Get an Education Loan For Abroad Study
Pursuing higher education abroad can open doors to global opportunities, but it also entails high costs, including tuition, living expenses, travel, and more. A Study Abroad Education Loan from Poonawalla Fincorp is designed to help you manage these expenses smoothly.
With flexible repayment options, competitive interest rates, and a straightforward application process, you can focus entirely on your academic pursuits without financial worry. Apply now!
Study Abroad Education Loan - EMI Calculator
Plan your overseas education expenses better with our easy-to-use EMI Calculator. It helps you estimate your monthly instalments in just a few clicks, so you can choose a loan amount and tenure that fit your budget.
Why Choose Poonawalla Fincorp
Study Abroad Education Loan - Moratorium Calculator
Many students prefer to start repaying their Education Loan after completing their course, or once they begin earning. Our Moratorium Calculator allows you to estimate your interest payments during the moratorium period.
Apply For Education Loan For Abroad Studies
Click on “Apply Now”
Fill out the online form to start your loan application.
Upload Documents
Provide your KYC documents to complete the verification.
Get Funds
Get the loan amount disbursed to your bank account.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Get exclusive offers thoughtfully customised just for you
To ensure a smooth application process, review our eligibility criteria for an Overseas Education Loan:
Age:
- Applicant: Between 16 and 50 years
- Financial Co-applicant:
- Salaried: 21 to 60 years
- Self-employed: 21 to 65 years
- Non-financial Co-applicant: 21 to 80 years
Citizenship: Indian, OCI (Overseas Citizen of India)
Study Location:
- India
- USA, Canada, Australia, New Zealand, Singapore, UAE, Philippines
- United Kingdom, Ireland, Sweden, Spain, France, Germany and other European countries
Loan Amount With Collateral:
- Domestic Studies - Up to ₹50 Lakh
- International Studies - Up to ₹3 Crore
Co-applicant:
- Parents
- Parents-in-law
- Siblings
- Spouse
- First Cousins
- Parents’ Siblings
Keep the following documents ready to speed-up the application process for oversees Education Loan:
Applicant/Student Documents:
- KYC documents
- Institute Admit Letter (if available)
- Entrance Test Results (if available)
- Past Academics
Co-applicant Documents:
- KYC
- Employment
- Financials:
- Salaried: Bank Statement, Pay slip, Form 16
- Self-employed: Bank statement, ITR, GST Surrogate
At Poonawalla Fincorp, we offer transparent and competitive interest rates for our Education Loan for abroad studies.
|
Interest Rate |
11.25%* p.a. onwards |
|
Loan Amount |
₹1 Lakh to ₹3 Crore |
|
Loan Processing Fees |
Up to 2%+ GST subject to min. ₹5000 |
|
Loan Tenure |
Up to 15 years |
|
Prepayment/Foreclosure Charges |
• Floating rate loans: Nil • Fixed rate loans: 2% (plus GST) charge on the outstanding amount being foreclosed/prepaid |
|
Default Charges |
24% p.a. + taxes |
|
Repayment Instrument Dishonour Charges |
₹500 per bounce plus applicable taxes |
|
Stamp Duty |
At actuals (as per state) |
|
Hidden Charges |
Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
Here’s how choosing an overseas studies Education Loan from Poonawalla Fincorp can benefit you:
- Preserves Your Savings: An Education Loan allows you to fund your studies without depleting your family’s hard-earned savings, keeping them secure for other emergencies.
- Financial Independence: By taking responsibility for your education funding, you gain a sense of financial independence and begin building a credit history early in your career.
- Focus on Academics: With your financial worries addressed, you can dedicate your full attention to your studies and maximise your learning experience abroad.
- Flexible Repayment Structures: Our loans come with flexible repayment options, including a moratorium period, giving you ample time to complete your studies and secure employment before starting your EMIs.
- Potential Tax Benefits: Repayments on education loans can offer tax benefits under Section 80E of the Income Tax Act, providing an additional financial advantage.
- Global Learning Experience: A foreign education enhances personal growth, global networking, and opens up better career prospects, making the loan a valuable investment in your future.
- Affordable Repayment Options: With the flexibility of loan tenures and low-interest rates, you can manage your repayment schedule based on your financial situation.
Here are some essential tips to ensure your application is successful and you’re ready to take on your studies abroad with confidence:
- Begin the loan application process well in advance to ensure ample time for document verification and loan sanctioning.
- Ensure you meet all the eligibility criteria requirements before applying to avoid delays.
- Have all required documents ready, including KYC, academic records, admission letters, and financial statements from co-applicants.
- Ensure your financial co-applicant (usually your parents) has a strong credit score to increase your chances of loan approval.
- Be prepared with additional financial resources in case of any unexpected costs during your studies abroad.
Get Funds Quickly With
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Happy customers, happy us
My loan application journey with Poonawalla Fincorp was smooth and well-explained. The team demonstrated strong product knowledge and guided me clearly at every step. They were highly responsive, addressing my queries promptly and ensuring clarity throughout. The turnaround time was reasonable, with the process completed efficiently and without delays. Overall, I am very satisfied with the experience and truly appreciate the team's support and assistance.
My experience with Poonawalla Fincorp for my Education Loan was seamless and hassle-free. Their clear guidance, proactive communication, and transparent process made everything, from documentation to approval, disbursement, and even FOREX transfer, smooth and timely. The digital platform was easy to use, and their professionalism gave me complete confidence. I chose Poonawalla Fincorp for their supportive, customer-first approach, which enabled me to pursue my MBA at the University of Oxford without financial stress. I highly recommend their education loan products to any student seeking reliable financial assistance.
My education loan journey with Poonawalla Fincorp was seamless and stress-free from start to finish. The team demonstrated excellent product knowledge, explained the process clearly, and guided me through every step with transparency. Their responsiveness and proactive communication ensured that my queries were always addressed promptly, leaving no room for confusion or delay.The turnaround time was impressive! The team's professionalism, polite nature, and dedication to customer satisfaction truly stood out and made the experience even better. I am delighted with the service and would wholeheartedly recommend Poonawalla Fincorp to anyone seeking an education loan. Their supportive approach, timely processing, and customer-first attitude make them a trusted financial partner.
In most cases, a co-applicant such as a parent, guardian, spouse, or close relative is required, especially for higher loan amounts.
Repayment terms, including any moratorium period (if offered), are outlined in your sanction letter and loan agreement. In some structures, you may start with partial payments during the course, followed by full EMIs after course completion or after a specified period.
Yes, prepayment or foreclosure is usually allowed. However, terms and charges (if any) depend on the specific loan agreement.
Poonawalla Fincorp’s Study Abroad Education Loan typically covers tuition fees, accommodation expenses, travel costs, cost of books, examination fees, and other reasonable expenses directly related to your studies.
Poonawalla Fincorp offers flexible repayment options, including a moratorium period where you only pay simple interest during your study duration and a grace period with EMIs starting post completion of your course and grace period.
Yes, you can get a pre-approved sanction letter based on your entrance test scores or co-applicant profile, helping with your visa application process.
Poonawalla Fincorp’s Education Loan supports studies in the USA, United Kingdom, Ireland, Australia, Sweden, Spain, France, Germany, New Zealand, Singapore, UAE, Philippines, Canada, and certain European countries.