Study in US, Canada, EU, Australia, NZ hassle-free with education loan
Not very long ago, studying abroad was an option only to the privileged few. However, with an increasing number of loans, scholarships and bursaries (grants) available, a large section of the so-called middle class can also now aspire to spread their wings. They can pursue degrees at prestigious institutes like Harvard, Stanford, Oxford, Cambridge, Columbia, Yale and other universities across the world without worrying about how to fund their education.
One such student is Swati Bisht from Noida. “I couldn’t have done my MBA at UT Austin without a scholarship of $10,000 and a study loan,” says the GMAT 710 scorer. “I expect to pay it back within the next 2-3 years,” Swati continues, “Many of my friends have taken full or part-loans. Some have even started paying it off with their part-time job earnings!”
When taking education loan to study abroad India, keep the following things in mind:
- You can take student loan for study abroad in India from private/government banks, NBFCs and crowd-funded companies.
- There are two types of education loans: secured and unsecured. Secured loans are those where collateral is required. This means that the borrower must provide some kind of asset as a mortgage. The loan amount is usually up to 90 per cent of the asset value. Unsecured loans, on the other hand, do not require the borrower to pledge any asset. They also provide the full loan amount, but the rate of interest is higher than that of secured loan.
- Loan has to be taken by the student i.e. primary applicant. Parents are usually co-borrowers or co-applicants.
- You should submit yours and co-applicants KYC documents-photo ID like Aadhar card, PAN card, driving license or passport.
- You should submit your academic mark sheets and GRE/GMAT/SAT scorecard.
- You should provide co-applicant’s income proof and bank statements.
- You may be required to submit your admission offer letter.
- Government banks usually offer secured loans with margin money. Margin money is a certain amount of money which the borrower must deposit in the bank, only after which the bank will release the semester fee. MM is usually 10-30% of the fee.
Credila is an HDFC Ltd. company that provides loans to students for overseas education. It has specialised products for various countries like USA, Canada, Germany, etc. It provides you with the loan amount much before admission confirmation so that you can show proof of funds in your college application. Check loan requirements by HDFC Credila.
Avanse Financial Services
Avanse is an RBI-approved NBFC that provides customized education loans to Indian students. The loan covers fees, rent, living expenses, utilities, laptop and other expenses. There is no upper limit to the loan amount and it can be repaid for up to 10 years. Check if you are eligible for a loan by Avanse.
Prodigy Finance is an international loan provider that gives study abroad loan without collateral. It also provides the facility of refinancing existing loans. Its services are available in over 150 countries. It offers a host of member benefits too. Explore student loans by Prodigy.
Need more info on loans? Talk to Jamboree’s admissions counsellor for step-by-step guidance on how to apply in colleges abroad.