The path to studying in Australia is paved with exciting opportunities, but funding your education abroad can be a daunting task. Fortunately, private banks in India are offering a lifeline through unsecured education loans that don’t require collateral. These loans are designed to ease the financial burden, covering key expenses like tuition, living costs, and travel, all while offering flexible repayment terms.
In this article, we spotlight the top private banks providing these education loans, breaking down their benefits, eligibility requirements, and documentation processes. Whether you’re just starting your research or ready to apply, this guide will help you make informed decisions for your future and get the right abroad education loan without collateral.
Private Banks that Offer Abroad Education Loan without Collateral for Australia Aspirants
- Axis Bank
Axis Bank, established in 1994, is India’s third-largest private sector bank, offering a comprehensive range of financial services to diverse customer segments, including large and mid-corporates, MSMEs, agriculture, and retail businesses. With a robust domestic presence of over 5,100 branches and 15,000 ATMs and cash recyclers, the bank also operates international offices in Dubai and Abu Dhabi, focusing on corporate lending, trade finance, and investment banking.
Renowned for its digital initiatives, Axis Bank has received accolades such as the ‘Best Digital Bank’ at the Asiamoney Banking Awards and the Financial Express Best Banks Awards. For students aspiring to study abroad, Axis Bank offers education loans covering up to 100% of educational expenses, including tuition fees, living costs, and travel. Loan amounts range for unsecured loans from ₹15 Lakhs to ₹75 lakh, with flexible repayment tenures up to 15 years.
- ICICI Bank
ICICI Bank, established in 1994, is a leading private sector bank in India, offering a wide array of financial services, including personal banking, corporate banking, and wealth management. With a strong domestic network and international presence in countries like Canada and the UK, the bank caters to diverse customer needs.
For students aspiring to study abroad, ICICI Bank provides education loans up to ₹3 crore, covering expenses such as tuition fees, living costs, and travel. The bank offers unsecured loans up to ₹1 crore, with interest rates ranging from 10.5% onwards. The bank offers students a flexible repayment period of up to 15 years, and it facilitates a quick and hassle-free application process.
- IDFC First Bank
IDFC FIRST Bank, formed in 2018 through the merger of IDFC Bank and Capital First, is a prominent private sector bank in India. It offers a comprehensive range of financial services, including personal and corporate banking, loans, and wealth management. The bank has received favorable credit ratings from top domestic agencies, such as CRISIL AA+ and ICRA AA+, reflecting its strong financial standing.
For students aspiring to study abroad, IDFC FIRST Bank provides education loans up to ₹1.5 crore, covering expenses like tuition fees, living costs, and travel. Notably, the bank offers collateral-free loans up to ₹75 lakh, with flexible repayment tenures extending up to 15 years. Additionally, students can get up to 100% financing and income tax advantages under Section 80E.
After finding out about the banks and what they have to offer, let’s see what students need to get an education loan for abroad.
Eligibility Criteria & Documents Required to Get Abroad Education Loan without Collateral
Here are the criteria students need to meet to get an abroad education loan without collateral:
- Should be an Indian citizen.
- They should have admission to a recognized foreign University
- They must have a co-borrower with an account in a bank with cheque writing facility.
These are some common criteria students need to meet to get a loan. Apart from meeting these criteria students also need some documents to get abroad education loan without collateral. Which include:
- Identity Proof
- Address Proof
- Bank Statement
- Salary Slips (for salaried employees)
- Business proof (for self-employed individuals)
To summarize, we looked at 3 private banks for international students to get abroad education loans. We saw how each bank offers different benefits to students, the documentation, and the process students can follow to get the loan.
For more details, students can reach out to overseas education loan experts near them. These experts help students to make their journey simpler. They can help students map out their expenses and find loan options suitable to their needs. Whether students want to know about living expenses in Australia or other top destinations, these experts can make getting loans hassle-free so that students can excel in their studies without worrying about money.
