Simplifying education
loan for abroad studies!

Make your abroad education loan journey smoother

Get a better understanding of your requirements using our tools.

Why choose UniCreds for overseas education loan

We ensure 100% transparency throughout the education loan process. Our education loan counsellors will stay by your side every step of the way.

Interest paid on education loans from our partners is fully eligible for deduction under Section 80E of the Income Tax Act, 1961. This will help ease the financial burden of studying abroad.

UniCreds harnesses the power of AI and data science to provide students with the optimum education loan that will best suit their needs.

Through UniCreds, expect to get education loans with the least amount of collateral. Our strategic partnerships with some of the most popular lenders enable us to provide students with education loans with flexible collateral.

Expect 24/7 assistance from education loan counsellors at UniCreds. Our counsellors boast years of experience in student finance and will provide free of cost assistance to students.

At UniCreds, we deeply value convenience and reliability. All our education loans are 100% secure and are sourced from the safest banks and NBFCs.

How abroad education loan works

Three Simple Step To Started Working Process.
  • 1Get in touch with one of our seasoned education loan counsellors, who will guide you in getting a loan with or without collateral.
  • 2Your application will then be processed by our partners like HDFC Credila, Barclays, ICICI Bank, Santander and Citibank.
  • 3Our strategic partnerships will allow students to get the lowest possible rates, hassle-free process, a higher chance of approval and door-step service.

Our partners offering education loan for studying abroad

To give you the best and propel your ambitions, we’re going the extra mile to partner with some of the top international banks.

Studying abroad can be a life-changing decision, but it's not easy. Those who want to seek higher education abroad but find it hard to arrange for funds now have the option of making arrangements to finance their education. We will cover every detail related to education in this post, whether it is the process of applying for a loan, eligibility, or documentation needed for it. We will cover every aspect of all those looking for an education loan for studying abroad.

Education Loan Benefits and Features

We’re all aware that education loans cover the basic course fee but in actuality, you can get an education loan that covers the cost of tuition, accommodation, travel, visa, student insurance and other miscellaneous expenses. Here are some other cool aspects of getting an education loan -

100% Finance

With the availability of education loans up to Rs 1 crore, students can cover the entire cost of their higher education expenses. This includes the cost of tuition, accommodation, stationery, library fees, books and courseware, and other living expenses.

Peace of Mind

Opting for an education loan reduces the strain on your family savings and eliminates the need to liquidate your investments in fixed deposits, mutual funds or bonds. You can find an education loan that covers 100% of your expenses.

Tax Benefits

The interest paid on an education loan is eligible for a tax deduction under Section 80 E of the Income Tax Act 1961.

Flexible Repayment Plans

Most banks and NBFCs offer attractive interest rates on education loans and preferential rates for top-ranked educational institutes. There’s also scope for flexible collateral and co- borrower terms so your loan repayment is a stress-free process.

Building Financial Responsibility

Taking on an education loan is a big responsibility. It is also a great opportunity for students to pay for their own education, without needing to depend on their family. Besides, when students repay their loans, they also start building their credit history. A good credit profile will help them get cheaper loans in the future.

Manageable Loan Tenure

The duration of education loans is generally between 5-7 years after course completion. This enables you to not pile on debt for too long.

Eligibility criteria to get an education loan for abroad studies

Checking if you are eligible to apply for an education loan is the first and foremost thing. The usual criteria Indian banks follow for checking the eligibility of the applicant for the loan are as follows:

A citizen of India should be the claimant.
The borrower must be the age of 18. Otherwise, the loan must be taken from his / her parents.
The applicant must have a strong academic record.
The applicant must have obtained admission to a university/institution/college recognized abroad.
The desired course to be studied by the applicant must be a technical or professional course because banks offer priority to job-oriented courses.

Documents required for your study loan abroad

The applicant must be aware of the documents needed to apply for a study loan abroad before applying for an educational loan. To apply for a loan for studying abroad, the following documents are required:

Filled application form.
Photographs: The applicant's and the co-applicant's passport-size photographs.
Photo ID: The applicant's and co-applicants photo ID. It can be a PAN card, a driving license, an Aadhar Card, a Passport, or a Voter ID card.
Residence proof: The applicant's and the co-applicant's resident facts
Academic documents:
Mark sheet and the applicant's certificates
GRE, GMAT, TOEFL, IELTS, etc. mark sheet (Score Report), whatever is applicable
Evidence of acceptance: Letter of acceptance exchanged by the university or college.
Bank statements: The last six months of a co-applicant's bank statements
Income proof: Co-applicant's income proof

In the case of collateral (immovable property), the following documents may be needed for flat, domestic, or non-agricultural land:

Property title deed
Building approved plan
NOC for a mortgage from builder or society
Technical documents

Aspirants also need to provide specific other technical documentation to take advantage of a student loan, in addition to the above-mentioned documents.

Document with revenue
BDA Allotment: Letter of NOC and allotment
A certificate with No Encumbrance
Possession Certificate
Latest Receipt of property tax
Copy of Previous sale deeds
Certificate of conversion
Certificate for urban clearance (Case-specific)
Title deed (all the pages to be attached)
Copy of the approved development plan and case-specific permissions
Legal documents

Aspirants will need to provide a list of legal documents for having an education loan, in addition to the regular and technical documents.

Sale/gift/partition deed in favor of the customer for at least 13 years
Khata and Extract Certificate in the name of the current owner
Certificate of Encumbrance: Minimum 13 years reflecting all sales transactions
Latest Receipt of property tax

How to apply for a student loan for studying abroad?

The whole loan process takes time, from loan application to acceptance and disbursement, so it is always best to apply for a loan a bit early. Follow these steps to apply for a student loan:

Check the course you are studying is recognized or not recognized by the banks.
Figure out how much credit you need and how much you're going to arrange for yourself.
Compare various banks' student loans for studying abroad and go for the best suits your needs.
Fill out the loan application form, approach the bank after the bank, and finalize the loan amount.
The bank will issue a loan document that comprises different loan elements as soon as your loan is approved.
The bank will disburse the sum in installments or as required by the university after signing the loan contract.

Role of a Guarantor

A Guarantor/Co-applicant/Co-borrower is a signatory on a credit application who assumes equal responsibility as the applicant. The Guarantor for an education loan is not only a witness who attests the authenticity but also guarantees that the applicant will pay back the loan. A guarantor in effect also backs the applicant financially and guarantees that the loan will be paid back in case the applicant defaults on payment.

Banks and NBFCs allow the co-applicants who are closely related to the applicant such as father, mother, brother, sister, or immediate relatives from maternal/paternal side. In some cases, cousins, uncles and other relatives may also be considered. It is not always necessary to have a guarantor while applying for an education loan. Many financial institutions will determine your case based on variables like previous academic records, target school and country, GRE/GMAT score etc.

Instruments accepted

It is possible to identify liquid assets such as bonds, FD, shares, or any immovable property such as the estate, any commercial property, or only land as collateral. One thing to bear in mind is that it is not recognized as collateral for agricultural land. Often accepted as collateral are shares, bonds, bank deposits, mutual fund units, gold, debentures, bank deposits, life insurance policies, and government securities.

Collateral Rules

Any property which can be provided to a bank as a security for a loan, whether movable or immovable, as collateral. To minimize the risk involved in paying off the loan, most banks require collateral as insurance.

How much can you borrow against collateral?

In any case, if you intend to take your immovable property loan as collateral, the bank's representative can check your property and prepare a report on whether or not it can be mortgaged. Additionally, the bank's representative will assess your property. The loan sum will be accepted based on this report.

Read the agreement carefully

This is one of the most significant things to be taken care of when taking the loan. We always recommend that you carefully go over the loan terms and conditions and then move forward with it. This is one thing we emphasize, as with all the conditions mentioned in the loan agreement, you should always be transparent. Besides the bank representative, if you have any questions about it, you can contact UniCreds.

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Why UniCreds?
We experienced financial constraints during our studies. This experience fuels our passion for democratising education. We provide a platform for borrowers and lenders to reduce the complexity in the education loan domain and bring transparency in the pricing structure while providing multiple options for borrowers.