How to Get Education Loan for Study Abroad from Indian Banks

Published by Master Visa | Scholarships & Finance | Updated March 2025

Financing your study abroad dream is possible with education loans from Indian banks. With amounts up to ₹1.5 crore available, banks like SBI, HDFC Credila, ICICI, Axis Bank, and NBFCs offer competitive rates for studying in USA, UK, Canada, Australia, and other countries.

Types of Education Loans

Collateral-based loans (up to ₹1.5 crore with property security), non-collateral loans (up to ₹40 lakhs based on co-applicant income and university ranking), and government schemes like Vidya Lakshmi Portal that offers subsidized loans for economically weaker sections.

Top Banks for Education Loans

SBI Scholar Loan (7.5-10.5% interest), HDFC Credila (9-11.5%), ICICI Bank (8.5-10%), Axis Bank (9-12%), and Prodigy Finance (for top-ranked universities). Each bank has different eligibility criteria based on the university, course, and financial background.

Documents Required

Admission letter from the university, fee structure, academic transcripts (10th, 12th, graduation), ID proof, income proof of co-applicant, collateral documents (if applicable), passport copy, and bank statements of the last 6 months.