Abroad Education Loan from Indian Government Banks

so the first question is why do you even take a loan from a government Bank when there are so many private options don’t we all know that government banks are slow.

They will take much longer to sanction a loan yes we all know that government banks are lethargic. They will make you run around for the loan process but the thing here is when you are saving an overall of 2 to 5 lakh rupees on your interest rate.

And processing fee won’t we all be okay with a little delay right so this video will detail you about the products of government banks for a broad education loan we’ll talk about their loan features.

We talk about you know the complete acceptable programs the eligibility criteria everything and we’ll also let you know how to get the loan done from a government Bank in less than a month.

This particular episode is going to talk exclusively about education loan from government Banks so in this I’ll talk about the product and Loan features of loans from government Banks. such as you know the loan amount the acceptable countries programs courses.

I’ll talk about the rate of interest processing fee then I’ll talk about the repayment terms and finally I’ll also let you know how to apply for a loan to government bank and how weix scholar team can help you with the entire process.

Let’s start all government banks have a separate abroad education loan scheme for example SBI has Global Advantage scheme Bank of Baroda calls it Baroda scholar scheme pnb calls it pnb odan scheme, caner bank has IB scheme for a education.

So the first thing when you’re applying for an abroad education loan is to know the scheme which you’re going to apply under. now let me talk about the features of each of these schemes.

So at the moment all these public sector Banks which I mentioned which is SBI boob pnb Canada Bank offers.

You only up to 7.5 lakhs without cat and for any amount above that they require a citer but very soon some of these bands of course. I cannot share the names because it is an internal news are going to launch a product of 40 to 50 lakhs loan without collateral for top 150 to 200 universities globally but right now there is only one public sector bank which has a 40 lakhs non-color.

Loan product for overseas education that is Union bank and again that is only for a selected list of universities. Which is available with your vmix scholar Financial Officer now whenever such a non-al product is launched for other public sector Banks your vmx scholar financial officer will be the first one to know.

So stay in touch with your financial officer to know such product updates now talking about the acceptable programs and courses. All government banks will consider degrees like bachelor’s degree master’s degree like mbms or PhD or postop but if you’re going for a program like ug diploma or PG diploma or a certificate program.

Then you need to talk to your vmx scholar Financial Officer to see which banks you might be eligible for because not all government banks accept such programs so when it comes to courses all government banks will accept courses in stem which is science technology engineering mathematics or in business field such as you know MBA or MIM kind of programs but when it comes to courses like Aviation you know CPL pilot training or medicine programs like mbbs or nursing not all government banks will accept such programs.

Some banks like Bank of Baroda funds Aviation programs only if the student has completed UG and now going for a pilot training but not after 12th and Banks like caner Bank fund such programs but only for a selected list of institutes so if you’re going for such a program you will have to talk to your vmix scholar Financial Officer before they give you any solution or choice of bank.

If you haven’t been assigned a financial officer yet you can request a call back via the link mentioned above government banks accept only major study abroad destinations and here is the list of acceptable countries.

It includes us UK Canada Australia other countries like Singapore, Japan, Hong Kong, New Zealand and most of the European countries are also acceptable by government banks for all the countries.

Which I didn’t list such as South Africa or places like Dubai and UA a special approval has to be taken which can take up to a month.

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