What are the possibilities and process for obtaining an education loan for studying abroad?

Yes, obtaining an education loan is a common way for Indian students to fund studies abroad.

You can choose between:
- Secured loans (with collateral): higher amounts, lower interest rates (typically 8-11%/year, subject to change)
- Unsecured loans (no collateral): smaller amounts, higher rates (typically 10-14%/year, subject to change)

Key requirements:
- Admission offer from a recognized foreign university
- Strong academic record (often 60%+ in prior studies)
- Co-borrower (usually a parent/guardian) with stable income and good credit

The process involves:
1. Comparing lenders (public/private banks, NBFCs)
2. Preparing documents (ID, admission letter, academic records, co-borrower income proof)
3. Applying online or in-branch
4. Verification and approval
5. Loan sanction and disbursal (usually after visa approval)

Loans typically cover tuition, living, travel, and some equipment costs. Repayment usually starts 6-12 months after graduation and can extend up to 15 years.

For detailed guidance on your profile, connect with your LeapScholar counsellor.