Everything About Education Loan for MS

With ever-increasing competition and growing inflation, most students who wish to study abroad must apply for an education loan. There is no investment that pays off more than your education. An education loan allows a student to finish their studies even if they are currently unable to do so. It enables educated people to live up to their full potential by taking into account their lifetime earnings. In this blog, we are shedding light on those students who are seeking an Education Loan for MS or master of science programmes. 

Know everything about How to Get an Education Loan for Studying Abroad!

Benefits of Taking an Education Loan for MS

Keep in mind that affording overseas education is undoubtedly one of the most expensive things you will ever do. As you will be studying MS from a reputed university abroad, you need to make sure you’re gathering a sufficient amount of money as per the university you’re choosing.

Many students as well as parents face problems affording the study abroad dream. As a result, they end up comprising their dream of getting enrolled at a top university. Here are the benefits of taking an education loan for MS.

All Kinds of Expenses Get Covered

A wide range of expenses and costs are covered under education loans, including the university’s cost of attendance, travel expenses, accommodation, food and transportation costs, overall living expenses, and any electronic gadget expenses among others. 

Personal Savings are Protected

Higher education, whether in India or overseas, will almost certainly force you to dip into your savings. While it may appear to be a better option than starting your life in debt, it places financial constraints on you and depletes your earnings. As a result, an education loan covers 100% of the costs, allowing you to keep your funds intact. The education loan products are created in such a way that they provide comprehensive financial support to the student.

Lower Interest Rates

Interest rates on education or study loans are comparatively lesser than those of home loans, car loans, or any personal loans. In addition, the government also provides special discounts of 0.5% to female candidates. 

Easy Availability

Although loans are available from a variety of sources, they are easily accessible to the majority of people. A huge number of NBFCs (Non-Banking Financial Corporations) offer education loans with comparatively easier processes in addition to banks – both public and private. Many other organisations also assist students by providing endowment loans and other forms of assistance.

Self-Dependence

 The most advantageous part of a study loan is that it teaches students to be accountable for their studies. Study Loan provides an additional benefit in addition to relieving their parents of a significant financial strain. Taking out a student loan guarantees that they are fully immersed in their study.

How Can You Finance Study in the USA?

Keep in mind that getting a loan to complete your higher education from the USA is undoubtedly a harder task. Indian students will undoubtedly need to go through a daunting as well as time-consuming process. Without a proper credit history, co-signer, and citizenship, the students won’t be able to receive an education loan.

But you don’t need to worry about getting a perfect education loan for pursuing an MS degree abroad as the process will depend on numerous factors. Here are the available options you should consider:

• Financial services such as Fly Finance.
• Indian banks such as AXIS, HDFC, PNB, SBI, and many more.
• US lenders and banks such as Citizen Bank, Discover, Wells Fargo, etc.

List of Education Loans for MS Abroad 

As per data from the Consumer Financial Protection Bureau (CFPB), 90% of new private student loans required a consigner. But here you can review the education loan for MS for international students. 

• Discover: It offers private student loans without a cosigner and in this case, candidates need to have good credit to get approved. 
• Earnest: Earnest’s borrower protections are more liberal than those offered by some of the other lenders on this list. Earnest will cover the entire tuition fee, up to a maximum of $250,000 (INR 1.88 Cr).
• Funding U: It offers private student loans without a cosigner. You can borrow up to $1,50,000 (INR 1.13 Cr) per school year, up to a lifetime maximum of $75,000 (INR 56K approx). 
• Common Bond: It offers private student loans up to 6 figures. Medical, dental, and law school are all quite costly. A cosigner might be hesitant to take on a 6-figure debt. As a result, common bonds no cosigner private graduate program loan choice fills a market gap.
• Sallie Mae: It is one of the best private student loan lenders. They offer loans specifically to graduate students. This is because private loans for college students without cosigners have a significantly greater chance of being approved. 
• Citizens Bank: It offers student loans without a cosigner to borrowers with good credit. No application or origination fees are charged. 
• Ascent: Ascent is one of the few best private student loans without cosigner organisations that particularly caters to juniors and seniors in college, as well as graduate students, with non-cosigned loans. For tuition and qualified living expenses, you can borrow up to $20,000 (INR 15,10,265) per year.

Education Loan for MS in the USA 

A secured loan or an unsecured loan can be used to fund your education in the United States. One advantage of pursuing MS in the United States is that lenders are more willing to finance cases there. 

• Public Banks: Education Loan for MS in the USA for international and Indian students can get a secured loan like SBI, BOB, etc. You can get up to 1.5 crores depending on the collateral value and it also provides a total loan requirement with an interest rate of 8.9%.
• Private Lenders: Private banks like Axis Bank and ICICI Bank can fund an unsecured education loan for MS in the USA. They can fund up to 40 lakhs – 60 lakhs at an interest rate of 10% – 12.5%. 
• Foreign Lenders: Foreign lenders like MPower financing, Prodigy Finance, etc also provide unsecured loans. They can fund up to INR 50 lakhs – INR 75 lakhs at an interest rate of 12% – 15%.

Know more about the Education Loans in the USA for International Students!

Top Education Loan for MS in India

After knowing about the top education loan for MS that is available to study abroad, below we have listed down the best education loans for pursuing your masters in India. 

SBI

SBI bank offers loans for popular courses like MBA, MCA, MS etc. both at the professional graduate and postgraduate levels, including regular technical and professional degree and diploma courses.

Schemes	Maximum Loan Amount	Applicable Interest Rate
SBI Global Ed-Vantage Scheme	INR 1.5 Crore	9.55%
SBI Student Loan Scheme	INR 20 Lakh	9.55%
SBI Student Scholar Scheme	INR 40 Lakh	7.45% to 8.75%
SBI Take Over Education Loan	INR 1.5 Crore	9.55%

AXIS Bank Education Loan 

Another best education loan in India is provided by Axis bank. It offers study abroad loans to students for studying in India and abroad. You can expect a loan of INR 10 lakhs if you are aiming to pursue studies within the country. However, for overseas education, you can avail of 20 lakh INR from the bank. 

Loan Amount	Repo Rate	Spread
Up to INR 4 Lacs	4.00%	11.20%
INR 4 lacs – 7.5 Lacs	4.00%	10.70%
More than 7.5 Lacs	4.00%	9.70%

HDFC Bank Education Loan 

HDFC bank is another prominent name in the list of best education loans in India. It offers a range of educational loans for overseas education as well as within the country. 

Maximum Loan Limit	Rs. 20 Lacs +
Margin	Up to 4 lacs – Nil Above 4 lacs 5%
Security	Up to INR 7.5 Lacs – No collateral Above INR 7.5 Lacs -Residential Property, HDFC Bank Fixed Deposit
Processing Fee	1%
Interest Rate	9 – 14 %
Loan Repayment	15 years

IDBI Bank

The IDBI bank also provides education loans to Indian students who need financial coverage to pay for their tuition fees.

Loan Amount	INR 20 Lakh
Collateral Security	For loans more than INR 7.5 Lakh
Interest Rate	8.49% – 8.75%
Repayment Period	15 years

Punjab National Bank

This is another bank that will provide you with an education loan. Make sure you pay close attention to the table below:

Loan Amount	Depending on the requirement
Collateral Security	Flexible
Interest Rate	Base rate when students pursue education from one of the top 100 universities in the world
Repayment Period	15 years

Canara Bank

Make sure you contact Canara bank as they will also provide you with an education loan so that you can complete your MS degree from a reputed foreign university.

Loan Amount	INR 20 Lakh
Collateral Security	For loans more than INR 7.5 Lakh
Interest Rate	7.80% – 9.40%
Repayment Period	15 years

Here are the different Types of Education Loans for Indian Students!

Other Banks Providing Education Loans for MS 

Apart from the above-mentioned education loans, there are a couple more names that deserve to be added to the list of best education loans in India. Let’s have a look at them: 

• ICICI Bank Education Loan
• Avanse Education Loan
• Syndicate Education Loan
• IDBI Education Loan
• Vijaya Bank Education Loan
• Canara Bank Education Loan
• Bank of Baroda Education Loan

Eligibility Criteria 

While applying for Education Loan for MS, applicants must check whether they are eligible to apply by keeping in mind the following information: 

• Applicants applying for loans to study abroad are required to be Indian citizens, with a minimum of 18 years of age.
• Co-applicants are required to hold an account in Indian banks.
• Applicants are required to submit confirmation from the college/university before the sanction or approval of the loan.
• Co-applicants are required to have a stable financial condition to support the loan.
• The financial stability of the co-applicants is the most important criterion for the approval of the loans to study abroad.
• Applying for loans to study abroad, and choosing the right university to pursue a suitable course is a long and exhausting procedure. You have to make sure that you make the right decision for your life.  

Documents Required 

When applying for an International Education Loan for MS, each applicant must provide a set of required documents along with the Loan Application Form. The following is a list of these documents

• Official academic transcripts; Marksheet of class 10th, 12th, graduation, postgraduate); Certificate copies of ICWA, CA, CPA, etc
• Government-issued ID (Aadhar Card, Voter ID, Passport)
• Proof of residence (Driving License, Aadhar Card, Electricity Bill) 
• Birth Certificate
• Letter of acceptance, offer letter, conditional letter 
• Statement of cost of attendance
• Scores of English proficiency language (IELTS, TOEFL, GMAT, GRE, SAT/ACT)
• Passport-size photographs 

Education Loan for students to study in Germany!

How to Apply for Education Loan for MS?

This is one of the most important things you need to remember while applying for an education loan to pursue an MS from a reputed university abroad. Make sure you pay close attention to the below-mentioned steps to know the process of applying for an education loan.

Step 1: Check the Eligibility

Start applying for the international education loan for MS and use the loan comparison tool if any on the page. After that, it will show you if any companies are able to lend to a student in your position. 

Step 2: Application

You can then proceed with your application if you have been matched with a lender. Even if you are not a US citizen, the application process is quick. You must submit all required documentation and paperwork to the loan firm, which will determine whether or not you are authorised. 

Step 3: Documentation

Following are the documents you must provide to the lender

• ID Proof 
• Proof of Residence
• Academic Records
• Valid Passport & Visa
• Proof of admission to your university
• Extra-curricular certificates if appropriate 

Step 4: Approval

You will be advised of the interest rates (fixed or variable rate) and repayment terms once your application has been conditionally approved. Your loan application will be authorised and funds will be disbursed if you agree to the terms. This takes about 6 weeks as usual. 

Standard Chartered Education Loan

Leverage Finance

To save you from high rates and menial bank visits, Leverage Finance offers the best exchange rates in the market, complete transparency and instant payments without the tedious paperwork. All you have to do is log in on Leverage Finance, create an account, add your recipient and transfer money anywhere in the world using popular payment gateways like UPI, Netbanking and Debit Cards. 

FAQs

This was all about the Education Loan for MS. We hope that you must have found this blog useful and answered all your questions. Still, have doubts? Get in touch with Leverage Edu experts today and get your queries related to study abroad loans and finances sorted. We at Leverage Edu help you make the best decision for your future and study abroad dream. Get in touch with us now at 1800 57 2000.