Studying abroad is a dream of many, some pursue bachelors, some pursue master’s and there are some students who want to pursue short-term specializations and skill development programs which are known as Diplomas to make themselves career ready. UG & PG Diplomas are popular qualifications for individuals who are looking for knowledge and career enhancements.
Diploma courses enable international students to acquire maximum knowledge and get equipped with skills and learnings in a short period of time in their respective fields. There are numerous study destinations that offer diploma courses in many fields.
Though Diploma programs are of short duration, pursuing it abroad comes with a certain cost attached to it. Thus, to fund your education you can take an overseas education loan which will keep your savings intact. In this article, we will discuss the essentials for taking an education loan for students to study abroad. So, stay glued.
Quick Facts
Before knowing about the types of financial lenders and requisites for an overseas education loan to study diploma, let us glance at some quick facts.
- Some of the Best Countries to pursue diploma courses are Canada, Australia, the US, the UK, New Zealand, and Ireland.
- Interest Rate – For Nationalized Banks the lowest interest rate for a diploma course is 9.85%. For Private Banks the lowest interest rate is 11%. And for NBFCs it is 13%.
- Moratorium period – The moratorium period includes the total duration of your diploma plus 6-12 months. However, the moratorium period varies among financial lenders.
- Repayment period –The education loan repayment includes the moratorium and is usually 10 years.
It is always good to be pre-prepared with your documents and be aware of your eligibility before opting for an education loan. Thus, we will discuss the eligibility and documents required to apply for an overseas education loan.
Eligibility Requisites
- The student should be a citizen of India.
- The student must be 18 years or above.
- The student must have received admission into a recognized university
Basic Documents
- Identity Proof (PAN card and Passport)
- Proof of Residence (Electricity Bill or any other on which address is mentioned of the applicant and the co-applicant)
- Bank statement of last 6 months of the co-applicant (parents/guardian/siblings)
- Proof of Income of the loan co-applicant (Parents/guardian/siblings)
- Original and legitimate transcripts of SSC, HSC, and other relevant degrees.
- Admission proof
All the above-mentioned documents are essential to opt for an education loan for PG diploma in Canada, the US, the UK, or another country.
Financial Lenders
Since we have gathered all the essential documents, now it is time to know about the education loan providers. To give you clarity of thought we have mentioned the top financial institutions that offer overseas education loans for diploma courses.
Nationalized Banks
- State Bank of India
- Bank of Baroda – Only for graduate diploma and PG diploma
- Bank of India
Private Banks
- Axis Bank – Secured loan for selected courses
- IDFC First – Only for Canada
NBFCs
- HDFC Credila – Secured education loan for selected diploma courses
- Avanse – Secured education loan for selected diploma courses
- Credenc – Funds only diploma courses in Canada
- Incred – Secured education loan for selected diploma courses
- Auxilo – Secured education loan for selected diploma courses
Wrapping Up
The rate of interest varies among different financial institutions depending on whether it is a secured or a collateral free education loan for abroad education. For detailed insight regarding overseas education loans for diploma courses, you can connect with the top overseas education loan advisors. Good luck!
