A degree from a university abroad definitely adds an edge to your resume. However, the expenses involved are quite high.

In such cases, availing an affordable education loan for abroad studies can be highly beneficial, especially those that do not need collateral.

Education Loan for Abroad Studies without Collateral

While most banks provide education loans, the interest rate may be on the higher side and may even require collateral which can be a problem if you do not have an asset to pledge.

In this case, a beneficial option is to avail personal loans to help you study abroad. 

Education Loans from Private Lenders

Today, banks are not the only option to help one avail a loan. There are plenty of NBFCs and private lenders that provide personal loans to fund education. While the amount being provided may not be as much as that offered by banks, there are a number of other benefits.

Money View, one of the most popular loan providers in the country offers versatile personal loans that can be used to fund your studies abroad.

Why Choose Money View Education Loan for Abroad Studies

There are a plethora of personal loan providers in the country today, however Money View outperforms these due to the following reasons -

  • Quick Eligibility Check: On the Money View website or on the app, you can instantly check your eligibility for a personal loan within just two minutes
  • Digital Process: Enjoy a 100% digital process from approval to disbursal making the entire process easy
  • Flexible Loan Amount and Repayment Term: You can choose any amount from Rs. 5,000 to Rs. 5,00,000 depending on your credit score. To repay the loan, you can choose a period of up to 5 years
  • 24 hr Loan Disbursement: Your loan will be disbursed within just 24 hours after the loan application approval
  • No Security Needed: Our loans don't require guarantors or collateral. You just need to meet our eligibility criteria
  • Affordable Interest Rates: Money View personal loans are affordable with interest rates starting at just 1.33% per month
  • Available Pan India: Our digital application ensures you can apply for a personal loan from any part of the country
  • Versatile:

Money View personal loans can be used for a variety of purposes such as weddings, buying gadgets, or even fund your education

Eligibility Criteria for Education Loan for Abroad Studies

Fulfill the eligibility criteria given below to avail Money View study loan -

  • Applicants must be between 21 years and 57 years
  • Applicants must receive an income of Rs. 13,500 or more
  • Income must be credited directly to the applicants’ bank account
  • Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

Given below is a city-wise breakdown of the income and credit score requirement -

Income and Credit Score Eligibility Criteria*
Salaried Individuals Minimum In-Hand Income Area of Residence CIBIL Credit Score Requirement
Rs 13,500 Any CIBIL Score of 600 /Experian Score of 650 and above
Rs 20,000 Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) New to Credit orCIBIL Score of 600 /Experian Score of 650 and above
Rs 15,000 Metro City other than Mumbai and NCR CIBIL Score of 600 /Experian Score of 650 and above
Self-Employed Individuals Rs. 15,000 Any CIBIL Score of 600 /Experian Score of 650 and above

Documents Required for Education Loan for Abroad Studies

We believe in minimal documentation which is why we only need 3 documents from you -

Identity Proof Address Proof Income Proof
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
Any 1 of the following - 
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary creditsORSelf-Employed Applicants - Last 3 months’ bank statements in PDF format 

How to Apply for a Education Loan for Abroad Studies

Now that you know our eligibility criteria and documentation requirements, follow the steps below to avail an education loan for studies abroad without collateral -

Check your eligibility

Visit the Money View website or loan app. Provide the required details and we will let you know your eligibility in 2 minutes.

Choose your loan plan

Based on the options provided, select the loan amount and repayment term of your choice

Upload required documents

Upload all of the necessary documents online for verification

Loan transfer to your bank account

Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours

Note -

  • Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to  us
  • This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without the need for any manual intervention.
  • On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly

In Conclusion

Studying abroad is a dream for most students but the lack of financial support can put a brake on this aspiration. While traditional education loans from banks are helpful, if you need urgent financial assistance without having to provide collateral, visit the  Money View website or download the app and apply!

The fees and charges for an education loan for studies abroad from Money View are as follows -

Type of Charge Amount
Interest Rate Starts at 1.33% per month
Loan Processing Fee Starting from 2% up to 8% of the approved loan amount
Interest on Overdue EMIs 2% per month of the overdue amount
Foreclosure/Part-prepayment
  • No part-prepayment of the loan is allowed.
  • Foreclosure available after a certain number of EMIs have been paid
EMI Cheque Bounce Charges Rs.500 per bounce

Currently, we only provide loans for applicants above 18 years. However, your guardian, parents, or friend who is an adult can apply and avail a loan on your behalf as long as the eligibility criteria is met.

Once you have submitted an application, you can track your application status on our app or website by following the steps below -

1. If you’ve applied on our website
  • Go to the login section on our website, Click here: /apply-loan/signup
  • Login into your loan account with your registered email ID
  • Go to the “Dashboard” section of your loan account
  • Scroll down to the “Application Status” tab to know the status of your loan application
2. If you’ve applied on our app
  • Open the Money View/Money View Loans app
  • Register yourself with a valid email ID if you haven’t done it yet
  • If you have the Money View app, head over to the “Loans” section
  • Once you switch over, you’ll be automatically directed to the “Application Status” screen where you can check your application details
  • If you have the Money View Loans app, you’ll be directed to the “Application Status” screen automatically as soon as you open it