How can I apply for student loans and what are the options available?

You can apply for a student loan to study abroad through several options, each with different features:

- Government banks: Offer competitive interest rates (typically from 9.65%/year), often require a co-applicant, and may need collateral for loans over ₹7.5 lakh. Processing can take longer.
- Private banks: Interest rates usually range from 10 - 13%/year. They may process loans faster but can have stricter eligibility.
- NBFCs (Non-Banking Financial Companies): Specialize in study-abroad loans, with rates around 9.5 - 13%/year. They often allow higher loan amounts and quicker processing, but rates can be higher.
- International lenders: Some platforms offer loans without collateral or a co-applicant, mainly for specific universities and paid in the currency of your study country.

To apply, you’ll typically need:
- Proof of admission from a recognized institution
- Academic transcripts and test scores (if required)
- Co-applicant’s KYC and income documents
- Collateral papers (if needed)

Most lenders require you to be an Indian citizen, age 18+, with confirmed admission. Repayment usually starts after your course ends, with a grace period. Interest rates, terms, and requirements are subject to change.

If you need help choosing the best loan option or preparing your application, connect with your LeapScholar counsellor for guidance.