Students can avail an education loan to study abroad from almost any bank. Basically, what banks check is whether the co-applicant is capable enough to repay the loan.
Here are the documents that you will need to apply for an education loan to study abroad:
The Govt. of India, Finance Ministry, Dept. of Economic Affairs (Banking Division) has accepted the model scheme prepared by IBA. However, it is subject to the following modifications:
Rate of interest
Up to Rs 2 lakhs: PLR
Above Rs 2 lakhs: PLR +1%
The interest is debited on a quarterly/ half-yearly basis during your moratorium period.
A penalty of 2% is charged for amounts exceeding 2 lakhs for the overdue amount and the overdue period.
The moratorium period or repayment holiday is your course period plus one year or six months after getting employed, whichever is earlier.
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