The fashion industry today is simply brilliant with an increase in demand for fashion designers and stylists. International brands, malls, in-house brands, and standalone brands, manufacturers, and fashion houses are hunting for budding designers with fresh perspectives from fashion designing colleges. You might want to pursue a career in fashion designing, and an integrated course in this field would do the trick of fetching you a position in this dynamic industry. However, the tuition fees in such colleges are pretty high, given the practical exposure and the other technicalities involved. This is where you stand a chance to secure an education loan for abroad studies in fashion designing. This article contains everything you need to know regarding a student loan for fashion colleges.
Where Can You Study A Fashion Designing Course?
Below is a table listing the institutes you can study in with an education loan for fashion designing across the globe
|Fashion Institute of Technology
|New York, US
|London College of Fashion
|Westphal College of Media Arts and Design
|School of Arts, Design, and Architecture – Aalto University
|Istituto Marangoni International Milan
|Savannah College of Arts and Design
Are You Eligible?
You are eligible for an education loan for fashion designing provided you meet the following requirements:
- Firstly, you need to comply with the norms, terms and conditions of the concerned bank to get an education loan. So make sure you give the T&C’s a thorough read
- The bank will check your previous academic records and the reputation of the college to which you are seeking admission.
- Apart from this, there are other terms and conditions of the bank like you need to start repaying the loan once you get a job or after completion of six months from course completion whichever is earlier
- You need a third-party guarantor for an education loan above 4.5 lakhs and a mortgage of property if the loan is more than 7.5 lakhs and the rate of interest will fluctuate from time to time as per RBI orders.
To secure an education loan for fashion designing, you must submit the following documents:
- Your application form for the loan in bank format
- Proof of entry
- Passport size photographs
- Address and evidence of age if you are not a current bank customer
- Copies of the transcripts in the qualifying examinations
- Schedule of fees for the course
- Statement of bank account for the last six months of the borrower/co-borrower
- Income tax statement of not more than two years (students or parents)
- A concise statement of yours or your assets and liabilities
Where Can You Apply?
The ease of every foreign education loan operation depends very much on the contract terms of the lending institution. Several lenders are lending a student loan for a fashion designing course. So, how are you going to choose the correct one whose policies meet the financial criteria of Fashion Designing Colleges? For example, if the country in which you wish to study is not on your respective bank’s list of countries qualified for an education loan for fashion designing, bank officials will likely fail to process your application. This is one of the most popular challenges confronted by candidates who intend to take advantage of a fashion designing student loan from government banks.
This is where the UniCreds come into the picture. If you apply with us, we can guarantee that the whole student loan phase becomes a piece of cake for you.
How To Apply
The application process for an education loan for fashion designing courses differs from country to country, however, UniCreds has devised a standardized application process for students. You can simply get started by filling this form here →
Our education loan counsellor will then interact with you to understand your financing needs in detail. Once that is done, you will have to fill out the application form for an education loan for fashion designing after which your details will be transferred to the relevant bank or NBFC. Congratulations! You’re now just an email away from getting your loan sanctioned so that your funds can be disbursed.
Fashion designers and stylists are in demand today. There are a number of students who are looking forward to getting into the top designing institutes. To meet the exorbitant expenses, students can either look forward to scholarships for fashion courses or they can resort to education loans. To ensure a hassle-free experience, you can find some of the top banks providing education loans for fashion designing. Support your study abroad dreams, enhance your experience, and make the best use of your education loan.
1. Can I get education loan for Fashion Designing?
Yes, public sector banks do provide education loans for fashion designing courses, provided you have a financially sound guarantor. However, for loan amounts exceeding 7.5 lakhs, banks also require collateral along with a co-signer.
2. What are the eligibility criteria for getting an education loan for fashion designing?
The eligibility criteria may vary among banks, but generally, you need to fulfill certain requirements such as being an Indian citizen, securing admission to a recognized fashion designing institute, and having a co-borrower or guarantor with a stable income.
3. What is the loan amount limit for education loans in fashion designing?
The loan amount limit may vary depending on the bank and the course. Generally, banks provide education loans ranging from a few lakhs to a few crores for fashion designing courses.
4. What is the interest rate for education loans in fashion designing?
The interest rates for education loans in fashion designing can vary among banks and are generally competitive. Rates can range from around 8% to 15%, depending on the bank’s policies and the borrower’s profile.