If you are going to study abroad, you are probably well aware of the high costs associated with it. From application fees to visa fees to airfare and hefty tuition expenses, studying abroad is too expensive! Even more frustrating is when you have missed the deadlines for attractive scholarships and are no longer eligible for the remaining ones! You would assume that your ambition of studying abroad would perish like the Titanic! But guess what? Your goal can still be salvaged due to school financing choices specifically tailored to support your cause of studying abroad.
The best study abroad consultants in Delhi emphasize that the general public widely misconstrues educational loans as a costly method of supporting the school. However, choose the right school loan with the right repayment plan. In that case, it will work like magic to support your education without worrying about paying excessive interest rates. The following are some of the top education loans recommended by study abroad consultants.
Which financial institutions are the best for unsecured student loans?
In the opinion of the study abroad consultants, there are financial organizations such as banks and NBFCs that understand students' financial situations. As a result, to support their education, they have devised loans that do not demand collateral. Most students who wish to study abroad are just out of high school and cannot provide security/collateral. As a result, education without collateral is the most significant financial choice for these students. Here are some of the banks and non-bank financial companies that provide education loans without the need for collateral.
- HDFC Credila
HDFC Credila is a non-banking financial institution that gives a maximum loan amount of INR 50 lakhs without collateral. The borrowed funds can easily cover most expenses, such as tuition, airfare, and lodging. Anyone who obtains an education loan from this NBFC must pay an interest rate that begins at 12.30%. In addition, there is no need to worry about loan payback because 12 years is provided. This time is sufficient for students to settle into a job and repay their debts. Or, they could begin as soon as they begin working a part-time job while they are studying overseas. You can get the interest rates from the best overseas education consultants in Delhi.
- Axis bank
Axis Bank is a reputable banking company that supports not only its average consumers but also students needing a student loan. Suppose a student wishes to pursue an education in another country. In that case, Axis Bank can provide a helping hand by offering education loans with and without collateral. Whether you put up collateral or not affects how much you can borrow. Loan amounts range from INR 75 lakhs with collateral to INR 50 lakhs without collateral. It should also be noted that the student loan includes variable interest rates ranging from 13% to 15.20%. This varies greatly depending on the applicant's profile and credit score. The repayment time for its loaning arrangement spans from 7 to 10 years.
- Scheme of Padho Pardesh
Even though this loaning program falls under the category of interest subsidy schemes, it can help students meet their financial demands while studying abroad. The Padho Pardesh scheme, announced in 2006, is an initiative by the Indian Banks' Association (IBA) to raise the desire of students from minority populations to study in the foreign country. The loan is also a leader in women's empowerment because 35% of the places are allocated for female students.
The IBA will bear the interest payable to banks for education loans under the scheme. However, this interest subsidy will only be available during the moratorium period. After this moratorium expires, the student must pay the remaining interest to the bank.
- The ICICI Bank
The study abroad consultants say that the education loan granted by ICICI bank is the most valuable. The bank offers international education loans up to Rs.1 crore. Nevertheless, the loan amount may change based on the course. The maximum loan amount offered without security for those pursuing an undergraduate core is Rs. 20 lakh. However, the loan amount is up to Rs. 40 lakhs if the student enrolls in a postgraduate program.
Admissify Is The Best Consultant
Studying abroad has a crucial financial component because if money is not controlled, it flows like water! As a result, it is recommended that you discuss your financing and expenses with the study abroad consultants in Delhi. Admissify has partnered with banks and financial professionals to provide helpful advice and techniques to help you have the most incredible study abroad experience possible!
