How To Obtain Student Loans In India As An International Student

There are many reasons why you can consider having a university degree in India, It is known for its vibrant traditions, colourful festivals and growing economy. India also has one of the largest education systems with some top-ranking universities competing at the global level. There are lots of company executives and experts in different fields who are of Indian heritage have had some or all of their education in schools located in India.

The cost of living and studying, when compared to other universities in the world, is relatively low, there are friendly natives especially on campus who make your experience worthwhile. Not to mention that asides from Mumbai, there are other cities such as New Delhi, Bangalore, Pune, and Hyderabad which have good institutions with affordable tuition.

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When Is A Student Loan Necessary?

Sometimes when studying in a foreign land even when you have probably calculated an estimated budget for your expenses during your stay at school, there might be other expenses which may come in the form of;

  • Travel expenses
  • Insurance
  • Cost of books/laboratory fee
  • Library/Examination fee
  • Buying a new laptop
  • Student field trips e.t.c

These unforeseen expenses might put a strain on your financial budget and if you do not have an alternate source of income in form of bursaries, scholarships, or part-time jobs then you may have to apply for a loan.

How Does Student Loan Work In India?

There are a lot of financial institutions who give out loans to Indians looking to study either within the country or overseas. Although there are not so many provisions for international students, you can still make inquiries from different banks by visiting any branch which is closer to you.

What Would I Need To Obtain A Loan?

Requirements for student loans depend largely on which bank you are obtaining your loan from. The general requirements include;

  • Admission letter
  • Transcripts and Test results (IELTS, TOFEL)
  • Should be between 18-30 years
  • Valid ID card
  • Signature Proof
  • Salary slip(for Indians)
  • Statement of accounts (3-6months)
  •  Completed application form with signature
  • Passport size photographs
  • Valid Visa and Passport (for international students )

Is there a Minimum Amount?

The minimum or maximum amount that you may be entitled to depends on your course of study and the university that you are attending. Banks in India have classified educational institutions and courses which have a better prospect of getting jobs once they finish university.

Repayment periods could last up to 15years with repayment starting from the sixth month or a year after you have completed your education and successfully gotten a job. Interest rates range from 7.33%- 10.99% depending on the bank.


Before applying for a loan, I would suggest that you discuss various funding opportunities with your supervisor or university before leaving your home country. You could also be on the lookout for scholarship opportunities either from your home country or in your university.


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