How to Get an Education Loan in Ahmedabad for Studying Abroad
Studying abroad is a dream for many students in Ahmedabad, but the high tuition fees and living expenses can be a challenge. Fortunately, education loans make it easier to finance higher studies abroad. With various banks and NBFCs (Non-Banking Financial Companies) offering study loans, students can get financial support to cover tuition, accommodation, and travel costs.
In this guide, we will cover the best banks for study loans, interest rates, repayment options, and the step-by-step application process for Ahmedabad students planning to study abroad.
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Types of Education Loans for Studying Abroad
There are two main types of education loans available for Indian students:
1.1 Secured Education Loan
- Requires collateral such as property, fixed deposits, or government bonds.
- Higher loan amounts with lower interest rates.
- Longer repayment tenure.
1.2 Unsecured Education Loan
- Does not require collateral.
- Higher interest rates compared to secured loans.
- Loan approval depends on academic records and co-applicant’s financial stability.
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Best Banks for Education Loans in Ahmedabad
Several banks and financial institutions in Ahmedabad offer study loans for international education. Here are the top options:
2.1 Government Banks Offering Education Loans
| Bank | Loan Amount | Interest Rate (Approx.) | Collateral Required? |
| State Bank of India (SBI) | Up to ₹1.5 Crore | 8.50% – 10.00% | Yes (for loans above ₹7.5 Lakh) |
| Bank of Baroda | Up to ₹80 Lakh | 8.75% – 10.25% | Yes (for higher loan amounts) |
| Punjab National Bank (PNB) | Up to ₹75 Lakh | 8.90% – 10.50% | Yes (for large loans) |
| Canara Bank | Up to ₹40 Lakh | 8.85% – 10.35% | Required for loans above ₹7.5 Lakh |
2.2 Private Banks & NBFCs Offering Study Loans
| Institution | Loan Amount | Interest Rate (Approx.) | Collateral Required? |
| HDFC Credila | No upper limit | 9.00% – 12.00% | Yes (for higher amounts) |
| ICICI Bank | Up to ₹1 Crore | 9.00% – 11.50% | Required for large loans |
| Axis Bank | Up to ₹75 Lakh | 9.25% – 12.50% | Yes (for large loans) |
| Avanse Financial | Up to ₹50 Lakh | 11.50% – 13.00% | No |
Tip: Government banks have lower interest rates, while NBFCs provide quicker processing and flexibility.
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Education Loan Application Process in Ahmedabad
Step 1: Check Eligibility
- Must be an Indian citizen with an admission letter from a recognized university.
- Should have a co-applicant (parent/guardian) with a stable income.
- Good academic record improves chances of approval.
Step 2: Select the Right Bank or NBFC
- Compare interest rates, loan tenure, and repayment options.
- Choose between secured and unsecured loans.
Step 3: Gather Required Documents
- KYC Documents (Aadhar, PAN, Passport)
- University Admission Letter
- Loan Application Form
- Academic Records (10th, 12th, UG Marksheets)
- Income Proof of Co-Applicant
- Collateral Documents (if required)
Step 4: Submit Loan Application
- Apply online or visit the nearest bank/NBFC branch in Ahmedabad.
- Provide required documents and attend the verification process.
Step 5: Loan Approval & Disbursement
- Once approved, the loan amount is disbursed directly to the university or student’s account.
Pro Tip: Start your loan process at least 3-6 months before the course begins.
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Repayment Options for Study Loans
Key Repayment Features:
- Repayment begins 6-12 months after course completion.
- Loan tenure ranges from 5 to 15 years.
- Moratorium period (no payment while studying) is available for most loans.
Loan Repayment Plans:
- Fixed EMI Plan: Monthly EMI remains the same.
- Step-Up EMI Plan: EMIs start lower and increase as income grows.
- Interest-Only Payments During Study: Pay only interest while studying, principal later.
Tip: Some banks offer 0% processing fees and interest subsidies under government schemes.
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Education Loan Subsidy & Government Schemes
The Indian government offers subsidized education loans for students from economically weaker backgrounds.
Popular Loan Subsidy Schemes:
- Padho Pardesh Scheme: Interest subsidy for minority students studying abroad.
- Dr. Ambedkar Central Sector Scheme: Special interest subsidy for OBC/EWS students.
- Vidya Lakshmi Portal: A one-stop loan application platform for multiple banks.
Pro Tip: Check eligibility for government schemes to reduce interest burden.
How Reyna Overseas Can Help Ahmedabad Students with Study Loans
At Reyna Overseas, we assist students in securing the best education loans for studying abroad by providing:
- Loan Consultation: Helping students choose the right bank or NBFC.
- Documentation Support: Assisting with application and verification.
- Interest Rate Comparison: Finding the lowest possible rates.
- University Fee Disbursement: Coordinating with banks for smooth transactions.
- Scholarship & Loan Guidance: Maximizing financial aid for students.
With our head office in Ahmedabad and branches in Gandhinagar and Mehsana, we simplify the loan process for students.
Final Thoughts
Securing an education loan for studying abroad requires careful planning and comparison of different banks and NBFCs. Ahmedabad students should start their loan process early, ensuring they meet the eligibility criteria and have all necessary documents.
At Reyna Overseas, we guide students through the study loan Ahmedabad process, helping them find the best bank for study loans with competitive interest rates. Contact us today to begin your study abroad journey!
