A degree from a university abroad definitely adds an edge to your resume. However, the expenses involved are quite high.
Thus, availing of an affordable study loan for abroad education, especially ones without any collateral can be of great help.
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. Even the process of applying for an education loan may be cumbersome and require a lot of documentation.
On the contrary, applying for an instant personal loan and using it as a study loan for abroad can be a great idea.
Student Loans for Studying Abroad from Private Lenders
Today, banks are not the only option for availing education loans or personal loans for studies. 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, such as quick approvals and minimal documentation.
We, at moneyview, offer versatile personal loans that can be used to fund your overseas education.
Eligibility Criteria for Education Loan for Abroad Studies
In case you have decided to apply for a personal loan from moneyview as an education loan for abroad studies without collateral, the eligibility criteria are as follows -
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Applicants must be between 21 years and 57 years
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Applicants must have a minimum in-hand income of Rs.13,500 if they are salaried
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Applicants must have a minimum in-hand income of Rs.15,000 if they are self employed
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Income must be credited directly to the applicant's bank account
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Applicant’s minimum CIBIL or Experian score should be 650
Documents Required For Education Loan For Abroad Studies
The documentation required for applying for an education loan for abroad studies without collateral from moneyview is minimal. All you will have to do is -
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Confirm or enter your PAN number
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Ensure that your mobile number is linked to your Aadhaar card for KYC verification
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Provide a clear selfie taken in a well-lit area
Please note that the documentation requirements will vary based on your profile. You may be required to upload proof of address, bank statement, and other supporting documents.
In case you are required to upload proof of address, any one of the following documents will suffice -
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Aadhaar Card
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Valid Indian Passport
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Valid Voter ID
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Valid Driver’s License
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Utility Bills (Electricity, Water, Gas) dated within the last 60 days
In case you are required to upload proof of income, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
Conclusion
An overseas degree or studying from a college abroad is a dream for many. But the finances involved often end up worrying the students and the guardians.
Nowadays there are many banks that give education loans for studying abroad. While traditional education loans from banks are helpful if you are looking for a personal loan to act as an education loan for abroad studies without collateral, you have many options.
You can take an instant personal loan of up to Rs.10 Lakh from moneyview, which also gets disbursed within 24 hours. To apply or know more, download the moneyview app or visit the website.
