28+ Years Helping Students
Did you know – more than 750,000 Indian students choose to study overseas every year! But, why? International degrees not only put you on the global front and accelerate your career but also provide you a platform for diverse and cultural experiences.
Undoubtedly, studying abroad is a life-changing decision; however, it doesn’t come easy. Apart from maintaining a high GPA, standardized test scores, umpteen documentation, and other things, arranging for funds is another factor that keeps students from chasing their dreams of studying abroad. While you take care of all other formalities, Jamboree makes sure that you have one less thing to worry about – your finances. Jamboree now helps you in education-related financial solutions by assisting in education loan for abroad application process.
Jamboree has collaborated with several domestic banks, NBFCs, and international lenders, which can provide you with education loans at affordable interest rates, and at the time you need them.
For the longest time, banks were the leading lenders for financing education of the students in India & worldwide. These banks offer several education loan finance options like 100% financing, zero financing fees, and more. Most leading banks offer education loans up to Rs 7.5 lakh without any collateral, and with pledged collateral, the loan amount reaches up to Rs 1.5 crore at an interest rate of 8.8% for studying abroad.
Advantages of Education loan from Banks:
Banks are not the only option for students planning to pursue education abroad. Several Non-Banking Finance Companies (NBFCs) like Credila & Avanse offer easy education loans to students at exciting terms. NBFCs offer secured and non-secured education loans for every course and program, such as vocational training, diplomas, and executive programs.
International lenders are generally Non-Banking Finance Companies that provide education loans to international students, mostly without any security or guarantor. The interest rates of international lenders are competitive and vary based on the financial history, college/university, and several other factors.
While accepting an education loan application, lenders prefer a student who demonstrates a fair likelihood of paying off the loan. There are qualifying standards set in place which confirm the above-mentioned probability. The first step is to determine if you qualify for an education loan. Following are the eligibility criteria, set by lenders, for the students applying for an education loan:
Nationality: The applicant must be an Indian citizen
Age: Applicant must be above 18 years of age while applying for a loan. Otherwise, his parents will have to apply for the loan on his behalf
Academic Record: The applicant must have an outstanding academic record
University/Collage: The applicant must have been accepted to a recognized international university or institution
Course: The chances of your education loan approval increase when you choose job-oriented courses
For decades, Jamboree has been helping you reach your dream college with test prep programs & admissions counselling. Now we have added another chapter in our organization by offering a wide range of post-admission services – Education Loans being one of them. We have partnered with national & multi-national institutions that offer education loans to international students.
Since 1993, we have been helping students reach their dream college. Over the years, we have gained the expertise and solutions that can help you resolve your financial problems with education loans that suit you the most. Jamboree can assist you in several ways; a few include:
What are you waiting for! Contact Jamboree Counsellor and financial solutions that give wings to your dreams!
Confused about the right education loan for you?
Auxilo Finserve Pvt. Ltd. is a pro-education NBFC registered with the Reserve Bank of India. Auxilo is focussed on students across segments, be it Graduate or Post Graduate courses in India or abroad in countries like US, UK, Canada, New Zealand, Germany, Australia, and any upcoming student-attractive countries. Auxilo provides affordable funding to students planning to study abroad with products like the pre-admission loan, 100% financing, score based benefits, multiple co-applicant facilities, flexible repayment and lots more. Apply with Auxilo Finserve and take a leap of faith to follow your study abroad dream.
Avanse is an RBI-approved NBFC that provides customized education loans to Indian students. The loan covers fees, rent, living expenses, utilities, laptop and other expenses. There is no upper limit to the loan amount and it can be repaid for up to 10 years. Check if you are eligible for a loan by Avanse.
Credila is an HDFC Ltd. company that provides specialized loans to students for overseas education. It has specific products for various countries like USA, Canada, Germany, etc. It provides you with the loan amount much before admission confirmation so that you can show proof of funds in your college application. Check interest rates by HDFC Credila.
Prodigy Finance is an international loan provider that gives study abroad loans without collateral. It also provides the facility of refinancing existing loans. Its services are available in over 150 countries. It offers a host of member benefits too. Explore student loans by Prodigy.
IDFC FIRST Bank is born to be distinctly different from what it was earlier. It has a renewed focus on retail business with an intent to fast-forward its growth trajectory, and to serve many more customer segments that are growth-drivers of the Indian economy. Our new bank fuses state-of-the-art technology superior liability platform of erstwhile IDFC Bank with analytics-led lending capabilities, the retail DNA and strong profitability track record of erstwhile Capital First.
✔ Unsecured Loan up to Rs. 40 Lakhs for higher Education
✔ 100% financing of total cost of education*
✔ Long repayment tenure up to 15 years
✔ Tax benefit U/S 80 (E)
✔ Door Step Service
✔ No part-payment / foreclosure charges
✔ GRE based unsecured funding*
✔ Unsecured funding based on co-applicant profile (salaried & Self Employed)*
✔ Floating ROI (linked to Repo Rate)
✔ Pre-Visa disbursement
✔ Funding for Executive Programs
MPOWER Financing has assisted hundreds of students from several countries to secure easy and fast education loans. It offers education loans in up to 3 business days for all college and education-related expenses (including off-campus housing) at more than 200 Canadian and US colleges. No collateral, co-signer, co-applicant or security is required. Application is completely online, no visits to company are required. Loan is available in USD at fixed, discounted interest rates for graduate and post-graduate students. Know more about MPOWER financing right here.
Nomad Credit helps international students studying in the U.S. and around the world search for potential available student loan options and top-rated universities that may fit your individual needs.
ICICI Bank Limited is an Indian multinational banking and financial services company. It is one of the leading private sector banks in India. ICICI Bank currently has a network of 5,266 branches and 14,136 ATMs across India, with an employee base of 97,488. The bank's consolidated total assets stood at Rs. 15.79 trillion as of March 31, 2021.
Facing Cash Crunch for your education abroad?
Every financial institution has its own set of requirements for sanctioning education loans. Although there are a set of common requirements that most banks/NBFCs will ask for before sanctioning education loans and these are:
Your education loan can cover both full and part of the total costs, you can choose the loan that best fits your needs. The loan amount you are eligible to receive also depends on a lot of factors like your academic history, your parent/co-applicant’s credit rating, the university you’re applying to, etc.
But in general, the expenses that an education loan covers are discussed below:
Yes, as per Section 80E of the Income Tax Act of India, tax deductions can be claimed for a total period of 8 consecutive years or till the interest amount of your education loan is completely paid off.
All scheduled Indian banks and gazetted financial institutions are eligible to offer tax deductions to the applicant who has taken a loan for self, spouse, children, or a student for whom the individual is a legal guardian.
The asset pledged against your loan is called Collateral. It can be a house, apartment, bungalow, shop, non-agricultural land, vehicle, fixed deposits, life insurance, stocks, etc. Generally, you don’t need collateral for a loan amount up to 7.5 lakhs but beyond that, every financial institution has a different set of terms for collateral.
For starters, you need to duly fill out your loan application form which is followed by a personal discussion with your loan provider/lender. In the next step, the applicant needs to provide all the supporting documents required by the bank in order to be eligible for a loan. The bank now takes some time to verify and check all aspects of your loan application after which it decides to either approve or deny the loan. Based on their decision loan amount is disbursed.
Ideally, you should start your research for the right education loan way before you start your college application. Check with your shortlisted loan providers for their eligibility requirements and loan terms. By the time you start your college application process, you should have already selected a financial institution that you’ve discussed terms with. Since your loan cannot be sanctioned before receiving a Confirmation of Enrollment (CoE) letter from the university first, make sure to be ready with other aspects of your loan application.
Yes, you can get your education loan pre-approved by banks/NBFCs even before admission confirmation. And it is always advised to do so since universities generally give you a smaller window between confirmation and the deadline for fee payment. A pre-approved education loan also acts as a strong proof of funds that works in favor of your student application.
Your bank or NBFC offers you sometime after the completion of your course post which you are required to start paying towards your outstanding loan that time is known as the moratorium period. The standard moratorium period stretches from 6 months to a year.
It is always advised to learn well in advance about the flexibility of the moratorium period that your loan offers and the charges for extension of this period due to unprecedented circumstances like unavailability of jobs or a global pandemic for example.
Your education loan can be repaid in simple and flexible Equated Monthly Installments or EMIs throughout the loan tenure.
The percentage of the total cost that is contributed by the borrower and the loan doesn’t cover is called margin money. Education loans can cover both full or part of the total cost of your education and likewise, your margin money depends on the type of loan you go for and the loan that best fits your needs.
There’s certainly no sense in dragging to accumulate interest if you are able to pay the loan before your term ends. So, it is important to check the prepayment terms of your education loan and the details about the penalty on prepayment before making the decision.
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