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Explore education loan options for b tech students in India and abroad. Learn about interest rates, eligibility, and repayment plans to finance your engineering studies.
Going by the popular trends in India, B.Tech (Engineering) is a promising choice for a flourishing career. With a variety of specializations offered, students choose this program for the ample job opportunities and higher salary packages upon graduating. The field in itself is quite diverse and holds a high reputation in India as well as abroad.
However, the investment required for this course is equally substantial. An loan for engineering students in such a scenario becomes important. Let’s read in detail and answer the question ‘how to get education loan for b tech?’
How to take education loan for engineering is a question many students ponder. Here's why it's a yes: Education loan is a readily available financing option with several benefits. Most loan products cover 100% of the expenses to study at Indian as well as abroad institutions. With ever-increasing tuition fees, an education loan helps you cover the expenses without the worry of paying large sums of money out of pocket in one go. Some other benefits of an education loan are -
You can read about these benefits in detail here
If you're wondering, 'can I get education loan for engineering', the answer is yes, especially since engineering from Indian institutes is a costly affair. International students are charged a higher tuition fee, which becomes affordable with an education loan for B.Tech students. Some of the top-ranked abroad universities for engineering according to their QS ranking are mentioned below -
The cost of engineering from abroad will cost students anywhere between INR 25 lakhs to INR 40 lakhs. An education loan, in this case, becomes the easiest method to fund abroad B.Tech for Indian students.
Engineering from Indian institutes is also a costly affair. Students can expect to shell out up to INR 30 lakhs for a top-ranked college. Some of the top colleges and institutes in India are all IIT in different cities, NIT, and Vellore Institute of Technology. Most students won’t be able to pay the fees for their B.Tech without the help of an education loan.
Choosing the right education loan for engineering students is a bit tricky. Students need to compare the entire features and cost of the loan to find the optimum product. Some of the factors that should be considered are -
The education loan segment has several different types of lenders in the market, offering varying loan products -
Students who are unable to pledge collateral or a co-applicant on an education loan for abroad can opt for international lenders.
Whether to study in India or abroad, most loan products cover 100% of the expenses incurred. However, there may be a few exceptions. Let’s look at the commonly covered expenses -
India:
Abroad:
Let’s look at the various education loan schemes available to fund engineering abroad -
Refer to the following for loan details -
Lender | Loan Amount | Interest Rate Range | Processing Fee | Loan Tenure |
---|---|---|---|---|
Axis |
Up to INR 40 lakhs |
11.25% - 13% |
Loan amount up to INR 20 lakhs - Nil |
20 Years |
InCred |
Up to INR 40 lakhs |
Up to INR 10 lakh - 12.75% - 16% |
1% - 1.25% +GST |
10 Years |
Avanse |
Up to INR 40 lakhs |
Starts at 12.65% |
1% - 2% of the loan amount |
10 Years |
Auxilo |
Up to INR 40 lakhs |
12.70% - 18% |
1% to 2% of the loan amount |
10 Years |
HDFC Credila |
Up to INR 40 lakhs |
Starts at 11% |
1% - 1.5% of the loan amount |
10 Years |
If a student is unable to pledge collateral or co-applicant, they can apply for an education loan from international lenders such as Prodigy Finance and MPower Financing. These lenders give out education loans to international students solely based on the student’s profile and their future earning potential. Let’s look at the lender and loan details -
Lenders have different loan products designed specifically for studies in India. However, most of the loan applications sanctioned by the lenders are for top-ranked colleges in India. There are various public and private lenders offering loans for B.Tech and professional courses.
For other middle-tier institutes, students may not be able to find loan approval through traditional lenders and will have to approach marketplaces, such as GyanDhan.
How to get education loan for engineering becomes easy with GyanDhan -
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GyanDhan has tied up with several lenders in the market and can help students get an education loan with ease. The loan process is streamlined so you can get a hassle-free education loan. Your assigned counselor will be available to you throughout the loan process to keep you updated on the loan status. Further, if any problem arises in the loan process, it will be quickly resolved by them. We offer our services free of cost to the students. So, don’t wait, check your loan eligibility and apply for a hassle-free loan.
Students who have been admitted to a recognized B.Tech program in India are usually eligible for an education loan. They must be Indian citizens and have a stable income from a co-borrower (usually their parent).
Secured loans require collateral and typically carry lower interest rates. Unsecured loans do not require collateral but may carry higher interest rates. Government schemes such as the Central Sector Interest Subsidy Scheme are also available to economically disadvantaged individuals.
A B.Tech education loan typically has a repayment period of 5 to 15 years, beginning after a moratorium period that lasts the duration of the course plus an additional 6–12 months.
The average starting salary for B.Tech graduates in India varies from INR 3 to INR 6 lakh per year, depending on the institution, specialization, and company hiring.
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Best Lenders for Education Loan
ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB