Pursuing a Master’s Degree abroad is an exciting step to take as it offers great opportunities for the future. While there are numerous top and upcoming study destination choices, their tentative cost of education ranges between 25 lakhs INR to 1 crore INR for Indian Students. However, this depends on the course specialization for the master's degree as well as the study destination.
To pay for these study expenses, aspirants often look out for various types of funding options. While it is great to have enough funds and opt for self-funding, the majority of students take overseas education loans to have assured funds for their higher education in a foreign country.
If you are aspiring to study masters abroad and lack the essentials of taking an education loan like Collateral security (Property), Loan Co-Applicant, and Income Tax Returns, even then you still have the scope to get an education loan based on your previous academic scores and work profile. Yes, you read it right and this is what our exclusive article comprises. Read on to know everything about how to get education loan for abroad studies only on the basis of the academic profile.
If you are planning to get a master’s degree abroad and you have relevant work experience spanning 2 years or more, then you can get a collateral-free loan of up to 50 lakhs INR. The best part is that no co-applicant is needed, and the rate of interest will be around 10.5% to 12%. However, there are certain eligibility criteria that you must fulfil and they are listed below.
Eligibility Criteria
The minimum monthly salary should be 45,000 INR with a good designation.
The applied course should be STEM or MBA and the University must be a part of the top 1200.
Co-Applicant is mandatory with a good CIBIL score but their financial status will not be checked.
In this case, you will get an education loan without collateral if you are enrolled in the Top 135 Ranked Universities listed by the bank. The best part about this loan is that it covers almost all US Universities and STEM or MBA programs and provides a loan amount of up to 1 crore INR. The interest rates are also low and range between 11% to 11.5%.
Eligibility Criteria
Co-applicant is mandatory.
Parents CIBIL Scores will be considered but there will be no check on their financial status.
In this case, you can get an overseas education loan based on your GRE Scores if it is 300+. However, this is only applicable to students planning to study in the USA. The loan amount that students can get is between 50 to 75 lakhs INR and 100% loan funding is provided. The interest rate ranges between 11% to 12%.
Eligibility Criteria
Applicant must have a good academic record.
Parent’s CIBIL should be good, and their income proof is not required.
Applicant must show 6 Bank statements with an average balance of INR 2000 if the GRE is 300+.
This loan option is applicable for Master programs for all countries, but the only condition is that your University should be listed under the Platinum and Titanium category of the bank. The loan amount offered can range from 35 to 75 lakhs INR depending on the country and course. The best part about this study abroad loan choice is that 100% loan funding is offered.
Eligibility Criteria
Applicant must have a good academic record.
Parent’s CIBIL should be good.
Income Proof is required.
Applicant must show 6 Bank statements with an average balance of INR 25,000.
Leading Indian Lenders offer loans based on the academic scores of the applicant. As the name indicates these collateral-free loans are offered in dollars and they are for the 150 Top-ranked USA Universities only. Loan for a Master's Degree can go up to US $91,000 and for an MBA you can get up to US $1,21,000. The rate of interest is relatively low and ranges from 10.5% to 12.5%. The loan processing fees will be 2.5% - 4% of the sanctioned amount.
Eligibility Criteria
Applicant must be enrolled for a Master’s degree at a US University or Institution.
Parent's CIBIL is required and considered.
No Property, Co-signer, or Income Proof required.
Many foreign lenders provide funds in USD for study destinations like the USA, Canada, UK, Australia, Germany etc. Applicants must be enrolled for Masters and their university should be in the top 400. The loan amount can go up to US $1,00,000 for the entire course duration and it offers a maximum of US $50,000 per year. The rate of interest is fixed, and it starts at 12.99%. A loan sanction letter to get an I-20 and Visa is also provided without any processing fees.
Eligibility Criteria
The applicant’s CIBIL score is mandatory and should be good.
No Co-signer nor their CIBIL is checked.
No Collateral required.
Now that you are familiar with the loan options based on the academic scores. Let’s proceed ahead and understand how team Élan can help you make the most of your loan taking experience.
While taking an education loan for higher studies is a huge commitment, Team Élan is at your service with personalised solutions. If you fit in any of the above-mentioned categories, then without wasting any further time reach out to our team today and get free profile evaluation and counselling. Our Expert Loan Advisors will not only help you with the right lender and best education loan in India for study abroad, but they will also guide and assist you through the entire process. Be it from loan application to disbursement, you need not worry about the hassles that come along.
Connect with Team Élan and take the first step towards a Financially Secured Higher Education Abroad!
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