Studying Abroad has become easier over the years as Education Loans are easy to obtain. There are many banks and NBFCs that provide Education loans and the best part is easy repayment terms with EMI payment starting 6-12m post course completion. We are tied up with each of these institutions. 

Types of Loan

For Collateral (Secured) Loans– These are loans backed by a mortgage/security against the value of which the loan is given, they can be multiple assets like Property, Fixed deposits, LIC withdrawal value, etc. We can try for such loans through public banks that offer the lowest interest rates. Or else we can do it through private banks or NBFCs too. Secured loans are processed in 1-1.5 Months based on the asset value put for collateral.

For Non-Collateral (Unsecured) loans– We can process through NBFCs like Credila, Avanse, Auxilo or some private banks like IDFC, Axis, and ICICI bank or international lenders who provide loans in USD terms like Prodigy Finance, Leap Finance, Mpower Finance, etc. You do not need to visit anywhere, the document and forms have to be sent over mail/collection from home. An unsecured loan is processed in 15-20 days on your parent’s or sponsor’s financial profile.

Benefits of Education Loan

• Income Tax rebate under section 80E on full interest paid on loans.
• Moratorium period of course duration + up to 12 months to ease financial burden.
• Entire expenses including tuition fees, living expenses, food, flight tickets, books, laptop, and other incidental costs can be covered.
• Lower interest rates as compared to personal/business loans.
• Lower TCS (Tax collected at Course) charges on payments through education loan.