Ultimate Guide to Education Loans for Studying Abroad: Everything You Need to Know

Ultimate Guide to Education Loans for Studying Abroad: Everything You Need to Know

Are you dreaming of studying abroad? The journey to your dream university can be financially daunting, but with the right education loan, your aspirations are within reach. In this comprehensive guide, we will walk you through the Special Union Education Loan Scheme for Abroad Studies, covering eligibility, expenses, quantum of loan, repayment options, and more. Read on to make your dream education a reality.

1. Eligibility Criteria:

To avail of the education loan, you need to be an Indian National with confirmed admission to a full-time Post Graduate Course in a Premium University Abroad through recognized entrance examinations.

2. Expenses Covered:

The loan covers various expenses including tuition fees, hostel/mess charges, exam/library/lab fees, insurance premiums, caution deposits, travel expenses, purchase of books/equipment/computer, and other essential expenses related to your course.

3. Loan Amount:

You can secure a loan ranging from a minimum of Rs.7.50 Lakhs to a maximum of Rs.150.00 Lakhs based on your requirements.

4. Eligible Master’s Degrees Abroad:

The loan supports courses in the top 160 premier institutes as listed in Annexure -I.

5. Margin and Collateral:

The margin varies based on the loan amount, ranging from NIL to 15%, with collateral security requirements for loans above Rs.40.00 Lakhs.

6. Reimbursement and Living Expenses:

You can get your first term fee reimbursed within 6 months of admission. Reasonable living expenses are considered, not exceeding 10% of the total tuition fees.

7. Interest Rate and Processing Charges:

Interest rates vary based on the quantum and collateral coverage. No processing charges are levied, but a nominal upfront fee of Rs.5000 is refundable upon loan availing.

8. Repayment and Moratorium Period:

Repayment period spans 15 years, including the course duration and a 1-year moratorium period.

9. Co-applicant/Guarantor and Security:

Either parents or spouse can be co-applicants/guarantors. Collateral requirements differ based on the loan amount, with various acceptable forms of security.

10. Insurance and Disbursement:

A term life insurance policy is mandatory. Disbursement occurs directly to the institute from the nearest branch to your domicile.

List of Premier Institutes / Universities & Courses Country Wise:

Sr. No.Name of College/ University/ InstituteCountryList of Courses
1.Harvard UniversityUSAMedical, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM, Management Courses and Public Policy.
2.Stanford UniversityUSAManagement Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Medical.
3.Massachusetts Institute of TechnologyUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management Courses, and Medical.
4.University of California BerkeleyUSAManagement Courses, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses.
5.University of OxfordUKMedical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design Management and All other Courses.
6.University of MichiganUSAManagement, Law, Economics & Econometrics, Art, Performing, Arts, Design, STEM and Medical Courses
7.University of WashingtonUSAMedical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
8.Cornell UniversityUSAManagement, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses
9.Columbia University New YorkUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
10.Johns Hopkins UniversityUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
11.University of PennsylvaniaUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
12.University of CambridgeUKMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and All other Courses.
13.University of California Los Angeles UCLAUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
14.Yale UniversityUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
15.UCL University College LondonUKMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
16.University of TorontoCanadaMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
17.University of California San DiegoUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
18.University of Minnesota SystemUSAMedical, STEM and Management
19.Pennsylvania State UniversityUSAManagement and STEM
20.University of Wisconsin MadisonUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Affairs.
21.Duke UniversityUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management, Medical, and Public Affairs.
22.Northwestern UniversityUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
23.New York UniversityUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Service.
24.Tsinghua UniversityChinaMedical and STEM
25.University of Texas AustinUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
26.Princeton UniversityUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Affairs.
27.University of British ColumbiaCanadaMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
28.University of North Carolina Chapel HillUSAMedical, STEM, Management, Law and Medical
29.University of ChicagoUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Studies
30.Swiss Federal Institute of Technology ZurichSwitzerlandSTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
31.University of Southern CaliforniaUSAMedical, STEM and Management
32.Peking UniversityChinaMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
33.University of Illinois Urbana ChampaignUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Medical.
34.Imperial College LondonUKMedical, STEM and Management
35.University of FloridaUSAMedical, STEM Management and Law
36.Ohio State UniversityUSAMedical, STEM and Management
37.University of California DavisUSAMedical, STEM Management and Law
38.University of California IrvineUSAMedical, STEM and Management
39.University of California San FranciscoUSASTEM
40.University of MelbourneAustraliaMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
41.University of New South WalesAustraliaMedical, STEM, Management and Law
42.Washington University Saint LouisUSAMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
43.University of Maryland College ParkUSASTEM and Management
44.University of EdinburghUKMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
45.Purdue UniversityUSASTEM, Management and Medical
46.University of PittsburghUSAMedical, STEM, and Management
47.National University of SingaporeSingaporeMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management.
48.Michigan State UniversityUSASTEM and Management
49.Carnegie Mellon UniversityUSASTEM, Law, Economics & Econometrics, Art, Performing, Arts, Design and Management.
50.University of SydneyAustraliaMedical, STEM and Management
51.Rutgers The State University of New JerseyUSASTEM and Management
52.University of QueenslandAustraliaMedical, STEM and Management
53.Texas A&M UniversityUSASTEM and Management
54.University of ArizonaUSAManagement and STEM
55.Arizona State UniversityUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
56.Boston UniversityUSAMedical, STEM, Management and Law
57.Monash UniversityAustraliaMedical, STEM and Management
58.Vanderbilt UniversityUSAMedical, STEM and Management
59.California Institute of Technology CaltechUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
60.McGill UniversityCanadaMedical, STEM and Management
61.University of ManchesterUKMedical, STEM and Management
62.Georgia Institute of TechnologyUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
63.University of UtahUSASTEM
64.University of VirginiaUSAManagement, STEM, Law and Medical
65.Utrecht UniversityNetherlandMedical, STEM and Management
66.University of TokyoJapanMedical and STEM
67.King’s College LondonUKMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
68.Zhejiang University (National Che Kiang University)ChinaSTEM
69.Universidade de São Paulo USPBrazilSTEM
70.Shanghai Jiao Tong UniversityChinaSTEM and Management
71.University of AlbertaCanadaMedical, STEM and Management
72.Emory UniversityUSAManagement, STEM, Law and Medical
73.University of AmsterdamNetherlandMedical and STEM
74.University of CopenhagenDenmarkMedical
75.University of Hong KongHong KongSTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Medical
76.University of California Santa BarbaraUSASTEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
77.North Carolina State UniversityUSASTEM and Management
78.Katholieke Universiteit Leuven (KU Leauven)BelgiumSTEM and Medical
79.Australian National UniversityAustraliaMedical, STEM, Management and Law
80.Brown UniversityUSAMedical, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and STEM
81.Chinese University of Hong KongHong KongMedical, STEM and Management
82.University of IowaUSASTEM
83.Virginia Polytechnic Institute and State UniversityUSASTEM
84.University of GroningenNetherlandMedical, STEM and Management
85.University of WaterlooCanadaSTEM and Management
86.Technische Universität MünchenGermanySTEM
87.Nanyang Technological UniversitySingaporeSTEM and Management
88.University of LeedsUKSTEM and Management
89.École Polytechnique Fédérale de LausanneSwitzerlandSTEM
90.Universität ZürichSwitzerlandMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management
91.University of HelsinkiFinlandSTEM
92.University of CalgaryCanadaMedical, Management and STEM
93.Delft University of Technology TU DelftNetherlandSTEM, Medical, Design, Management
94.University of OsloNorwaySTEM
95.Indiana University BloomingtonUSASTEM and Management
96.University of AdelaideAustraliaSTEM, Management and Medical
97.University of Massachusetts AmherstUSASTEM and Management
98.University of Illinois ChicagoUSAMedical, STEM, Law, Art, Performing Arts, Design and Management
99.Kyoto UniversityJapanMedical and STEM
100.Ghent University / Universiteit GentBelgiumSTEM and Medical
101.Lowa State UniversityUSASTEM, Management, Law and Medical
102.University of NottinghamUKMedical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management
103.Aarhus University / Aarhus UniversitetDenmarkSTEM, Management, and Medical
104.Ruprecht Karls Universität HeidelbergGermanySTEM, Management, and Medical
105.Colorado State UniversityUSASTEM and Management
106.University of Maryland BaltimoreUSASTEM, Management, Law and Medical.
107.University of RochesterUSASTEM and Management
108.Universitat de BarcelonaSpainSTEM, Law, Economics & Econometrics, Art, Performing Arts, and Management
109.Università di Bologna (Università degli Studi di Bologna)ItalySTEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
110.Tufts UniversityUSAMedical, STEM and Management
111.University of WarwickUKSTEM, Law, Economics & Econometrics, Art, Performing Arts, Medical and Management
112.City University of New YorkUSAMedical, STEM and Management
113.Bristol UniversityUKSTEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
114.Oregon State UniversityUSAMedical, STEM and Management
115.University of Western AustraliaAustraliaSTEM, Management and Medical
116.University of GeorgiaUSASTEM, Management & Medical
117.University of South FloridaUSASTEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
118.Università degli Studi di Roma La SapienzaItalyMedical, STEM and Management
119.University of SheffieldUKSTEM, Design, Medical and Management
120.Lund University / Lunds UniversitetSwedenSTEM, Design, and Management
121.University of Hawaii SystemUSASTEM, Management and Medical
122.Uppsala University / Uppsala UniversitetSwedenSTEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
123.University of MiamiUSASTEM, Management and Medical
124.VU University of Amsterdam /Vrije Universiteit AmsterdamNetherlandSTEM, Management and Medical
125.University at BuffaloUSASTEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management.
126.University of Tennessee -KnoxvilleUSASTEM, Management and Law
127.Newcastle University Newcastle upon TyneUKSTEM, Management and Medical
128.Florida State UniversityUSASTEM, Management and Medical
129.George Washington UniversityUSASTEM and Management
130.Queen Mary University of LondonUKSTEM and Management
131.Case Western Reserve UniversityUSASTEM, Management and Law
132.Rice universityUSASTEM and Management
133.London School of Economics and Political ScienceUKMedical, STEM, Law and Management
134.Dartmouth collegeUSASTEM, Management and Medical
135.Northeastern UniversityUSASTEM, Management and Law
136.Temple UniversityUSASTEM, Management and Law
137.Cardiff UniversityUKSTEM and Management
138.Deakin UniversityAustraliaSTEM and Management
139.George Mason UniversityUSASTEM and Management
140.Macquarie UniversityAustraliaSTEM and Management
141.RMIT UniversityAustraliaSTEM and Management
142.Simon Fraser UniversityCanadaSTEM and Management
143.Queen’s university – KingstonCanadaSTEM and Management
144.University of MontrealCanadaSTEM and Management
145.York UniversityCanadaSTEM and Management
146.Freie Universität BerlinGermanySTEM
147.KIT, Karlsruher Institut für TechnologieGermanySTEM
148.Humboldt-Universität zu BerlinGermanySTEM
149.Ludwig-Maximilians – Universität MünchenGermanySTEM
150.University of OttawaCanadaSTEM and Management
151.Georgia State UniversityUSASTEM and Management
152.IMD Business School, LausanneSwitzerlandManagement
153.IE Business School, MadridSpainManagement
154.London Business School, LondonUKManagement
155.City Univ- Cass Business School, LondonUKManagement
156.INSEAD Business School France/ SingaporeFranceManagement
157.Rotterdam School of ManagementNetherlandsManagement
158.SDA Bocconi School of Management, MilanItalyManagement
159.IESE Business School, BarcelonaSpainManagement
160.Warwick Business School (University of Warwick)UKManagement
Table credit: unionbankofindia

Conclusion:

Securing an education loan for your overseas studies is a vital step toward your dream career. By understanding the details provided in this guide, you can make informed decisions and embark on your educational journey with confidence. Plan your future wisely, and let your aspirations take flight with the right financial support.

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