28+ Years Helping Students
Did you know – more than 750,000 Indian students choose to study overseas every year! But, why? International degrees not only put you on the global front and accelerate your career but also provide you a platform for diverse and cultural experiences.
Undoubtedly, studying abroad is a life-changing decision; however, it doesn’t come easy. Apart from maintaining a high GPA, standardized test scores, umpteen documentation, and other things, arranging for funds is another factor that keeps students from chasing their dreams of studying abroad. While you take care of all other formalities, Jamboree makes sure that you have one less thing to worry about – your finances. Jamboree now helps you in education-related financial solutions by assisting in education loan for abroad application process.
Jamboree has collaborated with several domestic banks, NBFCs, and international lenders, which can provide you with education loans at affordable interest rates, and at the time you need them.
For the longest time, banks were the leading lenders for financing education of the students in India & worldwide. These banks offer several education loan finance options like 100% financing, zero financing fees, and more. Most leading banks offer education loans up to Rs 7.5 lakh without any collateral, and with pledged collateral, the loan amount reaches up to Rs 1.5 crore at an interest rate of 8.8% for studying abroad.
Advantages of Education loan from Banks:
Banks are not the only option for students planning to pursue education abroad. Several Non-Banking Finance Companies (NBFCs) like Credila & Avanse offer easy education loans to students at exciting terms. NBFCs offer secured and non-secured education loans for every course and program, such as vocational training, diplomas, and executive programs.
International lenders are generally Non-Banking Finance Companies that provide education loans to international students, mostly without any security or guarantor. The interest rates of international lenders are competitive and vary based on the financial history, college/university, and several other factors.
While accepting an education loan application, lenders prefer a student who demonstrates a fair likelihood of paying off the loan. There are qualifying standards set in place which confirm the above-mentioned probability. The first step is to determine if you qualify for an education loan. Following are the eligibility criteria, set by lenders, for the students applying for an education loan:
Nationality: The applicant must be an Indian citizen
Age: Applicant must be above 18 years of age while applying for a loan. Otherwise, his parents will have to apply for the loan on his behalf
Academic Record: The applicant must have an outstanding academic record
University/Collage: The applicant must have been accepted to a recognized international university or institution
Course: The chances of your education loan approval increase when you choose job-oriented courses
For decades, Jamboree has been helping you reach your dream college with test prep programs & admissions counselling. Now we have added another chapter in our organization by offering a wide range of post-admission services – Education Loans being one of them. We have partnered with national & multi-national institutions that offer education loans to international students.
Since 1993, we have been helping students reach their dream college. Over the years, we have gained the expertise and solutions that can help you resolve your financial problems with education loans that suit you the most. Jamboree can assist you in several ways; a few include:
What are you waiting for! Contact Jamboree Counsellor and financial solutions that give wings to your dreams!
Confused about the right education loan for you?
Facing Cash Crunch for your education abroad?
Almost every student can apply for education loan. However, generally students from a middle-income group apply for education loan for several reasons like – increase in education cost, income tax benefits under 80E of IT act and more.
Education loans can be used for paying:
Following are the documents that you need for applying an education loan:
Generally, banks fund up to 90% of the education expenses as loan; some banks even provide loans for 100% of education expense. However, the exact loan amount an applicant is eligible for depends on a range of factors including the monthly earning of the parent/legal guardian, the value of collateral provided, the academic record of the applicant and more.
Collateral loans require you to mortgage something valuable to your lender as security. Such valuable items would generally include property, fixed deposits, stocks, bonds, but can even include things like insurance policies.
Non-Collateral Loans don’t require you to pledge an asset as security to the lender. Here, the lender assesses you based on your academic profile. Some lenders also consider the financial capability plus creditworthiness of your cosigner (if required).
Once a loan is approved, you are required to pay a certain processing fee (varies based on the bank or lender). When it is paid, your loan gets transferred to the university as per the need.
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