Most students have to face financial challenges before studying abroad but only a few get education loans for abroad studies without collateral due to awareness. Hence, many students actively look for study-abroad scholarships and even foreign education loans to pursue their education internationally. However, some students are willing to apply for a foreign education loan without collateral. Therefore, today we are sharing how to grab that immediately! READ ON!
What is a collateral loan?
A collateral loan is a kind of secured loan where the borrower provides any collateral asset, for instance, gold, house/ flat, FDS, insurance policies, or government bonds, to the lender to assure repayment of the loan.
Sounds good? Make sure to check: 5 Best Government Education Loan for Study Abroad
Eligibility criteria for education loan for abroad studies without collateral
To be eligible for an education loan for abroad studies without collateral you must have:
- Academic records with a minimum of 60% of marks.
- Information about the degree that you wish to pursue abroad
- Annual income must be above 4 Lakhs
- Excellent scores in IELTS and GRE
- Guardians must own a residential house
- CIBIL Score above than 700
Application process to get an education loan without collateral
Here is the application process to get an education loan without collateral.
- Shortlist education loans without collateral
- Review all terms and conditions
- Visit the official website and fill out the application form
- Provide necessary documents and information
- Submit the application and wait for loan approval
Required documents to apply for an education loan without collateral
- Offer letter from a foreign university
- Academic documents
- KYC documents of both applicants
- Residency proof
- Form 16
- Electricity bill
- Salary account detail
- Certification of Business Registration
- Salary slip
- ITR
Banks that provide education loans without collateral
- HDFC BANK
- SBI BANK
- PNB BANK
- ICICI BANK
- KOTAK MAHINDRA
- IDBI BANK
- FEDERAL BANK
Advantages of foreign education loan without collateral
- Interest rates for students to study abroad are 10.50% to 14%
- It has top-up loans available.
- Students have to apply for this loan with a co-applicant.
- The full fee is covered by the education loan.
- Repayment has flexible options.
Also, check: How to Get Education Loans from Indian Banks to Study Abroad
Conclusion
Summing up, now you know how to get an education loan for abroad studies without collateral! So, what are you waiting for? However, for any STUDY ABROAD-related queries, feel free to connect with us! Our team of experts which has extensive expertise in studying abroad would love to assist you.
Liked this one? Don’t Miss: DO’s and DON’TS OF STUDY ABROAD EDUCATION LOAN!
