Make a prudent estimation of your education loan EMIs with the UniCreds Loan EMI Calculator
Use our proprietary algorithms to find out if you're eligible for a loan at the best rate.
Our loan repayment calculator lets you calculate, easily and quickly, the monthly repayment amount of your student loans.
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.
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.
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 -
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.
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.
The interest paid on an education loan is eligible for a tax deduction under Section 80 E of the Income Tax Act 1961.
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.
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.
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.
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:
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:
Aspirants also need to provide specific other technical documentation to take advantage of a student loan, in addition to the above-mentioned documents.
Aspirants will need to provide a list of legal documents for having an education loan, in addition to the regular and technical documents.
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:
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.
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.
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.
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.
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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