features. From public and private banks to international lenders, there are assorted options to look out for. But today, our emphasis will be on the renowned public financial institutions of the country.
Does the public sector have the best banks for education loans for abroad studies? Let us find out!
Best Public Sector Banks for Overseas Education
What makes public banks stand out from all the other types of lenders available? To get started, one of the most prominent benefits includes lower interest rates, lower processing fees and no constraint to pay interest during the moratorium period.
Now, let us see what banking options in the public sector can be the right fit for taking overseas education loans.
• State Bank of India (SBI)
Established in 1806, the State Bank of India is one of India’s oldest commercial banks and leading lenders for overseas education. The Global Ed-vantage Scheme is a popular education loan scheme and an exceptional offering proposed by the bank. Specially designed for students planning for higher education abroad, this scheme under the SBI education loan for abroad education covers an extensive range of course levels, including bachelors, masters, diplomas, integrated programs, etc.
Key Features
– Quantum of Finance: Up to 1.5 Cr.
– Loan Type: Secured Loan
– Rate of Interest: Starts at 11.15% approx.
– Processing Fee Charged: 10000+ GST
– Loan Sanctioning Time: 3 – 4 Weeks
• Union Bank of India
Located in Mumbai, Union Bank of India is one of India’s popular choices and the largest nationalized bank. The primary services include personal and corporate banking, foreign exchange, etc. The bank offers a premium study abroad scheme for 160 universities globally in which aspirants get exclusive offers such as a lower interest rate than the general scheme.
Key Features
– Quantum of Finance: UL- 40.00 Lakh (for top 160 Universities Globally) Secured Loan – 1.5 Cr
– Loan Type: Secured Loan and Unsecured Loan
– Rate of Interest: Starts at 9.80% approx.
– Processing Fee Charged: 5000+GST
– Loan Sanctioning Time: 3 – 4 Weeks
• Bank of India (BOI)
One of the leading public banks of India, the Bank of India, was founded in 1906 and got its nationalized tag in 1969. According to the applicant’s eligibility, BOI offers loans to people from all income groups. One of its exceptional offerings is the Star Education Loan Scheme to study abroad aspirants, which all income groups can access.
Key Features
– Quantum of Finance: Secured Loan – 1.5 Cr.
– Loan Type: Secured loan and Unsecured Loan
– Rate of Interest: Starts at 10.25% approx.
– Processing Fee Charged: 11000+ GST
– Loan Sanctioning Time: 3 – 4 Weeks
• Punjab National Bank (PNB)
Punjab National Bank is a one-stop solution for all your banking needs. To make the overseas education journey seamless, the bank offers a Udaan Scheme providing comprehensive support to study abroad aspirants with flexible terms, competitive interest rates and a more effective processing system.
Key Features
– Quantum of Finance: Up to 1.5 Cr
– Types of Loans: Secured Loan
– Interest Rate: Starts at 10.5% approx.
– Processing Fee: 10,000 + GST
– Tentative Time Taken for Loan Sanctioning: 2-3 weeks
Apart from the banks listed above, other leading public banking institutions provide solutions to many hassles a student may face during their study abroad journey.
In conclusion, considering a government education loan for study abroad has many benefits for aspirants, and their special education loan schemes elevate the overseas educational experience. For assistance in the procedure, you may contact an education loan advisor who will provide the proper guidance to get started.
