Education loans are 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 the country 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 at the right place as this article aims to give you insights on education loans for abroad studies with and without collateral. This article will also help you understand loan jargons and terminologies that a student might encounter during their education loan process.
Types of Education Loan For Studies Abroad
There are two types of education loans in India, namely:
Secured education loans for foreign studies: These loans are only offered to 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: These education loans are only offered to 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. To apply for this, students are required to bring a strong financial co-applicant, i.e. someone with a stable income source.
We recommend you to connect with our team at WeMakeScholars as we share a professional affinity with bank officials and can help 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 to students who assist you throughout your education loan process.
To read more about WeMakeScholar, visit here.