Question 1

How fast can I get my loan approved?

Accepted Answer

Usually, if you are applying for a non-collateral loan, it takes 4 to 5 Working days to get your loan sanctioned. However, if you are looking for a collateral loan, it might take a little longer, as the loan agents might visit your property or verify other documents to be assured about their validity.

Question 2

What’s the maximum amount I can get for my dream college?

Accepted Answer

If you are applying for a non-collateral loan for countries like the United States of America, you can get the maximum loan amount of ₹1.5 Cr. For other countries, you can get a maximum amount of ₹1 Cr. However, if you are applying for a loan with collateral, there could be no set higher amount; it will depend on the value of your property and your academic score.

Question 3

Is the interest rate fixed or does it change?

Accepted Answer

Generally, all lenders offer floating interest rates; only one of the abroad  NBFCs offers a fixed ROI. Most Indian lenders, i.e., banks and NBFCs, offer interest rates on a floating basis till your Loan tenure

Question 4

Are there any hidden charges I should know about?

Accepted Answer

Yes, it can be like Bank charges, property evaluation charges, Agreement Stamp Duty Charges, and loan insurance charges apart from processing fees. Still, every detail is cleared before paying processing fees

Question 5

Can I get a lower interest rate if I have good grades?

Accepted Answer

If you have good grades and your credit score is good, you will get lower interest rates on your loans. Moreover, if you have a co-applicant and they also have a good credit score, then you will also get a lower interest rate on your loan. In case of confusion, get in touch with Student Cover’s loan buddies, and they will help you to lower your interest rates.

Question 6

What makes your education loan better than others?

Accepted Answer

Here are 5 important points that make Student Cover the best place for an education loan: No Cosigner Required: Students can apply independently without needing a guarantor, making it accessible for those without strong financial backing. Multiple Lenders, One Platform: Compare offers from various trusted lenders in one place, saving time and ensuring the best possible deal. Tailored for Students: Student Cover specializes in education loans, offering customized solutions that better understand and address student needs. Faster Approval Process: With streamlined digital processes and partnerships, students can get quicker loan approvals compared to traditional banks. Competitive Rates and Flexible Terms: Access to a wide range of loan options ensures better interest rates, flexible repayment terms, and less rigid eligibility criteria. Option of Dollar Loan- We have options from US Banks & Abroad  NBFCS to save on remittance charges.

Question 7

Does Making Inquiries with many lenders affect the CIBIL Score?

Accepted Answer

Yes, if you compare several lenders individually, each hard check might decrease your CIBIL score by a small number. But it won't make a bad impact, the reason you never took a loan earlier and made a default on it

Question 8

What is the meaning of Processing Fee?

Accepted Answer

The processing fee is a one-time charge collected by the lender in order to provide you Sanction letter which can help you to apply for the issuance of an I-20 and a visa. When you apply through Student Cover, you get access to multiple lenders. Based on your needs, we help you find options with low or even zero processing fees wherever possible, saving you extra costs right from the start.

Question 9

How many banks/NBFCs do you work with?

Accepted Answer

Student Cover works with 12 NBFCs and banks. Our banking partners include: Axis Bank, Punjab National Bank, Union Bank of India, ICICI Bank, IDFC First Bank, Bank of India, Yes Bank. Our NBFC partners include: Avanse Financial Services / Avanse Global, Auxilo Finserv, TATA Capital, InCred Financial Services, Prodigy Finance, Credila Financials, MPOWER Financing, Poonaawalla

Question 10

Do you charge any service fee or consultation fee?

Accepted Answer

Student Cover does not charge any advisory or consultation fees. If anyone is asking for one and claiming to be associated with us, you can raise your complaint at info@studentcover.in.

Question 11

Do I need a guarantor or collateral?

Accepted Answer

If you are applying for a loan with collateral, you may not be required financial co-applicant, but KYC are supposed to be submitted for verification. However, if you are applying for a non-collateral loan, you would generally need a co-applicant. That said, if you have an excellent academic score and credit report, you wouldn’t need a cosigner from Abroad NBFCS.

Question 12

When do I start paying back the loan?

Accepted Answer

You would have to start paying back 1 year after your course completion. However, if you want, you can start paying back your EMIs before as well, which would positively affect your credit score.

Question 13

Will I get a loan if I have no credit history?

Accepted Answer

Yes, you can! However, in that case, you must have a cosigner along with you and have an excellent academic record. It will help you to build your credit and also provide assurance for the lenders regarding the payback.

Question 14

What happens if I can’t repay on time?

Accepted Answer

If you cannot repay your loan on time, it will damage your creditworthiness. Moreover, it will be reported to the credit bureaus and will become a part of your credit history. Over time, this negative record will hamper your score and make it difficult for future loans.

Question 15

Is there a flexible repayment option if I’m still looking for a job after graduation?

Accepted Answer

You do not have to worry about the loan repayment right after your course completion. Once your education is complete, you will get a grace period of 1 more year, after which your repayment journey will begin.

Question 16

Can I prepay the loan early if I get a good job? Will there be extra charges?

Accepted Answer

Yes, you can prepay your student loan early if you want! In most instances, Student Cover's partner lenders either have no or very low prepayment penalties. Certain conditions may differ based on the lender you select, but in general, early repayment is welcomed to assist you in saving on interest. It is preferable to verify the specific prepayment policy during the period of the loan agreement with your Student Cover loan buddy for clear insight.

Question 17

What is the meaning of interest rate in an education loan, and how will it affect me later?

Accepted Answer

Interest rate is the percentage charged for borrowing money in your education loan or the percentage earned on savings and investments. Higher interest rates mean you'll pay more for borrowing and earn more on savings, while lower rates mean you'll have to pay less.

Question 18

What is Repo Rate, Spread Rate?

Accepted Answer

Repo rate is the interest rate at which the Reserve Bank of India (RBI) lends money to commercial banks. Spread Rate is the extra margin or profit that a lender adds on top of the repo rate.

Question 19

What do legal & technical charges mean?

Accepted Answer

When you apply for an education loan with collateral, the lender would double-check about property ownership and if it’s litigation-free. This process is called the legal verification, which would require lawyers, and applicants need to pay for that. Similarly, a technical evaluation is done side by side, where property valuers evaluate your property’s monetary value. This process also requires charges that the applicant needs to pay.  When you apply through Student Cover, we guide you through the entire process, connect you with trusted legal and technical experts, and help you find lenders with minimal or transparent charges, so you can avoid hidden costs and unnecessary delays

Question 20

Can I get the option of paying nothing during the study period in Non-Collateral Loans?

Accepted Answer

Yes, some banks and NBFCS give you the opportunity to not pay anything during the study period. Contact Student Cover, and our loan buddies will help you find the right NBFC that will not charge you a single penny during your course time.

Question 21

Are you officially partnered with these banks/NBFCs, or just referring to me?

Accepted Answer

Yes, Student Cover is officially tied up with some of the most prestigious banks and NBFCs offering education loans. Some of our partners are Avanse Financials, Avanse Global, IDFC First Bank, Incred Financials, PNB, ICICI Bank, Union Bank of India, Auxilo Finserv, TATA Capital, Credila Financials, and many more.

Question 22

Will you help me compare multiple loan options side by side?

Accepted Answer

Yes, Student Cover loan buddies will compare several loan offers for you and help you find the best offer for you. Your loan tenure will be longer, with low ROI and a higher loan amount.

Question 23

Can you help me get both secured (with collateral) and unsecured (without collateral) loan options?

Accepted Answer

Student Cover has options for both collateral and non-collateral loans. You will receive an offer for a loan that best fits your profile. For example, if you have a good credit score and academic record, you will receive a non-collateral loan.

Question 24

Will you assist me if I want to negotiate interest rates or processing fees with the bank/NBFC?

Accepted Answer

Yes, Student Cover will assist you in negotiating the interest rate and processing fees on your behalf. However, please remember that negotiation is only possible when you have a good credit score or academic records. Therefore, please try to maintain these two records for the best deals.

Question 25

How do you protect my personal documents and data?

Accepted Answer

Student Cover has a student portal where you can upload your documents yourself. Our portal is end-to-end encrypted, and therefore, everything you upload will be safe and protected.

Question 26

If I get rejected by one lender, will you suggest alternatives immediately?

Accepted Answer

Yes, Student Cover will help you get a loan from other lenders if your loan request gets rejected by one. Student Cover is your one-stop shop for your abroad education journey, so once you resort to us, we will make sure you receive your education loan without any hassle.

Question 27

Can you show me sample sanction letters or examples of successful cases?

Accepted Answer

Sanction letters are confidential data, and hence we cannot share them. If you wish to learn how we work, you can visit our branch.

Question 28

Will you help me with a loan transfer or refinance later if I want to switch to a cheaper bank?

Accepted Answer

Yes, if any lender increases the rate of interest, we will explore your options. Contact us and learn more about this from our loan buddies.

Question 29

Student Cover doesn’t charge students. How does it generate revenue?

Accepted Answer

Student Cover earns revenue through partnerships with NBFCs and banks. When a student purchases a loan through Student Cover, the lender provides the Company with a token of the amount, which you can say Student Finder Fee, not from the student. This allows Student Cover to offer students free guidance, support, and customized solutions without any direct cost to them.

Question 30

How does Student Cover assist with Education loan for Overseas Study?

Accepted Answer

Student Cover simplifies the process of finding the perfect education loan for overseas study. With complete transparency, we compare loan options from various providers, explain all terms clearly, and help you make an informed decision. And ensure you get the best loan that suited to your financial needs and aspirations.

Question 31

Do we offer any benefits on education loan processing fees for Abroad Students?

Accepted Answer

Yes, we  offers exclusive benefits, such as discounted or waived processing fees, through our partnerships with various lenders. These benefits help make your educational loan for abroad studies more affordable. Contact us to find out how you can take advantage of these offers and save on your loan expenses.

Question 32

Can I compare education loan options with Student Cover?

Accepted Answer

Yes, Student Cover makes it easy to compare education loan options from various Indian and international banks, NBFCs, and even U.S. banks. We provide detailed comparisons of interest rates, repayment terms, loan amounts, and other key factors to ensure you choose the best study abroad education loan for your needs. Our transparent process simplifies decision-making, saving you time and effort.

Question 33

When can student Apply Education Loan for Study Abroad?

Accepted Answer

Student can apply study loan for abroad after getting i20 from the college/university. However, there are some advantages of getting loan before getting i20 which are mentioned below: Student can check beforehand whether they would be eligible for loan or not. When eligible for loan, student does not need to worry for funds at the time of visa application. Loan before i20 can give almost 100% assurance from the university for admission as whole amount of the funds is shown.

Question 34

Am I eligible for a loan even if Co-Applicant is already having any other loan?

Accepted Answer

It depends upon the profile, co-applicant salary and the EMI he pays every month for the outstanding loan amount. To simplify the process students only need to submit the loan application to us and we would check for loan eligibility and try our best to get the maximum loan amount at affordable interest rate to the student.

Question 35

Do Banks/Loan companies give preference or benefits to students having admit from Good Colleges/Universities?

Accepted Answer

Yes. Students with admission from good colleges/universities get preferences such as desired loan amount and reduced ROI even if they have not impressive financial profile.

Question 36

Documents required for abroad study loan ?

Accepted Answer

Students are required to submit a few documents when applying for the study loan for abroad. The document that needs to be submitted includes a loan application form, acceptance into a foreign institution, a statement of results, and also ID verification documents like an Aadhar card or a passport. Furthermore, depending on the case, parents’, guardians’, or students’ financial papers such as bank statements and income evidence of parents may also be needed. It is very important to contact the lender for detailed information.

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