Imagine yourself standing at the crossroads of your dreams and reality, yearning to pursue higher education abroad, but unsure how to finance it. This is where Nidhi Arun Ramteke found herself. A driven and ambitious student eager to start her Master’s in Information Technology at Clark University, USA. However, the path towards fulfilling her dreams was far from easy.
She began her journey like any other student, with hopes, aspirations, and an eagerness to succeed. But many obstacles both in terms of financial and personal were waiting ahead for Nidhi. Thanks to the guidance and support of Team Élan, Nidhi was able to overcome those challenges, and today, she’s back on track and currently completing her master’s degree.
If you feel the weight of financing your overseas education, then Nidhi’s story might resonate. Scroll down to know more about how her journey unfolded and how yours can too.
Like many students with dreams of studying abroad, Nidhi initially sought financial assistance from MPower Finance (International lender). Hoping this would be the key to making her aspirations come true, she did the entire loan application process herself. She secured an education loan for USA of $50,000.
Life can sometimes throw curveballs, and despite her best efforts, she struggled to meet MPower’s GPA requirement of 3.0. When her GPA fell short for the first semester of study, her second disbursement was denied. Disappointed and disheartened, Nidhi had to return to India and take an unplanned break for six to seven months.
In these moments, it’s essential to remember that there is always another way forward. Nidhi discovered this when she turned to Team Élan for help and expert assistance.
When Nidhi first reached out to Team Élan, she was uncertain about her future. Her previous loan history with MPower posed challenges, and as much as she hoped to secure another unsecured overseas education loan, her circumstances made it difficult.
Nidhi’s family situation added another layer of complexity. Her father had passed away, her mother was a homemaker with CIBIL issues as she was a guarantor in her father's loan, and she had no siblings or additional co-applicants. Thus, her options seemed limited.
But here’s where Experts from Team Élan came to the rescue. They had a detailed discussion with Nidhi. Understanding her need for an unsecured loan, Team Élan explored various options with NBFCs and Private Banks. However, when those avenues didn’t pan out due to CIBIL issues in the mother's profile and lack of own property to take as collateral for the loan, they shifted the study abroad loan preference and recommended a secured loan as the next best option.
Nidhi’s grandmother stepped in and offered her property valued at 1 crore as collateral security; things finally began to get better. Acting on Team Élan’s guidance, Nidhi applied for a secured education loan through the State Bank of India (SBI). Within 10-15 days, her loan of Rs. 56.8 lakhs was sanctioned. The funds were disbursed immediately, and Nidhi was able to return to the USA to continue her education.
This is the kind of success you can achieve when you have a dedicated team guiding you through the loan process, even when the road seems tough.
Of course, Nidhi’s journey didn’t end there. While back in the USA, she faced another hurdle. Due to some miscellaneous expenses and her ongoing simple interest for the MPower Finance overseas education loan, Nidhi somehow ended up using her 1-year living expenses within 7 to 8 months. She found herself short of funds for her third-semester fees and the bank was not ready to disburse any additional funds till her third semester started.
Nidhi once again turned to Team Élan virtually while being in the USA, and just like before, they assisted her. Team Élan worked closely with Nidhi and her mother to gather documentation of her recent expenses, including costs for essential items like her laptop and air tickets. They advised her on how to get reimbursement for these expenses that were self-funded by her for the cost of studying in USA.
Nidhi’s success story is a prime example of the power of perseverance and the right support. Today, she is closer than ever to completing her Master’s in Information Technology, a dream that once seemed out of reach. She credits her success to Team Élan, who guided her through every financial challenge and made sure she could focus on her education. From the time of education loan applications till the end of her final disbursement, Team Élan assisted her in every step.
Her story can be your story, too. Whether you’re just beginning your overseas education journey or facing obstacles along the way, Team Élan is here to help you overcome the complexities of overseas education loans.
No matter how difficult the financial situation may seem, don’t let it stand in the way of your future. Connect with our Expert Loan Advisors today and get personalized support, expert advice, and timely solutions as per your financial needs and loan preferences.
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