NBFC Education Loan

Education Loan

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Key Features of NBFC Education Loans

NBFCs offer education loans for study abroad with features that differ from banks. Key features of NBFC education loans are as follows:

Particulars	Details
Loan Amount	Can range from INR 50,000 to 50 lakhs or more
Coverage	Tuition fees, living expenses, travel costs, and more
Grace Period	6 – 12 Months
Interest Rates	Typically 8% – 16%
Collateral	Collateral as well as no collateral loans available
Processing Fees	1% of the loan amount
Repayment Tenure	Can be up to 10-15 years

Top NBFCs Offering Education Loans in India

Several NBFCs offer education loans in India to students planning to study abroad. These top NBFCs usually offer student loans for international students with flexible repayment options, competitive interest rates, and more. Here are some of the top NBFCs offering education loans in India:

Bank	Interest Rate	Loan Amount
Avanse	14.55%	Up to INR 1.25 Crore
Auxilo	BLR 15.10%	100% Financing
Axis Bank	13.70% – 15.20%	Up to INR 1 Crore
HDFC Bank	Starting from 8.64%	Entire Cost of Education (with Collateral)
Prodigy Finance	Starting from 8.35%	Up to 2,20,000 USD or 100% of your expenses

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Education Loans for Studying Abroad: Banks vs. NBFCs

If you are confused about whether you should take a loan from a Bank or an NBFC, here’s a detailed table comparing both of them:

Features	Banks	NBFCs
Loan Amount	Loans up to INR 2 crores	Loans up to INR 1-1.5 crores
Collateral	Require collateral for large loan amounts	Offers both collateral and no collateral loans
Interest Rates	8 – 13% per annum	8% – 16% per annum
Processing Fees	INR 10,000 – 15,000	1-2% of the loan amount
Processing Time	20 – 30 days	7 – 10 days
Repayment Terms	Longer tenure up to 15 years	Shorter tenure, up to 10-15 years

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Frequently Asked Questions

Can I get an education loan for abroad from NBFC?

Yes, you can get an education loan abroad from an NBFC. Avanse, Bank of Baroda, and Prodigy Finance are some of the top NBFCs offering education loans.

Are there any benefits of taking a study abroad loan from an NBFC?

NBFCs usually process loans faster than banks and require fewer documents. The repayment period is usually 10-15 years, giving you ample time to repay the loan.

Who is eligible for an NBFC education loan abroad?

To fulfill the abroad education loan eligibility criteria for an NBFC education loan, you must be an Indian citizen. You must provide proof of admission and have a co-signer with a stable financial background for the loan.

What documents are required for an NBFC education loan abroad?

Proof of identity, proof of address, academic record, admission letter, income proof, and bank statements are some of the documents required for an NBFC education loan abroad.

Can I get an education loan without collateral from an NBFC?

Yes, you can get an education loan without collateral from an NBFC. However, you must have a strong academic profile and a co-applicant.

What is the foreign education loan interest rate?

The foreign education loan interest rate ranges from 8% to 16%. However, the rate may vary depending on the loan amount, credit history, university, and program.