Education Loans for Studying Abroad: Everything Indian Students Need to Know
Getting a loan for an overseas degree is different from a domestic one. We cover loan limits, forex, required documents, and the best lenders for study abroad.
Loan Limits for Overseas Studies
Public sector banks typically offer up to ₹30 lakh for overseas courses. NBFCs like HDFC Credila, Avanse, and Prodigy Finance can sanction ₹50 lakh to ₹1.5 crore depending on the institution ranking and the student's profile.
Expenses Covered
Education loans for abroad studies cover tuition fees, accommodation, travel, laptop, health insurance, and a study tour — giving you comprehensive financial coverage.
Currency and Forex
Loans are sanctioned in INR but disbursed in the foreign currency as required. Most banks use the RBI reference rate at the time of disbursement. Factor in forex fluctuation while planning your budget.
Documents Specific to Abroad Loans
- I-20 (USA) or CAS letter (UK) or equivalent admission document
- GRE / GMAT / IELTS / TOEFL score cards
- University ranking proof
- Visa approval (may be required before disbursement)
Best NBFCs for Abroad Loans
HDFC Credila, Avanse, Auxilo, InCred, and Prodigy Finance are the most popular choices for collateral-free overseas education loans in India.