Unlock Your Potential with Our Education Loans!
10,000 Cr
Total loan amount disbursed
12,000+
Students Assisted
Your Loan Approval Roadmap
Our counselors connect with loaning partners and get the best offers for your profile
Celebrate the arrival of your study abroad loan
01
02
03
04
Complete the form for your study abroad education loan
Loan partners collect any supplemental documentation required
Our Partners
Lender
Maximum Loan amount
Interest Rate (%)
Collateral Required
Processing Fee (%)
Moratorium Period (months)
Repayment Tenure (years)
Pre-approved Loans
Repayment options
Processing time
Insurance cover
Travel expense
Margin
SBI
Up to 7.5 lakhs
11.50% - 12.25%
No (up to 7.5 lakhs)
Starting at 11.15%
Up to 6 months
15 years
Yes
PSI, SI or EMI
14 days
Yes
Yes
nil
Union Bank
Up to 40 Lakhs
9.25% - 12.25%
No (up to 40 Lakhs)
Starting at 0.5 - 2%
Up to 12 months
12 years
Yes
PSI, SI or EMI
3-4 days
Yes
Yes
15%
How we stand out
Financial Inclusivity Our unbiased strategies concerning education loans ensure everyone has the opportunity to access quality education
Personalized RepaymentsEnjoy a hassle-free loan repayment experience. Our tailored terms guarantee that you can effortlessly handle payments post-graduation and career establishment
Competitive Interest RatesWe strive to make your borrowing experience affordable and rewarding.
Explore the Financial Landscape, Seamless Application Journey, and Unleash the Benefits Awaiting You.
Criteria
Best known for
Popular choices
Interest rate
Maximum loan amount*
Margin money*
Repayment tenure*
Repayment options
Processing time*
Financial co-applicant required*
Tax benefit*
PSB
Secured loans
SBI, UBI, and BOB
Starting at 9.8%
INR 1.5 Cr
10% - 15%
Up to 15 years
Free or SI
10 - 15 days
No
Yes
Private Banks
Unsecured and secured loans
Axis, ICICI, and IDFC
Starting at 10.85%
INR 50 Lakhs
0 - 10%
Up to 15 years
PSI, SI or EMI
5-7 days
Yes
Yes
NBFCs
Unsecured loans
HDFC Credila, Avanse, InCred. And Auxilo
Starting at 11.25%
INR 75 Lakhs
Nil
Up to 20 years
SI or EMI
5-7 days
Yes
Only HDFC Credila
International Lenders
Unsecured without co-applicant
MPOWER and Prodigy
Starting at 11.00%
100,000 USD
Nil
Up to 15 years
SI
5-7 days
No
No
Choosing the Perfect
Study Abroad Education Loan
Study Abroad Education Loan
Institutional lenders are prepared to cover up to 100% of your study program expenses. We just have to find the most ideal offerings.
At YMGrad, we carefully review essential aspects of education loans for you. For those exploring on their own, here are friendly tips on what factors should be considered so that your decision is an informed one.
01
Interest Rate Impact: A 1% rise in your education loan interest rate has significant ramifications. Let's consider a Rs. 10,00,000/- loan with a 3-year post-graduation repayment plan for a 2-year program. At 10%, your interest amounts to Rs. 2.3 lakhs, but at 11%, it escalates to Rs. 3.4 lakhs. That's a substantial Rs. 1.1 lakhs more for just a 1% increase. Examine current rates and the historical changes made by lenders for a well-informed decision.
02
Unlocking Financial Benefits: Lenders extend interest rate discounts and other favorable terms to borrowers who meet specific criteria, like stellar academic records or the ability to adopt convenient automatic monthly payments. Such offers ease financial burdens and open avenues for significant savings in the borrowing journey.
03
Choosing Currency Wisely: Deciding between a USD loan with lower interest or an equivalent INR loan with a higher rate can be tricky. Despite the higher interest, the historical rise in USD to INR conversion rates means one should opt for an INR loan. This aligns with our strategy of smart decisions for long-term financial stability.
04
Strategic Repayment Duration: The loan tenure plays a pivotal role in your lender choice. Shorter repayment periods can cut down interest costs but result in higher monthly payments. Conversely, longer tenures are budget-friendly in terms of monthly installments but will accrue additional interest. The loan tenure should align with your financial comfort and goals.
05
Income Tax Advantage: Education loans from Indian banks present a valuable financial advantage – the complete exemption of the interest paid as deductions for eight years. Picture this: you take a loan with a specified interest rate and duration. Your family, falling into a particular tax bracket, can use the interest paid as deductions. Utilize all benefits associated with educational loans.
06
Margin Money: This is the portion you contribute from your own resources, while the lender covers the remaining expenses. To clarify, a loan that comes with a 0% margin will cover your entire education's associated costs.
07
Hidden Fees: Your lender may impose various undisclosed charges that, when tallied, can markedly increase your overall expenses. Be vigilant of these potential costs -
- Certain lenders levy a conversion fee when your education loan, originally sanctioned in INR, is disbursed in another currency. This fee can climb up to 1.5%, meaning you could face extra charges of Rs. 15,000 for a loan amount of Rs. 10 lakhs.
- Alert! Processing Fees can range from zero to 2%. If you take a loan of Rs. 10 lakhs, this could mean more charges of up to Rs. 20,000.
- Certain lenders compel applicants to avail credit life insurance, ensuring protection for the loan amount in unforeseen circumstances. If the premium is steep, it adds to the overall expense of the education loan.
- Cross-selling in the context of educational loans refers to the practice where lenders attempt to sell additional financial products or services to the borrower that are not necessary for loan approval.
Student's Academic Background
Entrance Test Scores
Co-Borrower
Parents' KYC
Residence Status
Work Experience
References
Property Details
Additional Information
Eligibility criteria when applying for a study abroad education loan through YMGrad
Completion of 10th and 12th Standard:
- Indicator of Capability: Demonstrates academic consistency and dedication.
- Foundation for Higher Education: Validates foundational knowledge for higher studies.
Graduation Mark Sheets/Transcripts and Degree Copy:
- Educational Progress: Reflects commitment and performance in undergraduate studies.
- Course Relevance: Aligns previous academic achievements with the chosen course.
Acceptance or Offer Letter from the University:
- Course Validation: Confirms admission to a recognized institution.
- Financial Planning: Provides details for assessing the feasibility of the loan.
- Commitment to Education: Demonstrates a clear plan and purpose for pursuing higher education.
Please note that eligibility requirements may vary based on the lending institution and specific loan products. It is advisable to consult with YMGrad representatives for personalized guidance and to confirm the latest eligibility criteria.
3,50,000+
Network of Students
30,000+
Courses available in universities
3,000+
Institutes
50+
Loans valid for countries
Frequently Asked Questions!
Find here the most researched questions
How can YMGrad assist me in obtaining an education loan?
YMGrad has established partnerships with the foremost lending institutions. If you're an existing student, our service is currently free. For non-existing students, we offer a limited-time free education loan premium support.
Which lending institutions does YMGrad have partnerships with?
YMGrad has partnerships with HDFC Credila, Auxilo, MPOWER Financing, IDFC First, and Prodigy Finance.
What documents are required for HDFC Credila education loans?
Documents include PAN card, Passport, Aadhaar card, academic transcripts, offer letter, and financial documents for co-borrowers if employed.
Is the education loan premium support really free for existing YMGrad clients?
Yes, for a limited time, existing clients can avail the education loan premium support service for free.
Can I apply for an education loan even before receiving an admission offer from a university?
Yes, YMGrad allows you to start the loan application process even before securing admission to avoid last-minute rush.
How do I check my eligibility for IDFC First education loans?
Provide details like name, email, contact number, location, and pin code to check eligibility. If eligible, proceed with documentation.
What is the nominal charge for YMGrad's education loan premium support for non-existing students?
The service is currently being offered for free to a few trial students who wish to process their application during a specific week.
Can I avail the education loan premium support if I'm not associated with YMGrad?
Yes, people not associated with YMGrad or its services can take advantage of the free education loan premium support during the specified week.
What is the turnaround time for processing education loan applications through YMGrad?
The processing time may vary, but YMGrad aims to expedite the application process, providing a seamless experience for students.
How does YMGrad use the information provided for IDFC FIRST loan eligibility?
The provided details, such as name, contact number, location, and pin code, are shared with partners. Eligibility is confirmed based on the location, and documentation procedures are initiated if eligible.