Education loan for abroad studies
Education loans act as a saviour for students who are willing to chase their dream of studying abroad but do not have sufficient funds to do so. Financial lenders in India provide education loans for studies in India as well as overseas. Since the number of people studying abroad has been steadily increasing, the number of banks providing education loans for abroad studies has also been increasing. Financial institutions fund millions of dreams every year. So, if you are looking for an education loan or are already processing one, then you’ve landed on the right place as this article aims to give insights on education loan for abroad studies with and without collateral. This article will also help you understand the loan jargons and terminologies that a student might encounter during their education loan process.
Types of education loan for abroad studies
There are two types of education loans in India. Namely;
Secured education loan for foreign studies: Secured education loans are only offered to the students who acquire a security to pledge as collateral in order to avail an education loan. These loans are mostly offered by Government/Public banks in India.
Unsecured education loan for foreign studies: Unsecured education loans are only offered to the students who are unable to accommodate collateral to pledge. These loans are mostly offered by Private banks/NBFCS or international lenders in India. Here they follow stringent eligibility criteria. Students are required to bring a strong financial co-applicant i.e someone with a stable income source who files ITR to get an unsecured loan.
We recommend you to connect with our team at WeMakeScholars as we share a professional affinity with the bank officials and we can process your loan in just 15-20 days. WeMakeScholars will guide and assist you till the disbursement of the loan. We also assign a dedicated financial officer who will assist you throughout your education loan process.