Question 1

Which bank is best for an education loan abroad?

Accepted Answer

Choosing the right lender for an international student education loan can be quite challenging since it entails a lot of processes such as giving some consideration to the required deposits and eligibility. Some of the conventional names include HDFC Credila, ICICI Bank, IDFC First Bank, and TATA Capital, which are known to provide reasonable rates and repayment packages. HDFC Credila focuses entirely on education loans and has a quick turnaround service in releasing such loans. Students can scout around for different lenders and select the most appropriate one that meets their requirements, level of education, and the region they are planning to study.

Question 2

Can student pre-pay their Loan?

Accepted Answer

When students prepay their loan after 6 months of the disbursement date, then no charges will be levied for early closure of the education loan.

Question 3

When to avail Education Loans for International Studies?

Accepted Answer

Education Loans for International Students can be applied for or taken in different stages of the process of preparation for Study abroad.  Loan before the admission: Education Loan can be applied at the time of getting the final admission letter from the university as receival of the same is based on the availability of funds. This is mainly opted by the students going to U.S. Universities. Loan can be taken for receival of I-20 for which loan amount should be the total of tuition, living expenses, expenses on dependents, health insurance among other things laid down by the University.  Loan before the Visa: Education Loan can also be applied after the receival of final admission letter for the purpose of showcasing funds for student visa. This amount varies from countries to countries For e.g. Student Visa for U.S. requires a student to showcase funds 1.5 times more than the amount shown for I-20.  Loan after the Visa: Education Loans for International Students can also be applied for the purpose of paying fees for forthcoming semesters in case where student has reached the destination country through self-funding but there is a need of more money supposedly. Balance transfer on existing loan: Education Loan can be transferred from one loan provider to another once student has paid the University fees through the first education loan. This option can be availed even if the student has reached destination country as well.

Question 4

Why to Opt for Unsecured Loan?

Accepted Answer

Student having a property (residential or commercial) in India and putting the same as security or mortgage for the purpose of education loan in order to avail the loan for a lesser ROI is not so beneficial in the long-run and more so when there is an option of unsecured loan i.e. loan without property upto 50 Lakhs (depending upon student’s academic and financial profile).  Unsecured loan offers upto 50 lakhs loan with ROI of only 2%-3% higher than offered under secured loan. This difference in ROI does not concludes very much in the long run and importantly unsecured loan does not have the risk of losing the mortgaged property in case of non-repayment of the loan for some reason.

Question 5

Which bank gives education loan without collateral for abroad?

Accepted Answer

There are many education loan providers in India offering educational loans for students pursuing studies outside the country. One of the most popular is HDFC Credila but others include ICICI Bank, IDFC First Bank, Prodigy Finance, InCred, Tata Capital, and Auxilo. These lenders grant loans without any collateral and take into consideration the student’s educational achievements and enrollment into qualified international institutions. Accordingly, students can consider these banks out there as they provide educational loans for students willing to study abroad without any collateral requirements.

Question 6

Can Students get an education loan without collateral?

Accepted Answer

Yes, you can get an international student loan without collateral. Many banks and NBFCs, including our partners, offer unsecured education loans for eligible students. The approval typically depends on factors such as the university, course, and the applicant's or co-applicant's financial profile.

Question 7

When education loan EMI starts?

Accepted Answer

Education loan EMI payments usually commence upon completion of the course. For most lenders, a moratorium period is offered which ranges from just the duration of the course plus 6 or 12 months. Students, however, are never required to settle or make any repayments during this period. On the other hand, some lenders might be demanding interest payment during the moratorium.

Education Loan for International Students @ lowest ROI from Student Cover

Apply for Education Loan

Our Loan Process

Our Partners in Education Loan

FAQs

Let’s connect with
Phone or Email

+91 96508 36644

info@studentcover.in

Register now to apply!