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Education Loans For Diploma Course Abroad In 2024!

A university hat kept on the table with an offer letter, demonstrating education loans for diploma course abroad.

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 PeriodThe total duration of the course plus one year 
Repayment DurationIncluding 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:

DocumentDescription
Admission LetterProof of admission into the diploma course
Offer LetterLoan offer letter from the financial institution
Passport CopiesCopies of valid passport (applicant & guardian)
Academic RecordsTranscripts and certificates of previous education
Proof of IncomeIncome proof of parents or guardians
Course DetailsCourse 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 NameSecured Loan AmountUnsecured Loan Amount
Union Bank of IndiaINR 1.5 Cr. INR 40 Cr. 
Axis Bank INR 2.5 Cr.INR 75 Lakhs
IDFC BankINR 1.5 Cr.INR 75 Lakhs
Bank of BarodaINR 1.5 Cr.INR 4 Lakhs
NBFCs Offering Education Loans For Diploma Courses 
NBFC NameSecured Loan AmountUnsecured Loan Amount
HDFC CredilaINR 1.5 CrINR 75 Lakhs
AvanseINR 1 Cr.INR 30-40 Lakhs
InCredINR 80 LakhsDepends on the country of study
AuxiloINR 25 lakhs to 80 LakhsINR 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:

CountriesTop Diploma CoursesAverage Salaries Received
United KingdomDiploma 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 StatesDiploma 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)
ItalyDiploma 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)
CanadaDiploma in Engineering, Diploma in Culinary Arts, Fine Arts DiplomaCAD $40,000 – CAD $50,000 (Engineering)
CAD $25,000 – CAD $30,000 (Culinary Arts)
CAD $25,000 – CAD $35,000 (Fine Arts)
GermanyDiploma 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)
FranceDiploma 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 CountriesDiploma 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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A university hat kept on the table with an offer letter, demonstrating education loans for diploma course abroad.

Education Loans For Diploma Course Abroad In 2024!

🚀 Over 5K Students Secured Abroad Education Loan With UniCreds!