Can NRIs can obtain education loans from Indian banks for pursuing education in India?

Yes, Non-Resident Indians (NRIs) can obtain education loans from Indian banks for pursuing education in India.Many Indian banks offer education loan schemes tailored for NRIs and their dependents.For instance, South Indian Bank provides education loans to NRIs to support their children’s education in recognized schools and colleges within India.

Similarly, Federal Bank offers the “Special Vidya Loan for NRIs,” which can be availed for higher studies in India.This loan covers various educational expenses and offers benefits such as speedy approval and minimal paperwork.

It’s important to note that eligibility criteria, loan amounts, interest rates, and repayment terms may vary between banks.Typically, these loans require a co-applicant residing in India, such as a parent or guardian, and may necessitate collateral depending on the loan amount.Prospective applicants should consult with the specific bank to understand the detailed requirements and terms associated with the education loan.

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