Overseas Education Loan For Ms Degree In The Usa: A Complete Guide For Indian Students

By Author: Khusiyal Pal
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This blog highlights the different aspects of education loan for USA. From the documentation to tuition fees, we will let you know what will be covered in your student loan.
Types Of Education Loans To Study Abroad

Education loans are divided into two categories for Indian students -
1) Secured Education Loans

These loans can be obtained with low interest rates. The reason for this is because you need to provide collateral. It can be a property or a fixed deposit. Many public sector banks in India offer secured loans for students. Offering collateral increases your chances of higher loans.
2) Unsecured Education Loans

These loans do not require collateral. In an unsecured loan, you will have to pay higher interest rates. This loan is provided by private banks and Non-Banking Financial Companies (NBFCs). If you are applying for an unsecured loan, the bank may check your credit history.
Top Indian Banks Offering Education Loan To Study Abroad

If you want to get an overseas education loan, know which bank is giving higher loans along with the interest rates -

Bank Loan ...
... Amount Interest Rate
State Bank of India (SBI)

(Secured Loan) Up to ₹ 3 Crore 9.65% (for females), 10.15% (for males)

Union Bank of India (Secured Loan) Up to 1.5 Crore 9.25% - 9.75%
ICICI Bank (Unsecured Loan) Up to 75 Lakhs 10.50% - 12.50%
HDFC Credila (Unsecured Loan)
Up to 75 Lakhs 10.50% - 12.50%
Axis Bank (Unsecured Loan)
10.90% - 12.50% 5%
IDFC FIRST Bank (Unsecured Loan)
Up to 70 Lakhs 10.75% - 12.25%
Avanse (Unsecured Loan)
Up to 60 Lakhs 11.00% - 13.00%
InCred (Unsecured Loan)
Up to 60 Lakhs 12.25% - 14.00%

*Always check with the bank before applying for a loan. Interest rates are subject to change.

What Makes An Indian Student Eligible For A Study Abroad Loan?

Getting an education loan to study abroad requires multiple documents. You need to know whether you are eligible to apply for the loan or not -

● You should be at least 18 years old.
● Confirmation letter from a recognized university to do the master's degree.
● Showcasing a strong academic track record.
● Providing collateral if applying for a secured loan.

Documents Requirements To Get Education Loan For USA

The bank needs to do a background check before approving your loan. Make sure you have all the important documents ready with you. The bank will be checking whether you are a genuine customer who can pay back the amount or not. Here’s the list of documents that you need for an overseas education loan -

● KYC of the applicant.
● Citizenship and residence proofs.
● Proof of admission to the relevant university.
● Property documents for secured loans.
● Co-applicants documents.
● Fee structure details of the educational program.

What Expenses Are Covered During Your Education Loan For USA?

Now that you know all the important information about the banks and documents. You should know about the expenses that may be covered in your loan -

● Tuition Fee
● Admission Fee
● Expenses For Study Material
● Accommodation Cost
● Food Cost
● Health Insurance Expenses
● Study tour expenses
Application Process For Education Loan For USA

Applying for an education loan is crucial. There are many steps that you need to take care of. To avoid delays and disapproval of your loan application, make sure to -

● Assess your eligibility first before applying for a loan. Check whether you can apply for a loan to study in the US for a master's degree.
● Compare multiple options for education loan to study abroad. Take a loan from a bank that provides loans at a lower interest rate.
● Gather all the important documents before starting the process.
● Apply online through the bank’s official website or visit the bank.
● Once approved, sign the loan agreements after carefully reading the terms and conditions.
Eduloans – Offering the Best Education Loan To Study Abroad

Navigating the list of banks for an education loan is a tiring process. Eduloans help students save time and energy by simplifying the process. If you need an education loan for USA to do your MS degree, we are here to offer customized and most-suited bank loans for you. Our dedicated team will be assisting you at each step in your education loan process. Our counselors and coordinators will let you know about the top banks and loan details so you can choose the one best suited for you.
Conclusion
Acquiring an overseas education loan is a significant process in your MS journey. Make sure to do thorough research before applying for the loan. Take the help of reliable guides such as Eduloans, who will give you the right advice on your loan application.