Planning to study abroad but worried about how to finance it? Spoctree is here to make your journey easier. We help you compare the best education loans in India from banks and NBFCs, so you don’t have to run around or settle for limited options. In this blog, we’ll cover key features, top lenders, interest rates, eligibility, and simple tips to help you choose the best overseas education loan in India for your needs.
Key Features to Look for in an Education Loan
When choosing an education loan, it's important to look beyond just the amount offered. Here are some key features to consider for a well-rounded financial decision:
- Loan Amount Coverage – Choose a loan that covers tuition, living, travel, and more.
- Interest Rate Type – Check if it’s fixed or floating.
- Repayment Flexibility – Look for moratorium options and longer tenures.
- Collateral Requirement – Decide between secured and unsecured loans.
- Quick Disbursal – Ensure your loan provider offers fast processing.
Top Banks Offering the Best Education Loans in India
Finding the right lender can make a big difference in your education financing journey. Here's a quick comparison of the top banks in India offering competitive education loans:
| Bank Name | Max Loan Amount | Interest Rate (Approx) | Collateral Needed | Processing Time |
| State Bank of India | ₹1.5 Crore | 9.55% – 10.15% | Yes (above ₹7.5L) | 7–10 Days |
| Axis Bank | ₹75 Lakh (unsecured) | 11% – 13.5% | Optional | 7 Days |
| ICICI Bank | ₹1 Crore+ | 11% – 12.5% | Optional | 5–7 Days |
| Union Bank of India | ₹1.5 Crore | 8.9% – 10.5% | Yes (above ₹7.5 Lakh) | 10 Days |
| Bank of Baroda | ₹80 Lakh | 9% – 10.5% | Yes | 5–7 Days |
Best NBFCs for Overseas Education Loans
Here's a look at some of the top NBFCs and what they offer:
| NBFC Name | Max Loan Amount | Interest Rate (Approx) | Collateral Needed | Special Features |
| HDFC Credila | No upper limit | 11% – 12.5% | Yes | Customised repayment options |
| Avanse | ₹75 Lakh+ | 11% – 13.5% | Optional | Covers 100% cost of education |
| Auxilo | ₹60 Lakh+ | 11% – 13% | Optional | 1-Day* sanction |
| Kuhoo | ₹40–50 Lakh | 12% – 13.5% | No | Collateral-free loans |
| InCred | ₹60 Lakh+ | 11% – 13.5% | Optional | Faster approval & disbursal |
Interest Rate Comparison of Top Abroad Educational Loan Lenders
| Lender | Interest Rate (Approx) | Collateral Required | Moratorium Period | Max Tenure |
| SBI | 9.55% – 10.15% | Yes (above ₹7.5L) | Yes | 15 years |
| Axis Bank | 11% – 13.5% | Optional | Yes | 15 years |
| HDFC Credila | 11% – 12.5% | Yes | Yes | 12 years |
| Avanse | 11% – 13.5% | Optional | Yes | 15 years |
| InCred | 11% – 13.5% | Optional | Yes | 15 years |
Eligibility Criteria for the Best Education Loans
Before applying for an education loan, make sure you meet the basic eligibility conditions set by lenders.
- Must be an Indian citizen, aged 18 or above
- Admission letter from a recognised foreign university
- Decent academic track record (min. 60%)
- Co-applicant (parent/guardian) with stable income
- For secured loans, collateral like property, FD or LIC policy is required
- A good credit history helps secure better terms
Step-by-Step Process to Apply for Education Loans in India
Follow these simple steps to apply for an education loan and ensure a smoother approval process.
- Check eligibility and documents required
- Compare interest rates and lenders on Spoctree
- Choose between a secured and an unsecured loan
- Apply online through Spoctree or directly with the lender
- Get loan sanction and disbursement post verification
Tips to Choose the Right Education Loans Lender in India for Abroad Study
The right lender can ease your financial burden. Consider these tips when making your choice.
- Always compare interest rates and total cost (including processing fee)
- Choose a lender that offers a moratorium period till your course ends
- Go for 100% finance options to cover all your costs
- If you don’t have collateral, pick NBFCs offering unsecured loans
- Use Spoctree to get expert help and local advisor support
Conclusion
Choosing the best education loan in India for study abroad is no longer a confusing process with the help of Spoctree. From comparing interest rates, understanding eligibility, to getting help from a local advisor, Spoctree simplifies every step. Whether you prefer a bank or an NBFC, we help you choose better than the best, without the stress.