Study Abroad Education Loan
Explore eligibility, process and get a free profile evaluation.
At MBA Wizards, we know that studying abroad is a life-changing opportunity—but the financial commitment can feel overwhelming. That’s why we’re here to guide you every step of the way, helping you secure the right education loan so you can focus on your future, not your finances.
What is an Education Loan for Study Abroad?
An education loan is a financial tool designed to help students and families cover the costs of higher education in countries like the USA, UK, Canada, Australia, and beyond. Whether you’re aiming for a top-ranked university or a specialized program, education loans can fund your tuition, living expenses, and more—making world-class education accessible to ambitious students across India.
Why Choose MBA Wizards for Your Education Loan Journey?
Navigating the world of education loans can be confusing, with countless lenders, eligibility criteria, and documentation requirements. MBA Wizards acts as your trusted mentor, simplifying the process and matching you with the best loan options for your unique profile. Our expert counselors provide transparent, end-to-end support—from eligibility checks to document preparation and lender negotiations—ensuring a smooth, stress-free experience for both students and parents.
How to Get an Education Loan for Study Abroad: Step-by-Step
- List Your Expenses: Identify all costs you want covered—tuition, living, insurance, visa, travel, and study materials.
- Estimate Your Loan Amount: Calculate the total funds you’ll need for your entire course duration.
- Check Eligibility: Review lender-specific criteria for your chosen country, course, and university.
- Prepare Documents: Gather academic, financial, and identity documents (see checklist below).
- Apply with EduQuest: Let our counselors help you select the right lender and submit your application.
- Loan Approval & Disbursement: Once approved, funds are disbursed directly to your university or as needed for other expenses.
What Expenses Are Covered?
Education loans for study abroad typically cover:
- Tuition Fees: Paid directly to your university.
- Living Expenses: Rent, utilities, food, and daily needs.
- Health Insurance: Mandatory for most countries; some lenders include this.
- Visa Fees: Covered by select lenders.
- Travel (Air Tickets): May be included upon request.
- Academic Materials: Books, laptops, equipment, and study tours.
Note: Coverage varies by lender. MBA Wizards helps you maximize your loan benefits and ensures no essential expense is left out.
Types of Education Loans
Secured (With Collateral)
- Requires: Property, FD, or insurance as security.
- Benefits: Lower interest rates, higher loan amounts, longer repayment periods.
- Ideal for: Families with assets willing to pledge collateral.
Unsecured (Without Collateral)
- Requires: Strong co-applicant (parent/guardian) with stable income.
- Benefits: No collateral needed, faster processing.
- Considerations: Slightly higher interest rates, shorter repayment periods.
Who Are the Lenders?
Public Sector Banks
- SBI (Global Ed-Vantage): Up to ₹1.5 crore, 9.65–10.15% interest, 15-year tenure.
- PNB (Udaan): Up to ₹2 crore, 9.25–10.5% interest, 15-year tenure.
Private Banks
- ICICI Bank: Up to ₹1.5 crore, 10.25–11.25% interest, 10-year tenure.
- Axis Bank: Up to ₹1 crore (unsecured), 11–11.5% interest, 15-year tenure.
NBFCs (Non-Banking Financial Companies)
- HDFC Credila: Up to ₹75 lakh (unsecured), 11% interest, 10-year tenure.
- Avanse: Up to ₹50 lakh (unsecured), 11.5% interest, 15-year tenure.
International Lenders
- MPower Financing: Up to $100,000 (no collateral/co-applicant), 9.99% interest, 10-year tenure.
- Prodigy Finance: Up to ₹50 lakh, 10.5–14% interest, 10-year tenure.
NOTE: MBA Wizards helps you compare all options and choose the best fit for your goals and financial background.
Our Lending Partners
Multiple lenders to choose from
Interest Rates & Eligibility
Lender | Interest Rate (as of Jan 2025) |
SBI | 9.65–10.15% |
PNB | 10.00–10.50% |
Axis Bank | 11–11.5% |
ICICI Bank | 10.25–11.25% |
HDFC Credila | 11–13% |
Avanse | 11.5–14% |
MPower | 9.99% |
Prodigy | Yes |
General Eligibility:
Document Type | Interest Rate (as of Jan 2025) |
KYC | PAN, Aadhaar, Passport, Driving License |
Address Proof | Utility bills, Voter ID, Lease Agreement |
Academic Records | 10th/12th marksheets, admission letter, test scores |
Co-applicant Financial | Salary slips, IT returns, bank statements |
Collateral Documents | Property deeds, NOC, tax receipts (for secured loan) |
NOTE: MBA Wizards provides a personalized checklist and assists with every document, reducing errors and delays.
Key Features & Benefits
- Comprehensive Coverage: Tuition, living, insurance, and more
- Flexible Repayment: Up to 15 years, with moratorium during study
- Tax Benefits: Interest payments eligible under Section 80E
- Customizable Plans: Choose repayment options that suit your family
- Government Schemes: Access to subsidies and special concessions
- Expert Guidance: End-to-end support from EduQuest counselors
How EduQuest Makes It Easy
- Free Eligibility Check: We assess your profile and recommend the best lenders.
- Personalized Counseling: Get one-on-one guidance on loan options, documentation, and process.
- Document Support: We help you gather, review, and submit all required paperwork.
- Application & Approval: We coordinate with lenders, track your application, and keep you updated.
- Disbursement & Beyond: Funds are released as needed, and we’re here for any follow-up support.