The USA remains a highly sought-after destination for international students, boasting prestigious universities offering diverse experiences. Yet, the cost of pursuing education there can be substantial. In the academic year 2021/2022, over 199,000 Indian students chose the USA for higher education, a testament to its popularity. Apart from its appeal, the prospect of global employment post-graduation adds to its allure. Tuition fees vary across programs, averaging about USD 39,000 for international graduate students. Acquiring an education loan for studying abroad becomes a pivotal financial solution, covering tuition, cost of living in USA, and more. Moreover, such loans double as valid proof of funds for securing US student visas.

Education Loan offered by Banks in India to Study in USA

Here's an overview of various education loan schemes offered by Indian banks for cost of studying in USA:

HDFC Bank Education Loan for Foreign Education

The loan details are:

• Loan amount up to Rs. 45 lakhs
• Attractive interest rates
• Sanctioned before admission
• Tax benefits available
• Eligibility, interest rates, and required documents for PCC available on HDFC Bank's website.

SBI Student Loan Scheme

The loan details of SBI Student Loan Scheme are:

• Loans up to Rs. 20 lakhs
• Reasonable interest rates
• Repayment over 15 years
• Collateral required if loan amount exceeds Rs. 7.5 lakhs
• Check eligibility and required documents on SBI's website for how to get scholarships for MS in USA.

SBI Global ED-VANTAGE Scheme

The loan details of SBI Global are:

• Loans from Rs. 20 lakhs to Rs. 1.5 crore
• Repayment over 15 years
• Collateral required for all borrowers
• More details on SBI's official website.

Bank of Baroda Scholar Loan

The loan allows easy and secure wire transfer for U.S. international students. The loan details of Bank of Baroda Scholar Loan are:

• Attractive interest rates
• Loans for List A and List B institutes
• Maximum credit amount varies
• Collateral required for loans above Rs. 7.5 lakhs
• Visit Bank of Baroda's website for eligibility and documentation details.

Union Bank of India Education Loan

The loan details of Union Bank of India are:

• No maximum loan amount for studying abroad
• Repayment period of 15 years
• Collateral needed for loans exceeding Rs. 7.5 lakhs
• MS in USA eligibility criteria and documents required on Union Bank of India's website.

PNB Udaan

• Loans for foreign education, graduation, post-graduation
• Repayment over 15 years
• Collateral required for loans above Rs. 7.5 lakhs
• Learn more about eligibility and documents on PNB's website.

Canara Bank IBA Model Education Loan Scheme

The loan is accepted in top universities in USA.

• Margin of 15% for foreign education loans
• Repayment period up to 15 years
• Security required for loans above Rs. 7.5 lakhs
• Check eligibility and required documents on Canara Bank's official site

BOI Star Education Loan

• Loans for education in India and abroad
• Loans up to Rs. 20 lakhs for foreign education
• Collateral required for loans above Rs. 7.5 lakhs
• Detailed information available on Bank of India's website.

CENT Vidyarthi

These education loan schemes provide financial support for Indian students aspiring to study in the USA, cost of studying in USA and other expenses. For more details, visit respective bank websites for eligibility, interest rates, and required documents.

• Loans up to Rs. 20 lakhs for foreign education
• Different interest rates for female and male borrowers
• Repayment period varies based on loan amount
• Concession on interest rate during course period
• Explore eligibility and documentation on Central Bank of India's website.

Documents Required for Loan to Study in USA

Getting a loan is one of the benefits of studying in USA. To apply for an education loan to study in the USA, you generally need the following documents:

Duly Filled Application Form: Complete the application form provided by the bank with accurate details.

Address Proof: Provide a valid address proof, such as a copy of your passport, Aadhar card, or any other government-issued ID.

Identity Proof: Include identity documents like passport, Aadhar card, PAN card, or voter ID.

Passport Size Photographs: Attach recent passport-sized photographs as required.

Income Proof: Provide proof of your co-borrower's income, such as salary after MS in US, income tax returns, or Form 16.

Copy of Scholarship Letter: If you have received a scholarship to study in USA, submit a copy of the scholarship letter as proof.

School and University Marksheets: Include your academic transcripts and certificates from your school and university.

Foreign Exchange Permit Copy: If applicable, provide a copy of the foreign exchange permit obtained from the authorized bank.

Admission Letter: Submit the admission letter from the university or college in the USA.

List of Other Expenses: Include a breakdown of your estimated expenses, covering tuition, living costs, books, etc.

Statement of Assets and Liabilities: The co-borrower may need to submit a statement detailing their financial assets and liabilities.

Other Financial Supporting Documents: Depending on the bank's requirements, you might need to submit additional documents related to collateral, security, or other financial information.

Eligibility Criteria for Abroad Education in USA

To be eligible for an abroad education loan for studying in the USA, international students typically need to meet certain criteria:

Confirmation of Acceptance: You must have a confirmed admission offer from a recognized American educational institution for a full-time program.

Age Requirement: Generally, you should be at least 18 years of age at the time of loan application.

Academic History: A good academic track record is usually required to demonstrate your capability to successfully complete the chosen course.

Course Selection: Opt for a course of study that holds promising career prospects, enhancing your ability to repay the loan in the future.

Collateral: Many banks may require collateral for larger loan amounts. Collateral can be in the form of property, fixed deposits, or other valuable assets that you pledge against the loan.

Repayment Process for Loan for Studying in USA

Bank	Repayment Tenure	Repayment Option during moratorium
SBI	Up to 15 years	No payment or only SI
UBI	Up to 15 years	No payment or SI
Axis Bank	Up to 15 Years	SI or EMI
ICICI Bank	Up to 10 Years	SI or EMI
IDFC FIRST Bank	Up to 12 years	PSI or SI or EMI
HDFC Credila	Up to 15 Years	PSI
Auxilo	Up to 15 Years	SI
Incred	Up to 15 Years	PSI or SI
Avanse	Up to 15 Years	PSI or SI
MPOWER Finance	Up to 10 Years	SI
Prodigy Finance	Up to 15 Years	SI

FAQs

Ques: What is a study loan for USA?

Ques: Can international students get loans in Canada?

Ques: How can Indian students get education loans for studying in the USA?

Ques: Are international students eligible for education loans in Canada?

Ques: Can Indian students get education loans for MS in the USA?

Ques: Do international students qualify for student loans in Canada?

Ques: How to apply for an education loan for studying in the USA?

Ques: What is an HDFC Credila university list for the USA?

Ques: Can international students get a loan to study in Canada?

Ques: Are there student loans for US students studying abroad?