International Education: Present Status, We are witnessing an upsurge in the trend of a large number of students hailing from upper-class, lower and upper-middle-class families opting for an international education. A singular reason behind the rise of aspirations of pursuing studies overseas has been the easy and affordable financing options or available education funding solutions for that matter. A wide cross-section of students and aspirants harbour an ambition of gaining admission to some of the best universities in the world.
Data suggests that there were around 13 lakh Indian students pursuing their international education in various courses for the year 2022. Bureau of Immigration (BoI) statistics data available up to the month of October 2023 suggests that while 40,431 foreign students came to India in 2023 for higher studies, the number of Indian students who went abroad for studies was 7.65 lakh.
International education has become a driving force for individual empowerment and national development. It has spawned a self-referential ecosystem of education loan providers, affordable financing solutions by banks, NBFCS including consultants who are catering to sending students abroad. However, access to affordable education loans in India has gained significant traction mainly for the lower and upper middle class family. As international education has become important, the challenges involved in finding affordable study abroad funding solutions for Indian students have gained significant attention.
In the given context, exploring affordable education funding solutions in India for pursuing international education using this article as a medium, Buddy4Study endeavours to present a clear picture, options, available alternatives including a detailed list of top study-abroad education loans/funding solutions available on its platform in 2024. We urge the interested aspirants to fully apprise themselves of the available list of private organisations as the loan provider as the partners of Buddy4Study, their eligibility requirements, loan amount, application timeline, application link and more.
Study Abroad Education Loan for Indian Students 2024
- Buddy4Study-Prodigy Finance Education Loan Program
- Buddy4Study Study Abroad (International) Education Loan – UG & PG
- Buddy4Study-PNB International Education Loan Programme
- Buddy4Study-Auxilo International Education Loan Programme
- Narotam Sekhsaria Post Graduate Scholarship Programme 2024
- Buddy4Study – IDFC FIRST Bank Education Loan Programme
- Buddy4Study – ICICI Bank International Education Loan Programme
Eligibility, Awards, Deadline and Application Timeline: An Overview
Buddy4Study-Prodigy Finance Education Loan Program
Buddy4Study and Prodigy Finance have jointly taken this earnest initiative under the Buddy4Study-Prodigy Finance Education Loan Program to provide holistic education funding solutions for students willing to pursue international education. It provides financial backing to students who have secured admission into higher educational institutions abroad. Applicants can access affordable education finance in India for pursuing their studies in India and abroad.
Eligibility Criteria:
- Applicants must be planning to pursue their studies abroad.
- Applicants must have an admission offer into a school and programme supported by Prodigy Finance.
- Proof of admission is required only before finalising the loan amount.
- Applicants can apply for a quote before receiving their acceptance letter.
- Students must be seeking to reside in one of the countries supported by Prodigy Finance.
Loan Amount:
Smallest education loan amount offered under the Buddy4Study-Prodigy Finance Education Loan Program is $10,001, and the typical loan is $36,000 for each academic period.
Application Timeline: 31 August 2024
Application Link: Applicants can apply through the Buddy4Study portal.
Buddy4Study Study Abroad (International) Education Loan – UG & PG
Buddy4Study Education Loan Programme is an initiative of Buddy4Study along with multiple education loan providers such as Banks & NBFCs to provide education funding solutions and financial backing to aspiring students who have secured their admissions into higher educational institutions in India or abroad. Under this programme, the students will be offered collateral-free education loans up to ₹40 lakh to pursue their higher studies at an institution of their choice. The rate of interest applicable under this programme starts from 8.1% depending on the categories of the institutes and courses.
What is a collateral-free education loan?
A collateral-free education loan for pursuing abroad or otherwise is a type of education funding solution provided to students for meeting their higher education expenditures without the need or intervention of any security or guarantor. These education funding solutions are offered on the basis of the following requirements:
- Academic Record/Performance of the Applicant
- Offer of Admission to a Recognized Institution
- Earning Potential of the Applicants
They are generally termed as unsecured education loans. This implies that borrower applicants do not need to pledge their movable or immovable assets like property, shares etc. Interest rates charged may be slightly on the higher side as compared to secured loans.
Eligibility Criteria:
- Open for Indian students who have received confirmation of their admission for pursuing their studies abroad.
- Applicants must be 18 years old or above.
- Students must be admitted to the desired institution after having met the pre-requisite qualification criteria.
- The annual family income of the applicants must be more than ₹3 lakh.
Loan Amount: Successful applicants will receive the following benefits:
- Collateral-free loan amount up to ₹40 lakh. Minimum loan amount is ₹1 lakh.
- Education loan interest rates starting at 8.1% per annum.
- Provision for easy and fast loan sanction via a seamless application process.
- Availability of loan up to ₹ 2 crore along with collateral security.
- 100% income tax benefit for interest paid under Section 80E of the IT Act.
The loan amount would include the following expenses incurred on pursuing the course:
College-related expenses such as:
- Tuition and fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/equipment/uniform
- Living expenses including hostel fees
Additional expenses such as:
- Travel expenses
- Purchase of computers/laptops
- Overseas insurance
- Cost of health insurance
Application Link: Applicants can apply through the Buddy4Study Portal.
Application Timeline: 31 March, 2025
Buddy4Study-PNB International Education Loan Programme
Buddy4Study-PNB Education Loan Programme is a joint initiative of the Punjab National Bank and Buddy4Study to provide education funding solutions and extend financial support to Indian students pursuing their higher education in India or abroad. Under the Buddy4Study-PNB International Education Loan Programme, those students, who are willing to pursue their undergraduate and postgraduate studies shall have the option of availing education loan at an interest rate starting from 8.2% for pursuing their studies in India and abroad.
Eligibility Criteria:
- Candidates must be Indian residents
- Applicants must secure admission in one of the following courses mentioned below:
- Graduation: Job-oriented professional/technical graduation courses offered by reputed universities.
- Postgraduation: MCA, MBA, MS, etc.
- Courses Offered by CIMA – London, CPA in USA etc.
- Degree/Diploma courses like aeronautical, pilot training, shipping, etc., recognised by the competent regulatory bodies for employment abroad.
- Students must have secured admission to a higher education course through an entrance test/merit-based selection process after having completed the HSC.
Loan Interest Rate: Loan amount is offered at an interest rate ranging from 9.25% to 11.25%. Lower interest rates apply for female candidates.
Application Link: Applicants can apply through the Buddy4Study Portal.
Application Timeline: 31 March, 2025
Buddy4Study-Auxilo International Education Loan Programme
Buddy4Study-Auxilo International Education Loan Programme is a joint initiative of Buddy4Study and Auxilo Finserve Pvt. Ltd. to provide education funding solutions and extend financial support to aspiring students who have secured admission into higher educational institutions abroad. Under this programme, the students will be offered loan amounts ranging from ₹10 lakh to ₹2 crore towards pursuing their undergraduate and postgraduate studies abroad at an institution of their choice. This loan is available at an attractive rate of interest.
Eligibility Criteria:
- Open for Indian students who have secured admission confirmation for pursuing their studies abroad.
- Applicants must be 18 years old or above.
- Students must have been admitted to the desired institution after having met the pre-requisite qualification criteria.
- The annual family income of co-applicants or family must be more than ₹3 lakh.
Loan Amount: Loan amount ranging from ₹10 lakh to ₹2 crore is available.
Application Link: Applicants can apply through the Buddy4Study Portal.
Application Timeline: 31 March, 2025
Narotam Sekhsaria Post Graduate Scholarship Programme 2024
Narotam Sekhsaria Post Graduate Scholarship Programme is an initiative by the Narotam Sekhsaria Foundation that aims to provide financial assistance to outstanding Indian students aspiring to pursue higher education at prestigious institutions in India and abroad.
Eligibility Criteria:
- Open to Indian citizens below the age of 30 years.
- Students must hold a graduate degree obtained from an accredited Indian University.
- Applicants must be planning to pursue a PG degree at a top-ranking institution in India or abroad, commencing in the Fall 2024.
Rewards: Successful candidates will be awarded an interest-free scholarship loan to pursue advanced studies at esteemed institutions, along with mentorship support.
Application Link: Applicants can apply through the Narotam Sekhsaria Foundation Portal.
Application Timeline: The tentative timeline for application is in the month of March every year.
Buddy4Study-IDFC FIRST Bank Education Loan Programme
Buddy4Study-IDFC FIRST Bank Education Loan Programme is a joint initiative of Buddy4Study and IDFC FIRST Bank for students who have secured admission into higher educational institutions in India or abroad. This programme aims to offer financial backing as a collateral-free education loan to students pursuing higher studies.
Eligibility Criteria:
- Open for Indian students only.
- Applicants must be pursuing higher studies in India or abroad.
- The age of the student must be 18 years old or above.
- Candidates must be admitted to the desired institution after completion of the pre-requisite qualifications.
Loan Amount: Collateral-free loan amounts between ₹1 lakh to ₹40 lakh at interest rates starting at 9% to 12% per annum.
Application Link: Applicants can apply through the Buddy4Study Portal.
Application Timeline: 31 March, 2025
Buddy4Study-ICICI Bank International Education Loan Programme
Buddy4Study-ICICI Bank International Education Loan Programme is a joint initiative offered by the ICICI Bank and Buddy4Study to financially support Indian students in pursuing higher education in India or abroad. Under this programme, students willing to pursue an undergraduate, postgraduate or postgraduate diploma in professional courses can apply.
Eligibility Criteria:
- Indian students who are pursuing their studies or applying to UG, PG and PG diploma courses in recognised and accredited colleges/universities abroad are eligible to apply.
- Applicants must have passed Class12/Diploma/Graduation level studies.
- The age of the student should be between 16 and 35 years.
- Good academic record of the applicant is mandatory.
Loan Amount: The selected students can avail education loans up ₹2 crore for pursuing their studies abroad. The interest rate starts at 9.85% per annum and the loan tenure is up to 12 years.
Application Link: Applicants can apply through the Buddy4Study Portal.
Application Timeline: 30 September, 2024
Frequently Asked Questions (FAQs)
What are the eligibility criteria for study abroad education loan without collateral?
Ans. General eligibility requirements to ensure availability of study abroad education loan without collateral are as under:
- Excellent Academic Profile
- Financial Capability of the Co-applicant
- Selected Country, University
- Selected Course and Test Scores etc.
Does Buddy4Study along with its partners offer collateral free education funding solutions?
Ans. Yes, Buddy4Study along with its partners offer collateral free education funding solutions.
How many study abroad education loan programmes can I apply at a time?
Ans. Interested applicants can seek and apply for multiple education funding solutions at a time, however, you can always compare the interest rates including other criteria and avail the best benefits offered.
Can I apply under the Buddy4Study-PNB International Education Loan Programme?
Ans. Yes, under the Buddy4Study-PNB International Education Loan Programme, those students, who are willing to pursue their undergraduate and postgraduate studies shall have the option of availing education loan at an interest rate starting from 8.2% for pursuing their studies in India and abroad.
What is the last date to apply under the Buddy4Study-Prodigy Finance Education Loan Program?
Ans. The last date to apply under the Buddy4Study-Prodigy Finance Education Loan Program is 31 August 2024.
Do I need to pay a fee while applying for an education loan program?
Ans. No, there is no fee required to be paid at the time of application for the international education loan program.
What is the general age limit criteria applicable for a study abroad education loan?
Ans. In general a student must be 18 years or above in order to become eligible for applying for a study abroad education loan.
Who are the lenders that provide abroad education loans without collateral?
Ans. In general there are different lenders that can provide education funding solutions for pursuing studies abroad such as public sector banks (Canara Banks, SBI), private sector banks IDFC FIRST Bank, Axis Bank, ICICI Bank etc.), NBFCs such as Avanse, Auxilo and last but not the least private education funding solution providers along with their implementation partners vis-a-vis private banks and NBFCs such as Buddy4Study.