Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.
We will require as security Student Profile, Collateral and Cosigner or Guarantor. Everything will be carried out online. The loan amount is limited to 80% of Collateral. The maximum loan amount equals the total cost of study. The interest rates vary from 5% to 7%. The processing fee is fixed at 1% and is non-refundable. The other charge is for the insurance (Noncollateral).
Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible.
Axis Bank
Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.
A secured loan of any amount and an unsecured loan up to 40 lakhs {Prime List A (40 Lakhs) & B (25 Lakhs)} are offered. The percentage of loan provided against the collateral is 65-85% of Property Value, 90 % of FD Value, and 50 % of LIC Surrender Value. Only Registered documents, Occupational Certificate, and Completion Certification are accepted for the Collateral Property. Consideration is on the basis of Property (Non Agricultural Land, 3rd party property is not acceptable), FD’s (From Axis Bank Only), and LIC (Traditional Policies) for Secured Loans and on the basis of University List (Prime A and B) for Unsecured Loans. The student profile includes details about GPA, Test Score, Course, Level, and Country. Incidental Cost comprises Life Insurance, Equitable or Registered Mortgage. The Interest Rates or ROIs are as follows:
Secured: 8.99% ( Till 30th June )
Unsecured: 11% – A ( Only for US till March) to 13.00% (Negotiable)
Interest amount is payable as per Amount Disbursed in Tranches and the payment is not flexible. EMIs start a year post the completion of course. One can choose to pay earlier to save Interest. Income Tax Benefit Under Section 80E, i.e., benefit to Co-signer is available. I.T. is to be paid only on Overall Income minus the Interest Amount. The processing fee is 15,000 plus GST upto 20 Lakhs. 15,000 is refundable on first disbursement. It is 0.75% plus GST above 20 lakhs, and there is no PF for initial 20 lakhs. The turnaround time is approximately 10-14 working days post the submission of all the required documents. The margin money is compulsory and fixed at 15%. Funds in balance like Savings (Self)/Income/FD/Currently Available Balance in Bank Account need to be shown. The Cosigner should have a cibil score of minimum 725; the IT returns of the last 2 years are mandatory. Besides parents, only siblings can become an additional co-applicant. The maximum repayment tenure is up to 15 years after the completion of the course. The currency conversion charges are approximately 1.5% on every disbursement. All the documentation formalities are done at the customers’ convenience with home visits by dedicated Relationship Managers. There are legal and valuation charges amounting to 5900 plus GST. The additional charges include franking charges post sanction and prior to disbursement equalling approximately 0.20% of the loan amount. There is no pre-payment penalty. Both property and life insurances are compulsory. The funding for Undergraduate courses through secured loans is available. It is not available through unsecured loans. The services can be availed for any part of the country. The funding is available for all countries except Italy, Russia and Ukraine. Details about Balance Transfer are as follows:
Secured : 10.50 %
Unsecured : 11 % or max 1.25 % discount from existing ROI (Whichever is Higher) (Sanction between 1st Oct to 15th Nov & disbursement before 30th Nov). FIs for Visa for all countries are available. Rental Income Consideration is there only if a valid ITR is filed against it. For study in India, collateral-based loans for UG Degree and Diploma courses are available. In the case of income-based, collateral may not be needed.
Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible and will be a stalwart accomplice in empowering your dreams of studying abroad regardless of your affordability.
ICICI Bank (I Smart)
Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.
A secured loan upto 1 Crore (As per A3 & A4 List) & with deviation upto 2 Cr. and an unsecured loan Upto 40 Lakhs (As per List; Tier List – A1 (40 Lakhs) & A2 (20 Lakhs), A3 & A4 (7.5 Lakhs)) are offered. The percentage of loan provided against the collateral is 100% of Property Value and 100 % of FD Value. 100% Partial Security above Unsecured is Possible, and for A4, it is 125% of Property Value. Only Registered, OC/CC Mandatorily Required, ALL Lineage, Jodi Flat Acceptable (If Plan (Blueprint) for society) are accepted for the Collateral Property. Consideration is on the basis of Property (All-NA Land, Municipal Corporation required, 3rd party property is not acceptable) and FD’s (From ICICI Bank Only) and on the basis of University List (Tier A1 and A2) for Unsecured Loans. There is no standard process for KTs. Incidental Cost comprises Life Insurance, Equitable or Registered Mortgage. The Interest Rates or ROIs for PG and UG are as follows:
Secured : A1-9.50%, A2-10.75%, A3 & A4-13.00 %
Unsecured : A1 -10.75%, A2-10.99%, A3 & A4-12.25%
Interest amount is payable as per Amount Disbursed in Tranches and the payment is not flexible. EMIs start six months post the completion of course. One can choose to pay earlier to save Interest. Income Tax Benefit Under Section 80E, i.e., benefit to Co-signer is available. I.T. is to be paid only on Overall Income minus the Interest Amount. The processing fee for A1 is 1% plus GST, and for A2, it is 1% and negotiable. The turnaround time for secured loans is approximately 7-10 working days and for unsecured loans, approximately 2-3 working days post the submission of all the required documents. The margin money is 0% upto 20 lakhs, i.e., there is 100% funding. It is as follows above 20 lakhs:
A1 : 0 %, A2 : 10 % (Preferential List)
A3 : 15 % , A4: 15 % (Partially Negotiable) Funds in balance like Savings (Self)/Income/FD/Gold/Insurance/PF/PPF/Shares for close blood relations, NW Certificate from CA, Currently Available Bal. in Bank Account need to be shown.
The Cosigner should have a cibil score of minimum 760 { (Credit Card discounted) Retirement age – 58/60, Business – 65 }; the IT returns of the last 2 years are mandatory {(Min 30,000 pm, Other incomes – 50% of indirect income, Multiple Financial Partners, NRI Policy – 1 co-applicant in India whose name should be on the property}. Besides parents, siblings as well as maternal uncle and fraternal aunt can become an additional co-applicant. The maximum repayment tenure for both undergrad and postgrad is up to 8 years after the course end date. The currency conversion charges are lesser than other FI’s as they have inhouse Forex and hence, it is as per inhouse Card Rate (Seamless remittance rate). All the documentation formalities are done at the customers’ convenience with home visits by dedicated Relationship Managers. There are legal and valuation charges amounting to 5000 plus GST. Additionally, there are Citiwise charges (TSR Charges Approx. 1,500/-), CIBIL Charges – 100, CERSAI – 100%, Mortgage – 0.2% Equitable- Varying from State to State
(As per Govt. Regd. Office)). There is no pre-payment penalty. Life insurance is compulsory. No separate property insurance is required. The funding for Undergraduate courses through both secured and unsecured loans is available as per their list. The services can be availed for Mumbai, Chennai, Delhi, and Bangalore. The funding is not available for medical courses in China, Russia and Ukraine. Balance Transfer is permitted. Loans are provided for selective medical courses and are not available for Aviation and Hotel Management. FOIR is 100% for Self Employed and 75% for Future income considered (Salaried). Disbursement process is as follows:
University only, In the case of prepaid – In Account, Australia – Previsa Disbursement, GIC – Canada/Germany – Pre Visa no clarification but reimbursement possible, Sales & Service 1 RM, 1 Lakh minimum Disbursement, 60 Days Sanction Validity, Proof of complete payment is required for disbursing part amount. Case to Case approval is there for pathway cases; Pre-sessional English course is not acceptable. The process for consideration of cases is on a First-come- first basis on Lead and Documentation Pickup final authority in mapping.
FIs for Visa for all countries are available. Rental Income Consideration is there, but it is not more than 50% of actual salary/business income. Also, Rent agreement and bank statements are required along with ITR where rental income is documented. For study in India, collateral-based loans for UG Degree and Diploma courses are available. In the case of A1, A2, A3 and A4, collateral may not be needed.
Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible and will be a stalwart accomplice in empowering your dreams of studying abroad regardless of your affordability.
Saraswat Bank
Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.
An Indian Loan upto 50 Lakhs and an International Loan upto 75 Lakhs are offered. The percentage of loan provided against the collateral is 90% of Property Value, Gold /Tangible – 75%, Deposits – 90%, Mutual Fund/Share – 50% (Upto 10 Lakhs), Commercial Gala. Only Registered, OC/CC Mandatorily Required, ALL Lineage, Jodi Flat Acceptable (If Plan (Blueprint) for society) are accepted for the Collateral Property. Consideration is on the basis of Secured Loan. The student profile is not required. The Interest Rates or ROIs are as follows: 8% ( Male Child), 7.5% ( Female Child). Interest amount is payable as per Amount Disbursed in Tranches and the payment is not flexible. EMIs start six months post the completion of course. One can choose to pay earlier to save Interest. Income Tax Benefit Under Section 80E, i.e., benefit to Co-signer is available. I.T. is to be paid only on Overall Income minus the Interest Amount. There is no processing fee up to 31st July. The turnaround time is 15 working days post the submission of all the required documents. The margin money is compulsory and fixed at 90%. Funds in balance like Savings (Self)/Income/FD/Gold/Insurance/PF/PPF/Shares for close blood relations, NW Certificate from CA, Currently Available Bal. in Bank Account need to be shown.
As far as the cosigner’s profile is concerned, Loan Amount at 50 Times of Net Income / 4 Times Cash Accrual in case of Business is provided. Besides parents, siblings as well as maternal uncle and fraternal aunt can become an additional co-applicant. The maximum repayment tenure is up to 12 years after the completion of the course. The currency conversion charges are lesser than other FI’s as they have in house Forex and hence, it is as per in house Card Rate (Seamless remittance rate). Branch Managers are the points of contact. The additional charges include cost of Purchase of Shares of Saraswat Bank – INR 25000 and Legal & Valuation Charges which is INR 6000 – 7000 as well as Life Insurance one time at approximately 1% of loan amount. There is no pre-payment penalty.Life insurance is compulsory. No separate property insurance is required.The funding for Undergraduate courses is available. The services can be availed for Mumbai , Pune, Nagpur, All Maharashtra, Ahmedabad, Surat, Karnataka and GOA. The funding is available for all countries for all courses. Balance Transfer is permitted. FOIR is 50 times the net income. Disbursion Process is flexible. There are pathway cases and a process for consideration of cases. FIs for Visa for all countries are available. Rental Income Consideration is to be received. For study in India, loans are provided.
Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible and will be a stalwart accomplice in empowering your dreams of studying abroad regardless of your affordability.
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