Question 1

What is an abroad education loan?

Accepted Answer

An abroad education loan is a financial support that helps students fund their studies abroad by paying for tuition fees, living expenses, and other related costs.

Question 2

Who is eligible to apply for an abroad education loan?

Accepted Answer

Eligibility for an abroad education loan varies among lenders but typically requires the applicant to be a citizen of India, have an admission offer from a recognised university, and meet specific academic criteria.

Question 3

How can UniCreds help me get an abroad education loan?

Accepted Answer

UniCreds helps you find the perfect lender for the best education loan, customized to your profile and study abroad requirements. Our fully digital, paperless process ensures a seamless experience.

Question 4

What expenses are covered in education loans for abroad studies?

Accepted Answer

Abroad education loans generally cover tuition fees, living expenses, travel costs, examination fees, and other educational & travel expenses, depending on the lender's policies.

Question 5

What is the maximum loan amount that can be availed for studying abroad?

Accepted Answer

Secured education loans offer up to INR 1.5 crore, while unsecured loans provide up to INR 45 lakhs without collateral. These limits can vary based on the applicant's and co-applicant's profile, country, and course.

Question 6

What are the interest rates for abroad education loans?

Accepted Answer

Interest rates for abroad education loans vary among lenders and can be either fixed or floating. Generally, they start from 9%; but they are typically influenced by the lending institution, loan amount, repayment period, and the borrower's creditworthiness.

Question 7

What is the repayment period for abroad education loans?

Accepted Answer

The repayment period can range from 12-15 years, depending on the lender's terms and conditions. It may include a grace period after graduation before the repayment starts.

Question 8

Do I need a co-signer or collateral to secure an abroad education loan?

Accepted Answer

The need for a co-signer or collateral to secure an abroad education loan varies among lenders. Some may require a co-signer with a strong credit history, while others offer unsecured loans based on the borrower's creditworthiness. Check with individual lenders for specific requirements.

Question 9

What is the difference between a secured and an unsecured abroad education loan?

Accepted Answer

Secured abroad education loans require collateral as security, such as property or investments. Unsecured loans do not require collateral up to a certain amount which varies depending on the lender.

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