Finalizing the university for your higher education must have been a tricky task as there are multiple viable options available. But you have finally done it. Congratulations! You are one-step closer to your dream university. Now, it is time for you to choose a suitable funding option. Getting a loan can be one such option that can be considered for funding your overseas education. We understand that loan processes are lengthy and super confusing. Hence, to make it simpler, we are here to share some guidelines that should be considered while applying for an overseas education loan.
First one is Secured Loans that is also called as Collateral Education Loan and the other one is Unsecured Loans that is also termed as Collateral Free Education Loan.
Secured Loans are the types of loans where the bank asks for a security against the loan. This security can be a movable asset such as a fixed deposit, LIC policy, govt. bonds or immovable asset like a flat, individual house, land, shop, provided the immovable asset should be located in an urban area.
Unsecured Loans are those loans that is given by any private or nationalized bank without pleading any security.
Although a lot of factors should be considered while choosing a suitable loan option, a student can go for any one of the available loan options as per the convenience of the student itself.
In this blog, we are going to share some insights that shall be considered while applying for Unsecured Education Loan.
Let us know the parameters that should be kept in mind while applying for loan for undergraduate level program:
Here are some common parameters every student must know if he/she is looking to apply for Unsecured Loans:
Apart from getting the loan sanctioned quickly, Unsecured Loans has numerous advantages. We hope that you have got some clarity on the guidelines that need to be followed while applying for unsecured loans. If you wish to explore more funding options for your higher education, do refer to our rest of the blogs.
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