• Education Loans
Education Loan Against Property for Studying Abroad
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- Loan against property for education abroad offers benefits in terms of tenure, interest rates and more.
- Such loans are offered by public & private banks and NBFCs.
- Eligibility criteria for such loans are the basic requirements to apply for a loan, but the loan amount, interest rate and tenure is decided by the lending institutes based on factors like value of property, income, etc.
What is an Education Loan Against Property?
- with movable collateral like a fixed deposit or bond
- with immovable collateral like a flat, house, bungalow, or non-agricultural land.
A loan against property can be used for various purposes; however, its use for international education falls under the category of loan for personal use.
Why take an Education Loan Against Property?
Criteria | Education Loan without Collateral | Education Loan Against Property |
Loan Amount |
| Up to Rs.10 Crore (some loans may go up to 25 crore) |
University Acceptance | Required | Not Required |
Maximum Interest Rates | 9.95 % | 8.4 % |
Maximum Loan Tenure | 15 Years | 20 Years |
Lending Institutes for Education Loan Against Property
- Government banks
- Private banks
- Non-banking financial corporations.
Government Banks
Lending Institute | Maximum Loan Amount | Interest Rate | Maximum Loan Tenure |
SBI Bank | Rs. 5 crore | 1.45% to 2.5% + 1yr Marginal Cost of Funds-based Lending Rate (MCLR) | 15 years |
Union Bank | Rs. 10 crore | 10.45% - 13.10% | 15 years |
Punjab National Bank | Up to 65% of property value | 9.20% - 9.70% p.a. | 15 years |
Canara Bank | Rs. 7.5 crore | 10.85% - 11.35% | 15 years |
Bank of India | Rs. 7.5 crore | 11.25% per lakh | 15 years |
Private Banks
Lending Institute | Maximum Loan Amount | Interest Rate | Maximum Loan Tenure |
Axis Bank | Rs. 5 crore | 10.50% - 10.95% | 20 years |
ICICI Bank | Rs. 5 crore | 10.85% - 12.5% | 15 years |
HDFC Bank | Up to 65% of property value | 9.50% - 13.30% | 15 years |
Indusind Bank | up to 80% of property value | 8.90% - 13.90% | 20 years |
Kotak Mahindra Bank | Rs. 5 crore | Starts at 9.15% | 5 years |
Citi Bank | Rs. 5 crore | 10.50% - 10.95% p.a. | 15 years |
IDBI Bank | Rs. 10 crore | 9.5% - 11.70% | 15 years |
IDFC First Bank | Rs. 10 crore | 9% - 20% | 25 years |
Non-banking Financial Institutions (NBFCs)
Lending Institute | Maximum Loan Amount | Interest Rate | Maximum Loan Tenure |
Tata Capital | Rs. 7.5 Crore | Starts at 10.10% | 20 years |
Bajaj Finserv | Rs. 10.5 crore | 8% - 14% | 15 years |
Mahindra Finance | Rs. 25 lakh | 6% - 26% | 5 years |
NOTE: Interest rates and other details mentioned in the table depend on the value of the property mortgaged and a range of other factors; rates mentioned here may vary.
Education Loan against Property Eligibility
Documents List for Education Loan Against Property
- Proof of residence in the form of Ration Card, Telephone Bill, Electricity Bill, or Voter’s ID Card
- Proof of identity in the form of Voter’s ID Card, or Employer’s Card
- Bank statement of the past six months
- Salary slip or documents showing deductions for the past six months (if applicable)
- Business profile documents (if applicable)
- Form 16 (TDS deductions) for the previous 2 years
- Documents of concerned property to be pledged for the loan
- Passport-size photographs
How to Apply for a Loan Against Property?
- Consult the international education advisor who helped with the admission process for suitable loan options. This includes checking for eligibility, amount, interest rate and other factors important to you.
- Select a loan option that best suits you.
- Download the application form and fill in the details (with the guidance of the international education expert)
- Submit the form with copies of the required documents
- Wait for application processing and approval
Conclusion
FAQ
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