SBI Fixed Interest Rate Abroad Education Loan | GyanDhan

“I am sorry. The rate of interest has been increased, so you have to pay a higher EMI”, the disinterested branch manager of the NBFC told a student who had taken an education loan in Fall 2017. This was the third time in the last two years that the NBFCs had increased the rate of interest on education loans, totaling up to a hike of 3% (12% became 15% in a matter of 2 years). The above is a common scenario for many students who opt for an education loan with a floating rate of interest, especially from NBFCs. If you are a student who wishes to take an education loan but is unaware of how the rate of interest changes, then you should definitely read this blog before making any decision.


This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/sbi-fixed-interest-rate-abroad-education-loan

Are there other lenders providing a fixed rate of interest?

No. SBI is the only lender with a fixed rate of interest. All other lenders offer a floating rate of interest.

Adding to what @vishakha.bhagia mentioned, no other Indian lender offers a fixed ROI education loan.

Hello sir,

Are loans offered, if I don’t have any co-applicants, but have an excellent academic record right from my school, and working experience of 2 years related to the course of study?

• Can senior citizen / newly employed / non-blood relatives / more than one person be co-applicant for my unsecured education loan?

• Can I apply for additional personal loan, if the sanctioned loan amount is not sufficient? (kindly answer this question in the light of unsecured education loans)

• Suppose I got my loan sanctioned but did not get visa, then what? ( Ofcourse college will refund the tution fees, that I have paid, but will bank charge me any extra amount / ask me to pay further interests) [kindly answer this question in the light of unsecured education loans]

• What are the maximum and minimum loan margins for unsecured education loan?

for which countries can we get student loan - UNSECURED LOAN

I guess, the principal and interest both, can be paid after the study and on confirmation of job, in case of secured loan.

and monthly payment of interest in case of unsecured…

if the loan is taken by a person staying in the country of study, on behalf of the student what is the difference…

What are the options for someone whose parents are retired? Is it possible to get an unsecured loan?

• As CIBIL score is very much important for getting unsecured education loans, What will be my CIBIL score, If my credit card is new one / If my bank account is new one

[quote=“Saibernard, post:5, topic:6020, full:true”]
Hello sir,

Are loans offered, if I don’t have any co-applicants, but have an excellent academic record right from my school, and working experience of 2 years related to the course of study?
[/quote]Hello sir,

Are loans offered, if I don’t have any co-applicants, but have an excellent academic record right from my school, and working experience of 2 years related to the course of study?

usually within how many years should we repay the loan if I take for 55L?
Also, My brother is working, can I apply for secured loan based on this?

• Suppose if bank rejects my unsecured education loan, what can I do to make my application much stronger for next time.

• Can a person with already existing loan be a co-applicant for my unsecured education loan?

• What all costs does an unsecured education loan include? ( will it include Living costs, GIC, Travel expenses, additional fees demanded by colleges apart from tuition fees)

• What are the most common reasons from banks to reject unsecured education loan?

• What if I’m unable to pay the monthly interests of my unsecured education loan for few months/for many months?

Is there any universities in UK, which is sponsored for no-collateral and no co-applicant category?