List of Top International Student Loans

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A List of Top International Student Loans

Studying abroad is an amazing experience but can be quite heavy on your pockets. Scholarships and grants are available but are highly competitive and rarely cover your entire expenses. A loan can cover up to your school’s complete cost of attendance, excluding any other aid you’ve received. Here is a list of top international student loans that will cover your study abroad cost. 

Student Loan for International Students France

The high-quality education and inexpensive tuition fees of French universities are the key reasons why so many international students select France as their study destination. In 2018, over 325,000 international students choose France as their study destination. Here are some international student loans with collateral for France: 

Lender Amount Processing Fee Payment During Study Period
State Bank of India, BOB  Up to INR 1 Crore INR 11,800 No Payment
Axis Bank Up to INR 60 Lakhs Up to INR 17,500 + GST Simple Interest
Avanse, Incred Up to INR 50 Lakhs 1-2% of the loan amount Simple Interest

Here are some international education loans for students without collateral for France: 

Lender Amount Processing Fee Payment During Study Period
State Bank of India, BOB  Up to INR 7.5 Lakhs NIL No Payment
Axis Bank For selected universities up to INR 40 Lakhs, rest up to INR 7.5 Lakhs Up to INR 20 Lakhs: INR 15,000/- (refundable). More than INR 20 Lakhs: INR 750 on every lakh above 20 Lakhs  Simple Interest
Avanse, Incred Up to INR 40 Lakhs 1-2% of the loan amount Yes, full EMI Repayment 

Also Read: TATA Capital Education Loan

International Student Loan Without SSN

International Student Loan Norway

The Norwegian State Educational Loan Fund issues student loans in Norway (Lanekassen). There is no interest charged until the student graduates. The fundamental requirement receiving Lanekassen assistance is that you are a Norwegian citizen. Foreign citizens, however, are also eligible for financial support. 

Eligibility Criteria

If you are a student in Norway and are a foreign citizen with legal residence, you may be eligible for financial aid if you meet one of the following criteria:

  • Copy of the document from the Norwegian Directorate of Immigration (UDI) that you have been granted protection i.e Asylum in Norway
  • Copy of the decision from the Norwegian Directorate of Immigration (UDI) for special humanitarian considerations or particular attachment to the country
  • Marriage certificate if you are married to a Norwegian citizen
  • Right of residency as a family member or EEA citizen
  • Copy of a valid residence permit
  • Grade transcript or diploma for education you have completed in Norway

Hong Kong International Student Loan

Hong Kong students studying abroad are mainly self-funded or supported by family, or they may receive fee waivers or discounts from their university, as well as scholarships or awards.

However, in many instances, these earnings are insufficient to meet all expenses. International study loan understands that many students require additional support and provides loans to Hong Kongese students to assist in their educational pursuits. 

Eligibility Criteria

Below is the eligibility criteria for international students if they are applying for Canadian or American universities:

  • Students must attend an eligible school in the USA or Canada
  • Must be enrolled as an undergraduate or graduate student and pursue a degree, certificate or license
  • Students need to apply for consigner
  • The consigner must be a US citizen or permanent resident, with good credit and who has lived in the USA for at least 2 years

International Student Loans in Italy 

There is two educational study loan for international students available: 

  • Unsecured Education Loans 
  • Secured Education Loans

Education loans that require collateral are known as secured education loans. As a result, if you apply for a with-collateral education loan, you must hold an asset as a mortgage until the loan is fully repaid. A fixed deposit or an immovable property can be used as collateral.

Lender Amount Interest Rate Range Processing Fee Payment During Study Period
State Bank of India, BOB  Up to INR 1.5 Crore 8% – 9% INR 11,800 + Property Evaluation Charges No Payment
Axis Bank, ICICI Up to INR 60 Lakhs 11% – 13% 1-2% of the loan amount Simple Interest
Avanse, Incred Up to INR 40 Lakhs 12% – 14% 1-2% of the loan  amount Simple Interest

Unsecured education loans are ones for which the borrower will not be required to provide any form of collateral. Unsecured school loans are simple to obtain, but they come with high processing costs and interest rates.

Lender Amount Interest Rate Range Processing Fee Payment During Study Period
Axis Bank, ICICI Up to INR 40 Lakhs(Only for a few universities) 11.5% – 13% INR 750 on each lakh above INR 20 Lakhs 20 years
Avanse, Incred Up to INR 40 Lakhs(Dependent on co-applicant income) 12% – 14% 1-2% of the loan  amount 10 years

Also Read: Education Loan for Germany

How to Apply for International Student Loans?

Step 1: Check the eligibility: Start applying for the international student loan 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. 

This was a list of Top International Student Loans! If you are someone looking forward to pursuing your career abroad, sign up for the free career counselling session at 1800572000 and gain an opportunity to talk to our Leverage Edu mentors!

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