High Loan Amount
You can get a Personal Loan of up to Rs 5 Lakh for various education-related expenses.
Personal Loan for Abroad Studies
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval
Calculate Personal Loan EMI
Get a Personal Loan for Abroad Studies Up to 5 Lakh
Studying abroad is a dream for many students, offering a chance to experience world-class education and diverse cultures. However, the costs associated with overseas education can be quite high. A Personal Loan for abroad studies from Hero FinCorp can help manage these expenses effectively.
Personal loans for Abroad Studies are designed to cover not just tuition fees but also other associated costs like travel, housing, books, and day-to-day expenses. This comprehensive coverage helps students concentrate on their studies rather than worrying about finances. One major advantage of Personal Loans is that they usually don’t require collateral, which makes them more accessible to many students.
These loans often come with a competitive interest rate and flexible repayment tenures, making repayment easier. To apply, a minimum monthly income of Rs 15,000 is required. The process is simple, involves minimal paperwork, and offers instant approval in as little as 10 minutes, helping you manage your education-related expenses without stress.
Choosing a Personal Loan for Abroad Studies is not just about funding your education; it’s an investment in your future, opening up international career opportunities and broadening your options.
Features and Benefits of Personal Loans For Abroad Studies
Personal loans for studying abroad offer ample loan amounts, attractive interest rates, collateral-free options, flexible repayment terms, and instant approvals. Let us have a look at the features and benefits of Personal loans for abroad studies:
Attractive Interest Rate
You can borrow a Personal Loan for studying abroad at attractive interest rates, starting from 19% p.a.
Collateral Free
Our Personal Loans are unsecured, so you do not need to provide any security or collateral to avail the loan.
Flexible Repayment Tenure
Based on your budget, you can choose a repayment tenure of 12 to 36 for your Personal Loan for abroad studies.
Instant Approval
You can get loan approval within 10 minutes when you apply for a Personal Loan for studying abroad online.
Eligibility Criteria for Personal Loan for Abroad Studies
Understanding the eligibility requirements for a personal loan for studying abroad is essential. Hero FinCorp provides clear criteria to help students secure funding. Key eligibility factors include age, citizenship, work experience, and minimum monthly income. Meeting these criteria ensures a smoother application process and enhances your chances of approval.
Citizenship
You should be a citizen of India.
Age Requirement
You must be between 21 to 58 years to be eligible for the loan.
Work Experience
Salaried individuals need 6 months; self-employed individuals need 2 years of experience.
Minimum Income
The minimum monthly income required is Rs 15,000.
Lists of Documents Required for a Personal Loan for Abroad Studies
Whether you are a salaried individual or self-employed, understanding and gathering the documents required for a personal loan beforehand can simplify your application process and improve your chances for quick approval. Here, we provide a detailed list of the required documents for both salaried and self-employed individuals seeking a Personal Loan for abroad studies.
Documents Required for Salaried Employee
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Proof of Business Existence
Not Applicable
Required Documents for Self-Employed
Proof of Photo Identity
PAN Card (mandatory), Aadhaar, Driver’s Licence, Passport
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last 6 months' bank statements, ITR for the last 2 years
Job Continuity Proof
Tax Registration, Shop Establishment Proof, Company Registration
Proof of Residence
Aadhaar Card, Voter ID, Utility Bill, Rental Agreement
Proof of Business Existence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Interest Rates and Charges on Personal Loan for Abroad Studies
Before applying for a Personal Loan, it's essential to understand the personal loan interest rates and associated charges to make an informed decision. Here's an overview of the fees and interest rates applicable to our Personal Loan:
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Abroad Studies?
Applying for a personal loan to fund studies abroad is easy and efficient with Hero FinCorp’s instant personal loan service. Follow these simple steps to get started:
Online Process
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the personal loan page and click ‘apply now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Personal Loan for Abroad Studies Related Blogs
Frequently Asked Questions (FAQs)
You must be 21 to 58 years of age, earn a minimum of Rs 15,000 per month, and have sufficient work experience to qualify for a study loan for abroad studies at Hero FinCorp.
If you are 21 to 58 years of age with a monthly income of Rs 15,000 and a good credit score, you can obtain a study loan for international students without parents.
You can cover any cost with a Personal Loan for Abroad Studies, including course fees, study material, equipment, accommodation, travel, student visa, etc.
Hero FinCorp does not ask for your percentage to approve your personal Loan for education. Just meet the basic eligibility criteria.
Some Lenders may provide you a Personal Loan even with low credit scores, but then, they may offer either a small amount of loan or charge a higher interest rate.
The loan repayment tenure for a Personal Loan at Hero FinCorp ranges from 12 to 36 months.
The expected time for a Personal Loan approval is 10 minutes when you apply on the Hero FinCorp loan app or website.
Yes, you can get a Personal Loan for studying abroad from leading NBFCs like Hero FinCorp online.
Personal Loan interest rates will vary based on credit score and loan eligibility. Hero FinCorp’s interest rates start from 19% p.a.
A Personal Loan for Study Abroad provides access to quick, unsecured funds that can be used to cover not just tuition fees, but also other related expenses. The loan may come at a higher interest rate and shorter tenure. A student loan is a secured loan that only covers tuition fees. It comes at a lower interest rate, and generally offers longer repayment terms.
Yes, working professionals or salaried employees can easily apply for a Personal Loan for Education by meeting simple eligibility criteria with Hero FinCorp.
Some lenders may charge prepayment penalties. At Hero FinCorp, there is no penalty on prepayment. You can contact our customer care for terms and conditions.
You can use the personal loan emi calculator to compare different lenders by entering the interest rates offered by them, besides the loan amount you need and the preferred repayment tenure.