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Studying abroad is a sure shot formula for success. Most of us dream of pursuing our favourite subjects from esteemed universities and getting high placements. However, the lack of information about the unknown lands creates skepticism. Another factor that holds us back is the shortage of funds.

Here Alpha Mary the best overseas education consultancy based in Kerala with corporate office in Trivandrum and Regional office in Cochin is trying to decode the formalities of study abroad education loans from Indian banks. The information will help you to pursue your dreams without burning holes in the pocket.

Are you eligible?

Before proceeding with an overseas education loan, ensure that you are eligible for the same. You should be able to tick all the boxes from below.

  • One must be an Indian citizen
  • Must have attained 18 years of age, else parents may have to take the loan
  • Excellent at academics
  • Confirmed status of admission in a recognized university
  • The course must be one that helps to get placements soon, as banks prefer such professional courses.

Do you possess the documents required in the procedure of studying abroad?

Once you have checked the eligibility criteria, it is essential to gather the necessary documents. It helps to ensure a seamless procedure.

The list provided below contains almost all the documents demanded by the bank. However, formalities may vary.

  • Identity proof- PAN card, Voters ID, Passport or Driving License
  • Address Proof- Aadhar card, Passport, a recent copy of Telephone bill, Electricity bill, Water bill, or any other paper from a recognised source.
  • Proof of admission in the foreign university (Offer letter or Admission letter)
  • Academic records of 10th, 12th, and Graduation(if applicable)
  • The result of entrance exams that helps to secure admission, i.e., GMAT, GRE, TOEFL or IELTS
  • Passport (if not provided for any of the above), and visa
  • A detailed statement of expenses that will incur during the study
  • 2 passport size photographs
  • Details of previous loans(if any)
  • Necessary documents of the guarantee
  • Details of collateral security(if applicable)

Collateral Security?

Collateral security is any property that is offered as a security to the bank for a loan. The bank can seize the asset in case of default. When it comes to education loans for abroad studies, banks do not ask for security till 7.5 lakh rupees.

However, if your loan amount is higher than the said value, you must be able to procure any asset. Some banks may even want you to produce collateral security if the loan amount is above 4 lakhs.

What is margin money?

Study abroad education loans from Indian banks attract a margin amount. In this clause, the borrower has to pay a certain amount towards education while the bank pays the rest.

There is no margin for a loan of up to 4 lakhs. If the loan is of a higher amount, banks will charge a margin of 15% for overseas education.

When will I receive the loan amount?

Once all the documentation is clear, your loan will sanction within 15 days. After this period, a promissory note is issued for you to sign. Banks will decide the channel to provide the amount if to pay directly to the institution or pupil.

How is the repayment policy?

Study abroad education loans are designed to cater to a stress-free environment for students where they can concentrate on their career building without thinking of finance. Hence the repayment policy is also lenient.

Repayment commences after 1 year of course completion or 6 months after procuring a job. Also, a period of 15 years is granted to settle the entire amount.

Interest against the loan?

Interest also varies depending on the bank. For SBI, it is 10.25% for a loan amount to 7.5 lakhs and 10.50% for higher. Similarly, Credila charges 11.85%. There is a concession for the girl child in some banks. You can do detailed research to find which bank suits your requirement


Procuring an education loan for foreign universities is not a tricky task if you have proper documentation. However, to ease your admission process, it is always good to contact a trusted study abroad consultancy in Kerala. 

About Mr. Roger R, Director, Alpha Mary International Education Pvt. Ltd.

With over a decade’s experience in international education, Mr. Roger R is the brain behind Alpha Mary International Education Pvt. Ltd has been successful in pioneering the organization to a position where it figures today among the prominent study abroad consultant in Kerala and pan India. Alpha Mary, a renowned study abroad consultancy in Kerala, commenced in 2006 at Trivandrum. Today our roots are scattered across the world. We happily announce the 10000 plus students who have aspired for foreign education have attained their destination.

Our expertise of more than 15 years makes the impeccable progress of partnering with various institutions worldwide and deputing students through credible channels.

In Kerala we provide study abroad consultancy services in Ernakulam, Thrissur, Kottayam, Trivandrum, Kollam, , Alappuzha , Pathanamthitta, Idukki, Cochin, Palakkad, Kozhikode, , Malappuram, Wayanad, Kannur, Kasaragod

Alpha Mary, with its 15 years of experience in shaping the future, can promise a seamless procedure. A few meetings, and then we shall take over all the tasking jobs of taking you closer to the goal. You may contact on  9946363333. for more details.





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