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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