Studying a diploma course abroad can help students gain knowledge and expertise in a field in a short period. This means they will need less time to complete their qualification and fewer expenses compared to a Bachelors or Masters degree. That’s why international students are moving towards diploma courses for qualifications.
While relatively affordable these courses still require significant funds. In this article, we will discuss how students can get those funds as loans by public banks in India. This article will help students to find banks that offer loans for diploma courses abroad. So, let’s get started!
3 Public Banks that Offer Loans for Diploma Courses Abroad
- Union Bank of India
Union Bank of India is one of the country’s leading public sector banks, known for its reliability and customer-focused services. With a rich history and a wide network of branches across India, the bank provides a range of financial solutions to meet diverse needs, from savings accounts to loans and investment options.
For students dreaming of studying abroad, Union Bank of India offers tailored education loans, even for diploma courses. These loans cover tuition fees, travel costs, and living expenses, making international education accessible. The bank ensures a hassle-free application process, competitive interest rates, and flexible repayment options, making it easier for students to focus on their studies instead of financial worries.
| Key Features | Details |
| Loan Amount | Unsecured loans for top 160 Universities: Rs. 40 Lakhs Secured loans up to Rs.1.5 Cr |
| Interest Rate | Interest rate for listed Universities for Unsecured loans upto 40 Lakhs: 9.75%The interest rate for listed Universities for secured loans with 100% Collateral: 9.25% Rate of Interest for listed Universities for secured loans with 50% Collateral – 9.50%The interest rate for non-listed Universities for secured loans with 100% Collateral – 11.35% (Male) and 10.85% (Female)Interest concession of 1.00% on EMI if simple interest is served during MP. |
| Moratorium Period | 12 months |
- Punjab National Bank
Punjab National Bank (PNB) is one of India’s oldest and most trusted public sector banks, serving millions of customers with its wide network of branches and digital services. Known for its commitment to customer satisfaction, PNB offers a variety of financial solutions, including savings and current accounts, loans, credit cards, and investment products.
For students aspiring to pursue education abroad, including diploma courses, PNB provides comprehensive education loans. These loans cover essential expenses such as tuition fees, travel, and living costs, easing the financial burden on families. The bank offers competitive interest rates, a smooth application process, and flexible repayment terms to ensure students can focus on their studies. With its focus on transparency and customer-friendly policies, Punjab National Bank has become a dependable partner for individuals and families whether they’re looking for education loan without collateral or with collateral.
| Key Features | Details |
| Loan Amount | Secured Loans: up to Rs 1.5 Cr |
| Interest Rate | Rate of interest for secured loans is 10.50% PNB offers 0.5% Concession for female applicantsIt offers a 1% concession if simple interest is served during the moratorium periodRate of Interest for secured loans for Top 50 World Universities is 9.25% |
| Moratorium Period | 15 years |
- Bank of Maharashtra
Bank of Maharashtra is a prominent public sector bank in India, celebrated for its customer-first approach and extensive network of branches across the country. Known as the “Bank of the Common Man,” it offers a wide range of services, including savings accounts, personal and business loans, credit cards, and investment options to meet the diverse financial needs of its customers.
For students aiming to study abroad, even for diploma courses, the Bank of Maharashtra provides tailored education loans to make their dreams a reality. These loans cover expenses like tuition fees, travel, and living costs, ensuring students can focus on their studies without financial stress. The bank offers competitive interest rates, an easy application process, and flexible repayment terms to suit individual needs.
Bank of Maharashtra’s dedication to trust and transparency makes it a reliable partner for every financial journey, whether it’s securing a bright future or achieving international education goals.
| Key Features | Details |
| Loan Amount | Secured Loans: up to Rs 1.5 Cr |
| Interest Rate | Rate of interest for secured loans with 120% Collateral – 10.05% Concessions 0.25% for Mahasaraswati RD accounts for 3 years. 0.50% – girls child. * 0.50% – for housing loan borrower, completed at least 3 years. 0.50% – Premier Listing Interest concession of 1% during moratorium period only |
| Moratorium Period | 15 years |
Step by Step Process to Apply for a Loan for Diploma Course Abroad
Here are the steps students can follow to apply for a loan for diploma courses abroad:
Step 1: Look for banks that offer loans for diploma courses abroad.
Step 2: Shortlist banks to apply for the loan based on loan amount and interest rate and other repayment terms
Step 3: Gather the documents to apply for the loan
Step 4: Fill the loan application and submit the documents
With this, we end this article where we explored 3 banks that offer abroad education loans for diploma courses abroad. This brief exploration gives us an idea about the loans offered by public banks in India.
For more information or guidance on abroad education loans students can reach out to abroad education loan experts. They help students to make the right decision regarding their abroad education loan. With their guidance, students can find out about the education loan eligibility criteria and make the best of their overseas education.
