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.
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.
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.
There are a plethora of personal loan providers in the country today, however Money View outperforms these due to the following reasons -
Money View personal loans can be used for a variety of purposes such as weddings, buying gadgets, or even fund your education
Fulfill the eligibility criteria given below to avail Money View study loan -
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 or CIBIL 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|
We believe in minimal documentation which is why we only need 3 documents from you -
|Proof of Identity||Proof of Address||Proof of Income|
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
Any 1 of the following -
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits
Self-Employed Applicants - Last 3 months’ bank statements in PDF format
Now that you know our eligibility criteria and documentation requirements, follow the steps below to avail an education loan for studies abroad without collateral -
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
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!
Ans: 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|
|EMI Cheque Bounce Charges||Rs.500 per bounce|
Ans: 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.
Ans: 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
2. If you’ve applied on our app