Finance your overseas education with proper awareness of education loans

Getting a higher education from a top university abroad is a dream of many students in India. Studying abroad offers numerous benefits for students such as they are able to get a global perspective of various aspects of life and studies, academic excellence through access to innovative teaching methods, personal growth, networking opportunities with international peers as well as professors and professionals, and a sense of freedom to live by yourself which in itself helps in personal development of the student.

However, for students the financial burden associated with pursuing education abroad can be an obstacle in achieving their academic aspirations and personal growth. To fulfil these aspirations, many banks in India offer education loans for abroad studies, easing the financial burden and helping students to pursue their dreams without worrying too much about finances.

In this blog, we will explore the different types of education loans available to students, with a major focus on financing options for overseas studies. Additionally, in this blog we will also give you insights into interest rates associated with education loans, eligibility criteria for studying abroad, and how nationalized banks such as Bank of Maharashtra and their education loan scheme can help in fulfilling your academic aspirations of studying abroad.

An education loan for abroad studies covers various expenses incurred by students. These typically include tuition fees, living expenses, costs for books and supplies, travel expenses and other academic expenses are also included. The education loan abroad interest rate varies depending on the lender and the specific terms of the education loan scheme.

For What Type of Education Can Education Loan Be Taken?

Banks sanction education loans for various courses including diploma, undergraduate, postgraduate, and certification programs.

Types of Education Loans

There are three schemes with Bank of Maharashtra for offering Education Loans based on different requirements of students viz: Model Education Loan Scheme, Maha Scholar Education Loan Scheme for studies in India and Abroad with Premier Institutions and the Mahabank Skill Loan Scheme.

The Maha Scholar Education Loan Scheme for Studies in India and Abroad is specifically for Indian students who have secured admissions to top premier colleges in India like IIM, IITs, XLRI, government medical institutes, and premier colleges in abroad namely MIT, University of Oxford, Stanford University and many others.

The Maha Bank Skill Loan Scheme is another loan option for individuals seeking to enhance their skills through skill development courses.

The Model Education Loan Scheme is one of the best education loan for abroad studies as it offers loans for students who wish to study in India or abroad. So, if you are looking for an ideal scheme to financing your studies abroad, this scheme should be your top consideration.

How to Apply for an Education Loan for Abroad Studies at Bank of Maharashtra

The education loan for abroad studies, i.e., the Model Education Loan Scheme, the students need to apply through the Vidya Lakshmi Portal - VLP Online Education form. Alternatively, students can also visit the nearest branch of Bank of Maharashtra to learn more about this scheme. Moreover, the website will offer details about the application process and all the necessary documents; however, online applications have made this process much easier.

Maximum Education Loan in India for Study Abroad

Bank of Maharashtra offers maximum funding to students through its education loan scheme, determined based on the tuition fees other academic expenses incurred or to be incurred by the student during the period of study.