Before you know about the education loan without collateral, it is important to understand what exactly is collateral? If you have decided to go abroad and study, it could actually be a costly affair. The costs which are included in the loan amount have other factors to consider apart from just your tuition fee. For instance, for a Master’s in Science in the U.S., the typical education cost could be US $65,000- $70,000.
There are a range of public and private banks, apart from financial corporations which offer education loan for abroad. There are various options that you may have and the rate of interest may be varied as well. Nationalized or public sector banks offer loans of up to Rs. 7.5 lakhs without collateral to be arranged by the borrower. With the credit limit that crosses over Rs. 7.5 lakhs, the organizations will demand submission of documents of asset in the form of collateral. Tis collateral or security is meant for banks or organizations because foreign education loans form the major part of Non-Performing Assets or NPAs. Loan without CollateralIt is definitely a great thing to consider education loan without collateralfor amounts which exceed Rs. 7.5 lakhs. The private lenders and NBFCs, such as Avanse, provide these collateral-free loans, which are meant for loans that are for higher amounts. While applying for collateral free loans, the details of co-applicants are usually asked. The banks also ask for income documents like ITR and salary slips. NBFC generally base the pricing of the education loan without collateral on the profile of the student which includes the GRE/GMAT score, Course and University. Private banks have graded the University and course and provide different limits to different Universities. Hence in case of NBFC Interest rates and total sanction value of education loan both can vary with the profie of the student. Now, we shall talk specifically about Avanse Education loan. Avanse Education loan These kinds of loansare designed specifically while keeping the requirements of students in mind. The education loan by Avanse for foreign universities include 1,626 universities as well as 1,262 colleges. Avanse covers over 6,000 courses in 44 different countries. Avanse education loan is available with and without collateral and they provide one of the greatest advantage to students, which is pre-visa disbursement loan. Applicants also get other advantages such as score-based benefits, fast-track loan and bridge loan. Whether or not a student is eligible for education loan without collateral is dependent upon the profile and the upper limit may be as high as Rs. 50 lakhs. Benefits of Avanse Education Loan
S.No. | Features | Avanse Education loan requirements 1. Age and Nationality | 18 years and above | Indian 2. Loan Amount | Minimum: Rs.1 lakh | Maximum: Rs.40 lakh 3. Margin Money | Nil 4. Avanse Education Loan Without Collateral | Offered 5. Interest Rate | 11.75% to 16% 6. Prepayment | Not allowed for the first 6 months 7. Loan Repayment | Minimum Tenure: 12 months Maximum tenure: 10 years 8. Repayment Holiday | 6 months after course completion or 3 months after getting a job (for principal amount) 9. Processing Fee | 1% of Loan amount + GST (may vary) 10. Loan Tenure | 10 years 11. Processing | Time 5 - 7 days 12. Payment during Study Period | Simple Interest or Partial Simple Interest Conclusion Eduloans helps you with complete information about education loan without collateral. We also assist you with Avanse Education loanand help you get faster loan disbursal, in case of urgencies. We are the premier partners of advance education loan and hence can guide you with all the product features which advanced education loan has to offer. We also have a dedicated pan India relationship managers who wiki speaking to from advanced education loan to help and guide you faster.
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For leading a successful life, a lot of students in India wish to pursue their higher education through some of the finest universities in the USA. Education loan in USA is therefore quite popular among Indians. Having said that, U.S. is also an ideal location for Indians, especially the techies because of the Silicon Valley attraction and the amount of respect and job offers Indians attract from the Americans. However, the rapidly mounting cost of education and the financial constraints of Indian middle class households creates a little problem. This is where the best education loan study abroad plans from top banks come into picture. Why should USA be your preferred choice if you want a successful career and life? Here are your top seven reasons. 1.Top valued universities are in the U.S.
It is observed that as many as 50% of the top most and highly valued universities in the world are in the U.S. These universities are known for their accredited professors, research capabilities and advanced technologies. 2. Adds value to your resumeCompleting your higher education from one of these universities not only adds value to your resume, but also makes you class apart from your peers. Some of these universities are Columbia University, Johns Hopkins University, Michigan State University, Washington State University and Northeastern University. Education loan in USA can be availed for all these and many more universities. 3. Students can choose any subject under the sky Among the most popular programmes in the U.S., Indians choose to study computer science, engineering, business and more. Other popular subjects include political science in the U.S., International Law, psychology, international relations and health sciences. Education loan study abroad makes it possible for the students to grasp their goal and go for it. 4. Students can be a part of the ground-breaking research in the U.S.Many U.S. universities, such as MIT call students to join or begin their research projects in exchange for academic credit payment. Students can also publish their work and apply for patent applications. Universities like UCLA have more than 350 labs catering to research field, while Yale University allows you to enter into much prestigious researches like climate change, neuroscience and black hole research. 5. The advantage of engaging campusesThe campuses in U.S. universities are class apart. They are like the small students’ towns, having their own life. These campuses allow students to engage with each other and socialize. Apart from excellent academia, these campuses also give you the most memorable time of your life. 6. Allow you to get over cultural shock fasterThe universities in the U.S. support and promote cultural diversity. This country is considered to be the holy grail for further education. When you look around, you will find that you aren’t the only outsider in the country. There are students from other Asian countries, Greece, France, Germany and European nations. 7. Successful career after graduating from the universitiesYou will realize that education loan in USA is your best life decision because after having graduated from these universities, you have a sure shot successful career. Employees are always seeking candidates with rich cultural experience, multiple languages and global perspectives- all of which, you will get from the U.S. universities. ConclusionIf this is convincing for you, education loan study abroad at this time could be your best bet. You may choose a subject of your choice and lead a highly successful life. Eduloans helps you walk this path by completing your education loan study abroad paper work and suggesting the best bank for your purpose. You may touch base with us at Eduloans through our website. |
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July 2021
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