Top 20 Education Loans in India for Studying Abroad

IDFC FIRST Bank Education Loan

IDFC FIRST Bank is yet another private sector bank which can be assessed by the students as a source to fund higher education.

The educational loan of IDFC FIRST Bank is one of the loans that can be availed for funding the right higher education program, depending upon the student's course, institution, financial need and credit score.

While comparing various banks, some of the important factors that one need to keep in mind is the interest rate, processing fees, repayment period, collateral needed and cost coverage.

This loan is suitable for: Students comparing private-sector education financing options.

Indian Bank Education Loan

Indian Bank provides education loans for pursuing higher studies, which include financing overseas education as well.

There is a possibility of obtaining finance for fees along with other expenses of an approved educational nature based on the course and institution. Like other loan applications, candidates may need to provide their academic credentials and other related documents.

This loan is suitable for: Students seeking public-sector banking option for overseas education.

InCred Education Loan

There is a specialized financing avenue in the form of InCred Education that can be considered by students in addition to traditional banks.

The specialized financiers like InCred may come especially handy to those students who have requirements that don’t meet the structure of traditional educational loans.

It would be wise for applicants to take into account the sanctioned interest rate from the financier and not just the introductory rate.

This loan is suitable for: Students exploring specialized education-finance providers.

"Education loans are not just financial instruments but they are instruments of opportunity. We believe that no deserving student should have to step back from a chance to study at a premier Technical Institute of National importance because of financial constraints. A loan, when structured well, doesn't just fund an education, it funds a future.

Access to affordable and timely education loans is one of the most important levers we have for providing quality higher education in India. For instance, this is why, during the admission and orientation period itself, we arrange dedicated counters of various banks on campus, offering our students exclusive loan schemes and interest rates tailored for them so that financial planning begins on day one, alongside academic planning, and not as an afterthought.

Our endeavour, ultimately, is simply to ensure that every meritorious student, regardless of economic background, has the resources needed to pursue excellence, and to see education loans not as a burden students carry, but as a bridge they cross," says Prof. Suhas S. Joshi, director Indian Institute of Technology (IIT) Indore.