World-class education and access to infinite global opportunities are the two major outcomes of pursuing a degree in a foreign country. Nowadays, the number of students moving abroad for quality education is increasing with time. Students are comfortable with funding their overseas education with an education loan. But when choosing the right overseas education loan and a financial lender institution, they are misguided or faced with a lot of confusion due to the lack of information and knowledge. Experts like Élan Overseas Education Loan is a one-stop solution for all the financial queries of students related to education loans and study abroad.
In our latest article, we are going to discuss everything about taking an education loan without a co-applicant and property. Thus, offering essential insights into all the aspects relating to it.
But first, let’s understand what an education loan is without a co-applicant and property. So, without any further ado, let’s begin.
An education loan without a co-applicant and property is also called an education loan without collateral. It is a type of loan where the borrower is not required to attach any collateral security and guarantor against the provided loan amount. Among the many financial lenders, aspiring loan applicants can consider taking this loan from International Lenders.
Wondering who international lenders are? Then, read ahead to know more about them.
International Lenders are the financial institutions that offer overseas education loans to students for pursuing their education in a foreign country. The best part is that they don’t require any collateral security and offer a generous loan amount of up to 75 lakhs INR. Additionally, their loan processing is quick and requires minimal documentation.
Two international lenders that you can consider are listed below:
MPower Finance
Prodigy Finance
Taking an education loan from international lenders without a co-applicant and property has multiple benefits. Let's have a quick overview of what those are:
Applicants can avail up to 35-75 lakhs of education loan without pledging any security and guarantor.
Quick and online process without any hassles.
The processing time of an education loan is less than 5-7 business days.
A sanction letter is provided without any cost.
The processing fee of the loan is added to the disbursed loan amount.
The loan amount covers tuition fees, on-campus accommodation, meals and other expenses required to complete the course.
Students are not required to pay EMIs in the moratorium period. Only simple interest for MPower finance is required to made and for Prodigy it is optional during the moratorium period.
Borrower has flexible repayment options with no pre-payment penalty.
Builds credit score through small payments while in university
These were the benefits of availing of an education loan from international lenders. An education loan without a co-applicant and property is widely accepted by universities located at the top study-abroad destinations.
If you check any one of the following boxes, then you can apply for your overseas education loan through these lenders.
Applicants not willing to mortgage their property
Applicants whose parents do not file Income Tax Returns
Applicants whose universities fall under the classified listing category of MPower Finance, and Prodigy Finance
Co-applicants having low CIBIL scores .
In such circumstances, an education loan without a co-applicant and property from international lenders come to the rescue. However, there are certain eligibility criteria that a student must fulfil to take loans from international lenders. Let us check that ahead.
International lenders are quite flexible when it comes to education loan eligibility for collateral-free loans. While the exact eligibility criteria vary from lender to lender, the common ones are listed below:
Applicant must be pursuing a master’s program
Applicant must be applying to the countries like United States of America, the United Kingdom, Canada or any other study destination accepted by the international lender.
The admitted university must come under the classified listing category of international lenders.
Applicant must be below 30 years of age.
Let us now do a comparative analysis of the two international lenders namely MPower Finance, and Prodigy Finance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding an international degree in a foreign country is one of the major concerns that is being faced by many studies abroad aspirants. While finalizing a financial lender, students often get confused as to which lender is the best option to fund their overseas degree. Nowadays, a lot of information is available online but still, students struggle to find a suitable loan option to fund their overseas education. Hence, it is required to get the information from a reliable resource.
So, what’s better than approaching an Expert, Élan Overseas Education Loans is one of the leading names in the industry. We understand that pursuing an overseas education is one of the crucial decisions of a student’s life. Therefore, we simplify the tedious process of taking an education loan and help students get one step closer to their dream.
Connect with us today for free profile evaluation and education loan solutions.
Who can take an education loan without a co-applicant or property?
Applicants are usually eligible if they are pursuing a master’s degree, enrolled in a university approved by the lender, are under 30 years of age, and studying in countries like the United States, United Kingdom, or Canada
How much is the maximum loan can students get from international lenders without collateral?
Students can receive loan amounts up to INR 75 lakhs, which cover a wide range of educational expenses including tuition, accommodation, meals, and more.
What expenses are covered under an education loan without collateral?
These loans generally cover tuition fees, on-campus accommodation, meals, travel expenses, and other necessary costs like textbooks and insurance, allowing students to fully focus on their studies.
Can students still get an education loan without collateral if their co-applicant has a low credit score?
Yes, students can still secure a loan through international lenders like MPower Finance and Prodigy Finance, even if their co-applicant has a low CIBIL score or cannot provide collateral.
How long does it take for students to get an education loan from international lenders?
The loan approval process from international lenders is quick, with approvals taking approximately 5-7 business days after the required documents are submitted.
Login
BOB vs SBI Abroad Education Loan