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Apply for Overseas Education Loan
What is a Study Abroad Education Loan?
Studying abroad is a dream for many students but financing an overseas education is an aspect that appears to be the most challenging. Education loans for abroad studies are designed to help students manage the cost of tuition, living expenses, travel and other associated costs.
There are multiple lenders in the industry and choosing one that works the best for you can be very intimidating. This is where HiWiPay comes into play! We’re here to guide you through the process and find the best and hassle-free education loan approval process. Let’s understand the different aspects of education loans.
Types of Abroad Education Loans
On the basis of collateral, there are two types of Education Loans- Secured and Unsecured.
- Secured Loans: Loans that require collateral such as property, fixed deposits, or other valuable assets.
Pros: Lower Interest Rates, higher loan amounts, and longer repayment period.
Cons: Risk of losing the pledged collateral in case of default in repayment.
- Unsecured Loans: Loans that do not require any collateral.
Pros: No collateral means no risk of losing precious assets
Cons: Higher interest rates and comparatively lower loan amounts.
You can look at Secured and Unsecured education loan criteria.
Criteria | Secured Loans | Unsecured Loans |
Collateral Requirement | Requires collateral (Property, Fixed Deposits, other assets, etc.) | No Collateral Required |
Loan Amount | Higher loan amounts can be sanctioned | Generally lower loan amounts |
Interest Rates | Lower interest rates due to reduced lender risk | Higher interest rates due to higher lender risk |
Approval Process | Lengthier process due to collateral evaluation | Faster approval process |
Eligibility Criteria | More flexible due to collateral | Stricter criteria, heavily based on creditworthiness |
Risk for borrower | Risk of losing collateral, if defaulted | No risk of losing assets, but credit score is affected if defaulted |
Credit Score Importance | Less critical due to collateral security | Very important; critical for loan approval |
Cosigner Requirement | May require a cosigner if collateral value is insufficient | Often requires a cosigner with good credit history |
Types of Lenders Offering Education Loans for Abroad Studies
There are three main types of lenders for education loans for abroad studies:
- Banks: Both public and private banks offer education loans for abroad studies at competitive terms.
- Non-Banking Financial Companies (NBFCs): These institutions provide flexible loan options and faster processing times but often at higher interest rates.
- International Lenders: These include foreign banks and specialized education loan providers that offer loans tailored to specific countries or institutions.
Key Features of Education Loan for Abroad Studies
Below is a detailed table comparing the key features of education loans for abroad studies across different types of lenders:
Criteria | Banks | NBFC | International Lenders |
Loan Amount (Maximum) | Public: INR 1.5 Cr Private:INR 50 Lakhs | INR 75 Lakhs | USD 1,00,000 |
Interest Rates | Starting at 9.8% | Starting at 11.25% | Starting at 11% |
Repayment Tenure (Maximum) | 15 Years | 20 Years | 15 Years |
Popular Choices | State of Bank (SBI), Bank of Baroda (BoB), HDFC Bank, ICICI Bank | HDFC Credila, Avanse | Prodigy Finance, MPower Finance |
Requirement of co-applicant | Public: No Private: Yes | Yes | No |
Eligibility Criteria for Education Loan for Abroad Studies
It can be different for different lenders. The most common and general eligibility criteria are as follows:
- Academic Admission: Proof of admission to a recognized university or college abroad.
- Age: Generally between 18 and 35 years.
- Academic Record: Good academic performance may be required.
- Financial Background: Proof of the co-applicant’s financial stability (for unsecured loans).
Documents Required for Education Loan for Abroad Studies
Share required documents details here of applying Education Loan at HiWiPay
- Identity-Related Documents (From Both Applicant & Co-applicant)
- Financial Documents from the Co-applicant
- Technical Documents for Collateral
- Legal Documents for Collateral
- Income Proof for Co-Applicant/Guarantor
Here’s the list of the most common documents required by lenders:
Document | Description |
Application Form | Duly filled and signed application form and two passport-size photos |
Educational Qualification | 10/12th mark sheet and/or latest education certificate |
Course Expenses | Statement of course of expenses or cost of study |
Proof of Admission | Admission letter from the Institute on its letterhead |
Identity Proof | ● Aadhar Card ● PAN Card |
Age Proof | ● Aadhar Card ● Voter ID ● Passport ● Driving License |
Residence Proof | ● Rental Agreement ● Copy of Ration Card ● Electricity Bill ● Telephone Bill |
Income Proof | ● 6-8 months bank statement of student/ co-applicant, if any ● Recent Salary Slips of Form 16 of the co-applicant ● Six months’ bank statement ● Updated ITR of two years of borrower and co-applicant ● Certified Financial Statements for the last two financial years (if the co-applicant is self-employed or professional) |
Assets and Liabilities | Documents stating the assets and liabilities of the parent/guardian/co-borrower |
If, Collateral | ● Property Title Deed ● Registered Sale Agreement ● Latest maintenance bills |
Note: Banks may demand any additional document as they deem fit for the purpose of providing a loan.
Best Lenders for Education Loans for Abroad Studies
Why Choose HiWiPay for Study Abroad Education Loan?
Choosing the right financial partner can make all the difference while embarking on your study abroad journey. HiWiPay stands out as the premier choice for securing your education loan as we offer distinct benefits designed to support your dreams.
Transparent and Free for Students: Unlike other loan services that may charge hidden fees, HiWiPay is entirely free for students. We are committed to providing you with the financial support you need without any extra costs.
Favourable Interest Rates: HiWiPay offers competitive interest rates beginning at just 9.25%, ensuring that your loan repayments are manageable and affordable throughout your education journey.
Trusted by Thousands: Join a global community of over 32,000 students who have successfully financed their education abroad with HiWiPay. Our reputation for reliability and excellent service is well-established and trusted worldwide.
Seamless Digital Process: HiWiPay simplifies the loan application process with a fully digital platform. From application to approval, every step can be completed online, saving you time and hassle.
Wide network of Lenders: Maximize your chances of securing the best loan terms by submitting your application to over 15 top lenders through HiWiPay. Our extensive network ensures you receive competitive offers tailored to your needs.
Our commitment to affordability, accessibility, and trustworthiness makes us the ideal partner for financing your international education.
Start your journey with HiWiPay today and unlock the door to global opportunities with ease and confidence. Apply now and take the first step towards achieving your educational dreams!
How Do I Apply for an HiWiPay Student Loan for Abroad?
Share step-by-step details here of applying for Education Loan at HiWiPay
Applying for an education loan has never been easier! Follow the steps below and get started with your dream education TODAY!
Step 1: Signup: Fill up the form, answer a few questions and send your application to multiple lenders in just ONE click!
Step 2: Follow Up: Once you’ve filled out the form, our representative will reach out to you within 24 hours to understand your needs better.
Step 3: Get an Offer: We will align your needs with the lenders and relevant lenders interested in your profile will reach out to you directly with tailored offers!
Frequently Asked Questions
The purpose of an abroad education loan is to provide financial support to students who want to pursue higher education overseas. It covers expenses including tuition fees, accommodation, living costs and other related expenses.
Abroad student education loans are required by and beneficial for any student wishing to study abroad but do not have sufficient personal or family funds to support their international education aspirations.
It’s very simple! Fill out the form with the required information and we will match your requirements with the perfect lender for you.
No! There’s no limit to the age for applying for HiWiPay overseas education loans. We support everyone who dreams of studying abroad!
We put our best efforts into aligning your requirements with the best-suited lender. The lender further decides the maximum amount of loan a student can get based on the eligibility criteria.
Yes! You can avail of education loans for abroad studies at HiWiPay without any collateral. Fill out the form with details and we will generate the best collateral-free education loans for you.
Margin money is the portion of the education cost that the borrower must contribute from their own funds. It typically ranges from 10% to 20% of the total expenses, with the lender covering the remaining amount through the loan.
The different types of interest rates available for education loans in India for studying abroad include fixed and floating rates. Fixed interest rates remain constant throughout the loan tenure while floating interest rates can fluctuate based on market conditions.
As the name suggests, autopay is a convenient payment method wherein the borrower authorizes the lender to deduct periodic loan installments automatically from their designated bank account at a specified date. This system ensures that you never miss any payment deadlines.
Students can get secured loans of up to INR 1.5 Cr and collateral-free loans of up to INR 75 Lakhs. However, these limits can increase or decrease depending on multiple factors including, the academic profile of the borrower, co-applicants profile, value of collateral, etc.
Under section 80E of the Income Tax Act, 1961, you can get a deduction of interest amount paid on an education loan paid in the financial year under consideration.
Choosing a lender that suits your needs includes multiple considerations like interest rate, repayment tenure and terms, associated fees and charges, etc. Choose the loan that aligns with your financial needs.
