Numerous Indian students harbor the ambition of pursuing education abroad, yet they might lack the resources to secure collateral for a student loan. Nevertheless, it’s crucial to stay dedicated to your aspirations and explore lenders who offer educational loans for abroad studies without collateral. Several financial entities, encompassing private banks extend unsecured education loans. This article aims to provide a thorough insight into this alternative.
The criteria for eligibility for an unsecured education loan can differ among various lenders, but certain common factors should be taken into account:
Axis Bank offers an attractive option for education financing without the need for collateral, providing a maximum loan amount of up to 50 Lakh INR. The interest rates for these loans range between 11.00% and 11.50%, offering flexibility to borrowers.
Similarly, ICICI Bank is another noteworthy choice for students seeking non-collateral education loans. The bank allows a maximum loan amount of up to 50 Lakh INR. Interest rates for these loans vary between 10.85% and 12.50%, providing borrowers with competitive options to suit their financial preferences.
IDFC FIRST Bank is also a reliable private lender offering non-collateral education loans with a maximum loan amount of up to 50 Lakh INR. The interest rates provided by IDFC FIRST Bank fall within the range of 11.50% to 13.25%, catering to the diverse financial needs of students pursuing higher education without the burden of collateral requirements.
When seeking a non-collateral education loan, you are required to furnish a specific set of documents. Below is a comprehensive list of the standard documents needed from both the applicant and the co-applicant:
Documents necessary from the applicant for an overseas education loan without collateral:
Opting for an unsecured education loan to finance your studies abroad brings forth numerous advantages, including streamlined documentation, the flexibility to choose your educational institution, the possibility of having a co-applicant instead of providing collateral, and comprehensive coverage of study-related expenses.
Opting for an unsecured education loan to fund your overseas studies comes with several benefits, such as streamlined paperwork, the freedom to choose your educational institution, the option of having a co-applicant, and comprehensive coverage of study-related expenses. Should you have any inquiries or uncertainties, don’t hesitate to reach out to GyanDhan. They stand ready to assist you at every stage of the loan process, helping you identify the most suitable lender for your specific circumstances. By verifying your loan eligibility with them, you can navigate through each step with their guidance and support.
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