Thinking about a short, in-demand diploma course to boost your career and employment opportunities? Well, there are a lot of universities abroad offering attractive diploma courses. The word ‘abroad’ might flash the cost of living, studying, and travelling abroad, but education loans for a diploma course abroad is at your rescue! Top banks and NBFCs in India offer education loans for diploma courses abroad. This blog will explain how these loans work and how you can apply!
Education Loans For Diploma Course Abroad – Key Features
You should know about the interest rates, education loan repayment, loan limits, etc. for education loans for diploma courses. Read the table below to understand this properly:
| Education loans for diploma courses abroad- overview | |
| Loan Limit | -Up to INR 40 crore without collateral -Up to INR 1.5 crores with collateral |
| Expenses Covered | -Tuition fee for the course -Fee for examinations -Library & Laboratory charges -Cost of books, uniforms, and equipment -Living expenses (Accommodation fee included) -Travel expenses -Cost of laptop or computer -Overseas Insurance premium -Cost of medical insurance premium |
| Accepted Co-Applicant | -Parents, Siblings, Spouse, Parents-in-law |
| Interest Rate | -Collateralised: Starts from 8.35% -Non- Collateralised: Starts from 9.55% |
| Moratorium Period | The total duration of the course plus one year |
| Repayment Duration | Including the moratorium period of 24 months |
| Repayment Policies | -In the case of a prime-listed university, interest payment is optional -The university must pay simple interest if it is not on the prime list |
Eligibility Criteria For Education Loans For Diploma Course Abroad
The eligibility criteria may be different depending on the banks for abroad education loans. But, almost all the lenders check for the following criteria in a student. Make sure you go through them thoroughly:
Applicant Eligibility:
- A minimum age of 18 is required for applicants
- They should be Indian citizens
- Applicants should have an admission letter from the university
Co-applicant Eligibility:
- Co-applicants can be mother, father, sister, brother, spouse, paternal or maternal relative, or legal guardian.
- It is important that the co-applicant has a regular source of income.
Documents Required For An Education Loans For Diploma Course Abroad
Documents are required to check the loan application and determine eligibility for funding your diploma education abroad. To apply for an education loan to pursue a diploma course abroad, you will generally need to provide the following documents:
| Document | Description |
| Admission Letter | Proof of admission into the diploma course |
| Offer Letter | Loan offer letter from the financial institution |
| Passport Copies | Copies of valid passport (applicant & guardian) |
| Academic Records | Transcripts and certificates of previous education |
| Proof of Income | Income proof of parents or guardians |
| Course Details | Course curriculum, duration, and fee structure |
Secured & Unsecured Education Loans For Diploma Courses Abroad
As mentioned earlier, there are various banks and even NBFCs providing education loans for diploma courses abroad. These banks provide secured as well as unsecured loans. Given below are the secured and unsecured loans limits for different banks in India:
| Banks offering education loans for diploma courses | ||
| Bank Name | Secured Loan Amount | Unsecured Loan Amount |
| Union Bank of India | INR 1.5 Cr. | INR 40 Cr. |
| Axis Bank | INR 2.5 Cr. | INR 75 Lakhs |
| IDFC Bank | INR 1.5 Cr. | INR 75 Lakhs |
| Bank of Baroda | INR 1.5 Cr. | INR 4 Lakhs |
| NBFCs Offering Education Loans For Diploma Courses | ||
| NBFC Name | Secured Loan Amount | Unsecured Loan Amount |
| HDFC Credila | INR 1.5 Cr | INR 75 Lakhs |
| Avanse | INR 1 Cr. | INR 30-40 Lakhs |
| InCred | INR 80 Lakhs | Depends on the country of study |
| Auxilo | INR 25 lakhs to 80 Lakhs | INR 25 Lakhs to 80 Lakhs |
How To Apply Through UniCreds?
UniCreds has partnered with all the above-mentioned NBFCs. You can choose UniCreds for lower interest rates, processing fees and quicker loan approvals. Given below is the process you can follow with UniCreds:
- Step 1: Call, email, or fill out the contact form on our website to get in touch with UniCreds.
- Step 2: A loan counsellor will contact you to discuss your needs, including how much money you need, which university and programme you like, and if you need a secured or unsecured loan.
- Step 3: We offer you loan options with excellent benefits from different banks and NBFCs in India thanks to our partnerships. You’ll also get better loan terms from us.
- Step 4: After you pick a bank, we’ll send you a list of documents based on your eligibility.
- Step 5: Upload all your documents and fill out your bank loan application on your dashboard and wait for it to approve!
Top Countries To Study Diploma Courses
A diploma course in a technologically advanced country can open up a lot of opportunities. When it comes to foreign diploma courses, students pick more suitable countries. Here are some known countries to study the best diploma courses:
| Countries | Top Diploma Courses | Average Salaries Received |
| United Kingdom | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | £30,000 – £40,000 (Engineering) £20,000 – £25,000 (Culinary Arts) £20,000 – £30,000 (Fine Arts) |
| United States | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | $40,000 – $50,000 (Engineering) $25,000 – $30,000 (Culinary Arts) $25,000 – $35,000 (Fine Arts) |
| Italy | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | €30,000 – €40,000 (Engineering) €20,000 – €25,000 (Culinary Arts) €20,000 – €30,000 (Fine Arts) |
| Canada | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | CAD $40,000 – CAD $50,000 (Engineering) CAD $25,000 – CAD $30,000 (Culinary Arts) CAD $25,000 – CAD $35,000 (Fine Arts) |
| Germany | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | €30,000 – €40,000 (Engineering) €20,000 – €25,000 (Culinary Arts) €20,000 – €30,000 (Fine Arts) |
| France | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | €30,000 – €40,000 (Engineering) €20,000 – €25,000 (Culinary Arts) €20,000 – €30,000 (Fine Arts) |
| Nordic Countries | Diploma in Engineering, Diploma in Culinary Arts, Fine Arts Diploma | €30,000 – €40,000 (Engineering) €20,000 – €25,000 (Culinary Arts) €20,000 – €30,000 (Fine Arts) |
Note: The average salaries received are approximate and may vary based on the location, the specific job, and the individual’s experience and qualifications.
Benefits Of Doing Diploma Courses Abroad
Diploma courses abroad offer several benefits. A diploma course is faster and offers hands-on training. It’s a great way to get to know a new culture.
Generally, these courses cover high-demand skills, which means you’re more likely to get hired by top companies. Also, because these courses are short, they cost less than degree programmes.
FAQs
Q1. Can I get a loan for a diploma abroad?
Yes, you can get a loan for a diploma course abroad from various banks and NBFCs in India.
Q2. What is the maximum amount I can get for an education loan for a diploma?
The unsecured loan for a diploma abroad is about INR 40 lakhs, and the secured loan is about INR 1.5 crores.
Q3. What is the interest rate for an education loan for a diploma?
Secured and unsecured loans typically have interest rates ranging between 8% and 15%, depending on the bank or NBFC.
Q4. Is collateral required for an education loan for a diploma?
You’ll need collateral if you’re getting a secured education loan. The collateral can be anything from immovable property to fixed deposits to bonds to gold.
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