Engineering continues to be the top choice for Indian students pursuing international education, with a huge percentage of student opting for STEM fields abroad. Countries like the USA, UK, Canada, Ireland, and Australia attract students with advanced research facilities, specialised courses, and strong career prospects. But rising tuition fees and living costs often make this journey expensive. Education loans designed for engineering aspirants help bridge this gap, ensuring students can focus on academics while securing a global future in STEM.
Cost of an Engineering Abroad
| Country | Tuition Fees (per year) | Tuition Fees (INR) | Living Expenses (per year) | Living Expenses (INR) |
|---|---|---|---|---|
| United States | $25,000 – $50,000+ | ₹20,70,000 – ₹41,50,000+ | $15,000 – $20,000+ | ₹12,40,000 – ₹16,60,000+ |
| Canada | CAD 17,000 – CAD 35,000+ | ₹10,40,000 – ₹21,40,000+ | CAD 10,000 – CAD 15,000+ | ₹6,10,000 – ₹9,20,000+ |
| United Kingdom | £20,000 – £35,000+ | ₹21,00,000 – ₹36,70,000+ | £10,000 – £15,000+ | ₹10,50,000 – ₹15,70,000+ |
| Australia | AUD 25,000 – AUD 45,000+ | ₹13,80,000 – ₹24,80,000+ | AUD 18,000 – AUD 25,000+ | ₹9,90,000 – ₹13,70,000+ |
| Ireland | €10,000 – €20,000+ | ₹9,10,000 – ₹18,20,000+ | €7,000 – €12,000+ | ₹6,40,000 – ₹10,90,000+ |
| New Zealand | NZD 22,000 – NZD 40,000+ | ₹11,20,000 – ₹20,40,000+ | NZD 15,000 – NZD 20,000+ | ₹7,70,000 – ₹10,20,000+ |
Source: https://www.idp.com/india/study-abroad/engineering/
Types of Education Loans for Engineering Abroad
Broadly, there are two main types of education loans:
- Secured Education Loan: A secured education loan is backed by collateral, such as residential property, fixed deposits, or insurance policies. This collateral will serve as a guarantee for the lender in case the borrower defaults.
- Unsecured Education Loan: An unsecured education loan is a type of student loan that does not require any collateral or security. Approval is based on the borrower’s financial profile.
Eligibility Criteria for Education Loans for Engineering
Studying Engineering abroad is now easier with flexible student loan options that are specially curated for top universities and courses.
- Who Can Apply? Students can apply for an education loan with a parent, guardian, or spouse as a co-applicant.
- Age Requirement: You must to be at least 16 years old at disbursement.
- Who Can Get a Loan? Students enrolled or planning to enrol in an Engineering programme.
- Courses Covered: Full-time Engineering programmes by recognised universities.
Documents Required for an Education Loan for Engineering Oversees
To apply for an education loan, here’s a checklist of documents you’ll need. Requirements vary slightly based on your co-applicant’s income type.
| Document Type | Details |
|---|---|
| A. Application Form | Completed original or digital loan application form |
| B. KYC Documents | PAN Card or Form 60 (mandatory if PAN is mentioned) ONE valid ID & address proof: Passport / Driving License / Voter ID / Aadhaar / NREGA Job Card / NPR Letter |
| C. Student Education Documents | 12th Marksheet (not needed for UG applicants in 12th or Exec PG) Latest semester/year marksheet or transcript Admission proof (Admission Letter / I-20) |
| D. Co-Applicant Financials | |
| → Salaried | Last 6 months' salary account bank statements 1 recent salary slip/certificate |
| → Self-Employed (Non-Proprietor) | Last 6 months Current & Savings A/c bank statements Last 2 years ITRs (online acceptable) 44AD: income statement only Tax audit: CA attestation required Optional: Qualification proof, GST/Shop Act/Aadhaar Udyog |
| → Proprietor | Last 6 months Current & Savings A/c bank statements Last 2 years ITRs 44AD: income statement only Tax audit: CA-audited financials (P&L, BS, Computation, Schedules) |
| → No Income | Last 6 months Savings A/c bank statements |
| → Pensioner | Last 6 months Savings A/c with pension credits OR Pension Order |
| E. Collateral Documents (if applicable) | Latest sale deed Property tax receipt Approved building plan or Occupation Certificate |
Interest Rates on Education Loans for Studying Engineering Abroad
Get the funds you need for your education abroad with competitive interest rates and zero prepayment or foreclosure charges!
| Feature | Details |
|---|---|
| Interest Rate (Floating) | 9.95%* p.a. onwards |
| Origination Fee | 1.25%* + GST |
| Prepayment & Foreclosure Charges | None |
How to Apply for an Education Loan for Engineering
Follow this 3-step process
A simple and transparent journey.
1- Apply Online
Fill out the application form and upload documents.
2- Application Review
Get your sanction letter after our credit appraisal.
3- Funds Disbursed
You are all set to get started.
Expenses Covered Under Student Loan for Engineering Abroad
When you take an education loan for studying an Engineering overseas, the following expenses are typically covered:
- Tuition fees and academic charges
- Hostel or on-campus accommodation
- Cost of living (food, transport, utilities, etc.)
- Books, lab supplies, and other learning materials
- Laptop or computer (if required for coursework)
- Examination and library fees
- Other education-related expenses as approved by the Credila
Repayment Options for Overseas Engineering Loan for Student
Repayment for Engineering education loans is designed to be student-friendly and flexible:
- EMI-Based Repayment: Start paying EMIs after the moratorium ends.
- Part-Payment Option: Make partial payments during the course to reduce the total interest.
- Flexible Tenure: Repayment tenure of up to 15 years based on your profile.
- No Prepayment Penalty: You can repay early without any additional charges.
Why Avail Credila’s Education Loan for Your Engineering?
Save time. Go online.
Customer-centric processes with just 3 steps to disbursement.
We cover it all
Up to 100% financing of tuition and living expenses.
Start early. Apply before admission.
Benefit from seamless loan sanctions.
Friendly rates. All the way.
Student loans with customised interest rates.
Dream big. Achieve bigger.
Exploring funding for larger education costs? Not a problem.
Pan-India network of branches
Enjoy multi-city co-borrower(s) and collateral flexibility.
The benefit of tax saving
Added tax deductions# that bring down your cost of financing
Flexible payment plans
Repayment tenure of up to 15 years.
No hidden charges
What you see is what you pay.
*This is subject to restrictions imposed under the Income Tax Act, 1961 and Budget 2025.
#Under the old tax regime. Please consult your Chartered Accountant or Tax Advisor for information specific to you.
No claims, guarantees, representations, or warranties, whether express or implied, are made by Credila with respect to any communication, reliability, merchantability, quality, fitness, durability, performance and usefulness of any of the products/service and/ or information mentioned therein. Furthermore, Credila accepts no liability whatsoever for the safety, reliability, durability and performance of any of the products/ service and/ or information mentioned therein. For detailed terms and conditions you can visit Credila's official website - www.credila.com.
