Hello,
Secured loans typically involve the provision of collateral, enabling borrowers to secure higher loan amounts compared to unsecured loans. Additionally, opting for a secured loan may negate the necessity for a co-applicant.
If you are exploring education loan options for studying in Europe, two noteworthy public sector banks to consider are the State Bank of India (SBI) and the Union Bank of India (UBI). In the subsequent sections, we present a comparative analysis of these two banks with regard to education loans for pursuing studies in Europe.
State Bank of India (SBI)The maximum loan amount offered by
SBI is up to 1.5 Crore INR. For interest rates, SBI charges 10.65% for female applicants and 11.50% for male applicants. The margin money requirement stands at 10%.
Union Bank of India (UBI)UBI also extends a maximum loan amount of up to 1.5 Crore INR. The interest rates at UBI range from 10.5% to 10.85%. The margin money requirement is 10% for students enrolled in listed universities and 15% for those in non-listed universities.
If you don't possess collateral, there's no need to worry, as numerous private banks,
NBFCs (Non-Banking Financial Companies), and international lenders can assist you when applying for an education loan to study in Europe. While
private banks and NBFCs may require a co-applicant or co-signer with a minimum financial income and no liabilities, international lenders offer loans without the need for a co-applicant or co-signer.
Each lender offering education loans to study in Europe has its own set of advantages and disadvantages. To aid you in selecting a suitable lender, we have prepared a comparative chart encompassing all potential lenders that offer unsecured education loans. These unsecured loans are available for Bachelor's,
MBA, and Master's programs.
Axis Bank offers a maximum loan amount of up to 50 Lakhs INR with a competitive rate of interest ranging from 11% to 13.50%. Additionally, a margin money requirement of 5% is applicable. Similarly,
ICICI Bank provides a maximum loan amount of up to 50 Lakhs INR, featuring an interest rate between 10.85% and 12.50%. The margin money requirement varies from 0% to 15%. For those considering
IDFC FIRST Bank, the maximum loan amount is up to 35 Lakhs INR, with an interest rate ranging from 11.75% to 13.25%. Notably, IDFC FIRST Bank does not impose any margin money requirement.
HDFC Credila extends a maximum loan amount of up to 40 Lakhs INR, with an interest rate in the range of 12% to 13%. Similar to IDFC FIRST Bank, HDFC Credila does not require any margin money. Moving on to Auxilo, the maximum loan amount offered is up to 40 Lakhs INR, accompanied by an interest rate ranging from 12.50% to 13.50%. No margin money is specified by Auxilo.
Incred, like
Auxilo, provides a maximum loan amount of up to 40 Lakhs INR, with an interest rate between 12.50% and 13.50%. No margin money is mandated for Incred.
Avanse offers a maximum loan amount of up to 40 Lakhs INR, featuring an interest rate ranging from 12.50% to 13.50%. Similar to Auxilo and Incred, Avanse does not require any margin money.
For those considering
Prodigy Finance, the maximum loan amount is up to 100,000 USD, with an interest rate in the range of 12% to 14%.
Prodigy Finance does not have a specified margin money requirement. If you want to fund your education loan to Europe you can
check your eligibility through GyanDhan and leave all the hassle to us.
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