Education Loan for Diploma Course Abroad

Education loans for study abroad purposes include the option to pursue diploma courses. As more and more students are planning to study abroad, they are utilising the availability of education loans to finance their education. Diploma courses come at various levels of study, be it after high school, or after undergraduate study. The ease of their pursual allows students to enrol in their programme from abroad, given their relevance in opportunities abroad. This factors in when updates are needed on education loans for diploma courses abroad. Continue reading this blog to know more about education loans for diploma courses abroad. 

Why Study Diploma Course Abroad? 

Diploma Courses in abroad countries are gaining traction given their various benefits. Shared below are some pointers. 

1. The duration of diploma courses is not equivalent to a full-time degree course. This allows students to invest less time and complete the diploma course with more easiness. 
2. Diploma courses abroad are highly job-oriented, which means students are able to gain more practical experience through the course. 
3. With several aspects of the course curriculum, students are able to experience a new culture relevant to their study. 
4. Diploma courses abroad ready students to become more independent with better development of their skills. 
5. Furthermore, diploma courses abroad are comparatively affordable compared to full-time course programmes.

Also Read: STUDY ABROAD: EDUCATION LOAN AMOUNT IN 2022 18% MORE THAN IN 2021

Types of Diploma Course Abroad 

The types of diploma courses that students can take enrollment in abroad countries are mentioned below. 

1. Diploma Courses after Class X 
2. Diploma Courses after Class XII 
3. Graduate Diploma Courses 
4. Postgraduate Diploma Courses

Types of Education Loans for Diploma Course Abroad 

There are two types of education loans for diploma courses abroad. These are mentioned below. 

Secured Education Loan 

This type of education loan for diploma courses abroad includes collateral. Therefore, it is also called a collateral education loan. The student is to pledge tangible or intangible security against the education loan, such as property, insurance policies, etc. Students who decide to avail of secured education loans are not bound to repay the amount during their study period. They can also utilise lower interest rates, higher rates of loan approval as well as longer repayment periods. 

Unsecured Education Loan 

This type of education loan for diploma courses abroad does not include collateral. Therefore, it is also called an education loan without collateral. The student is not required to pledge any kind of tangible or intangible security. Rather, they are met with higher rates of interest, shorter repayment periods and a lower rate of loan approval. Please note that for students planning to pursue an undergraduate diploma course, an unsecured education loan is not really offered.  

Also Read: HSBC EDUCATION LOAN FOR STUDYING ABROAD: CHECK APPLICATION PROCESS, ELIGIBILITY CRITERIA

Public Sector Banks Providing Education Loans for Abroad 

Public Sector Banks are one of the leaders in education loans for diploma courses abroad. Tabulated below are the details of some of the public sector banks providing education loans for abroad studies. 

Name of the Public Sector Bank	Limit of Loan Amount	Interest Rate	Loan Tenure
State Bank of India	Upto INR 1.5 crore	Men: 8.8%Women: 8.3%	Maximum 15 years
Canara Bank	Up to INR 40 lakh	6.90% – 8.90%	Maximum 15 years
Bank of Baroda	Up to INR 80 lakh	Men: 7.75%Women: 8.25%	Maximum 15 years
Central Bank of India	–	Men: 9%Women: 8.50%	From 10 to 15 years

Private Sector Banks Providing Education Loans for Abroad 

Unsecured education loans are usually provided by private sector banks and NBFCs. Shared below is a list of some of the private banks providing education loans abroad. 

Name of Private Sector Bank	Limit of Loan Amount
ICICI Bank	Up to INR 20 lakh
Axis Bank	Up to INR 20 lakh
HDFC Bank	Up to INR 20 lakh
Yes Bank	Up to INR 40 lakh
Kotak Mahindra Bank	Up to INR 20 lakh

NBFCs Providing Education Loans for Abroad 

Non-bank Financial Companies are another sort of lender of education loans for abroad studies. Mentioned below are some of the NBFCs along with their minimum loan amount for students. 

Name of NBFC	Minimum Limit of Loan Amount
HDFC Credila	INR 1 lakh
Avanse	INR 1 lakh
InCred	INR 2 lakh
Auxilo	INR 1 lakh

Best Countries to Study Diploma Courses 

Now that the blog has covered the type of education loans and lenders of the same, for diploma courses abroad, we take you to the list of countries that are best fit for pursuing a diploma course abroad. 

Canada	Australia	The United States of America
Ireland	The United Kingdom	New Zealand

Also Read: STUDY ABROAD LOAN: EASE YOUR STUDY ABROAD FINANCIAL BURDEN WITH EXPERTS TIPS FROM FLY FINANCE

FAQs

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