Leap Finance is one of the education loan providers in India that provides student loans to ambitious Indians who want to study abroad. It provides high-quality college loans to Indian students studying in the United States and Canada. Because of its minimum paperwork requirements, reasonable interest rates, and competent counselling, Leap Finance Education Loan has gained the trust of many young Indian students. The application for a Leap Finance Education Loan is fully online and takes less than ten minutes to complete. Students can apply and obtain an official sanction certificate from the comfort of their own homes. This blog helps you understand the nuances of applying with UniCreds!
| Leap Finance Education Loan Overview | |
| Features | Leap Finance’s education loan features, such as interest rates (8.5-10.95%), loan limits (up to 100% of tuition fee or 100,000 USD), and EMIs, offering flexibility with a moratorium period, and repayment tenure of 7 to 10 years. |
| Education Loan Without Collateral | These loans cover entire tuition fees or up to 100,000 USD, with a repayment period extending up to 10 years, offering financial support without tying assets. |
| Eligibility Criteria | -Indian citizenship Strong academics -Preference for STEM courses -Confirmed admission offer from a recognised U.S. institution -Minimum age of 18 years |
| Documents Required | -Aadhar card -PAN card -Passport -Academic certificates -Admission letterGRE/IELTS/TOEFL scores -Payslips -Bank statements |
Leap Finance Education Loan Features
Leap finance education loan for abroad studies necessitates a keen understanding of its loan features. Learning about the specifics, including interest rates, loan limits, and EMIs, is vital for effective financial planning. This section serves as your guide, providing insights into these crucial factors, and enabling you to strategically align your finances.
| Parameter | Details |
| Loan Amount | Up to 100% of the tuition fee or 100,000 USD |
| Leap Finance Interest Rates | 8.5% to 10.95% USD |
| Leap Finance Processing Fees | 1.5% to 2% of the loan amount |
| Moratorium Period | Course duration + 6 months |
| Repayment Tenure | 7 to 10 years depending on the profile |
Leap Finance Education Loan Without Collateral
Leap Finance stands as a beacon for aspiring students seeking post-graduation degrees in the USA by offering tailored education loans. What sets them apart is their provision of unsecured education loans, eliminating the need for collateral.
This means that students can pursue their academic dreams without the burden of tying assets, providing a financial avenue that values ambition over undue constraints. They finance your entire tuition fee or upto 100,000 USD at an interest rate starting from 8.5% depending on the student’s profile. They provide up to 10 years for loan repayment.
Eligibility Criteria For Leap Finance Education Loan
Leap Finance has established specific eligibility criteria to ensure seamless access to their education loans. Prospective applicants must be Indian citizens pursuing postgraduate studies in the United States. Additionally, candidates should have a confirmed admission offer from a recognised U.S. institution. Let’s understand the terms and conditions given below-
- The student must be an Indian citizen.
- The student should have a strong academic record.
- Lenders always prefer giving loans for STEM courses.
- The student must have already secured or have applied for admission at an abroad university.
- The student must be above the age of 18 years.
Documents Required For Leap Finance Education Loan
Understanding the required documents for a Leap Finance education loan is vital for a couple of reasons. Firstly, it ensures that you can gather and provide all the necessary paperwork in a timely manner, preventing delays in the loan approval process. Additionally, the co-applicant documents hold significance as it plays a crucial role in the loan application. A co-applicant in education loan, often a family member, provides additional financial support and is jointly responsible for loan repayment.
| Category | Details |
| Documents needed from the Applicant | -Aadhar card – 2 copies PAN Card, Passport, Academic certificates (10th, 12th, and higher education) – Payslips from the last three months and bank statements from the previous six months, if relevant – Admission letter – GRE/IELTS/TOEFL scores – Passport size photo – Credit report |
| Co-applicant (Salaried) | Aadhar card – 2 copies PAN card, Payslips from the last three months and bank statements from the previous six months – Residence proof – Last 2 years Form 16 – Credit report |
| Co-applicant (Self-employed) | – Aadhar card – 2 copies – PAN card – Residence proof – CIBIL report – Individual ITR covering the last two years, including income computation, trading and P/ L account, and balance sheetbank statements from the previous six months |
Application Process For Leap Finance Education Loan
Knowing how to apply for a Leap Finance education loan is crucial for a smooth experience. It means making sure you qualify, filling out the online form correctly, and attaching the required documents. This knowledge helps speed up the approval process and reduces the chances of mistakes or delays.
- Step 1: Visit Leap Finance’s official website to check if you meet the eligibility criteria.
- Step 2: If eligible, proceed to apply by completing the online application form.
- Step 3: Fill in all the required details and submit the form online, attaching the necessary documents.
- Step 4: Post submission, Leap Education will take approximately 3 working days to assess your application and provide further details.
Loan Repayment For Leap Finance Education Loan
The payback time is limited to 15 years from the start of repayment, whether you accepted an Indian or an international course. Education loan repayment typically starts one year after the end of the six-month period following work, whichever comes first. The very first instalment of the loan will be disbursed, and interest repayment will commence instantaneously. The repayment options for the Leap Finance Education Loan are flexible and adjustable.
Benefits Of Leap Finance Education Loan
Leap Finance student loans stand out as a premier choice for Indian students aspiring to pursue graduate programmes abroad, thanks to their unparalleled financial architecture and innovative technologies. Here are some key benefits that make Leap Finance an attractive option:
Up To 100% Finance
You may continue to earn up to 100 per cent funding whether you pick a Leap Finance Education Loan with or without collateral. With so many diverse kinds of expenses to cover throughout your overseas stay, Leap Finance will keep you secure.
Quick Online Process
You may upload the necessary documentation to Leap Finance without needing to visit the branch. This allows you to save energy, time, and money while also avoiding the physical labour of dealing with big quantities of paperwork.
No Defined Limit On The Loan Amount
With Leap Finance, you may anticipate up to 90% assistance for your education costs. The following is a list of expenditures that will be reimbursed by the Leap Finance Education Loan for international study –
- Tuition Fees
- Accommodation/Hostel expenses
- Any deposits to be paid at the Institute
- Cost of uniform, books, & other miscellaneous expenses
- Travel & Transportation costs
Quick Loan Sanctions
In case of an emergency, you can use UniCreds to speed up the loan application procedure. In actuality, your student loan should be approved within two business days. If you ever need to meet a deadline to get your loan authorised, pay the fee, or obtain your VISA, call UniCreds and we will ensure that your loan is authorised on time.
FAQs
1. What is the interest rate for Leap Finance?
Leap Finance offers competitive interest rates of 8.5-10.95% providing financial flexibility for aspiring students pursuing international education.
2. Does Leap Finance require collateral?
No, Leap Finance provides unsecured education loans eliminating the need for collateral and easing the financial burden on applicants.
3. What is the processing fee for Leap Finance?
Leap Finance’s processing fees are 1.5-2% and can vary based on individual profiles, providing tailored solutions to meet diverse financial needs.
4. How many days does it take for an education loan to be approved?
Leap Finance typically approves education loans within 3 working days, ensuring a swift process for students to secure financial support for their academic pursuits.
5. Does Leap Finance provide education loans?
Yes, Leap Finance provides education loans with no limit on the education loan amount. The students have the opportunity to receive 90% coverage of their educational expenses through Leap Finance.
6. Is it safe to take a loan from Leap Finance?
Leap Finance education loans to Indian students are highly safe and reliable. The loans are given for higher education abroad. Students can get loans to study in nations like the United States and Canadian universities.
7. What is the cheapest way to get a student loan?
The easiest or cheapest way to get a student loan is by applying for subsidised loans. These are your cheapest options as the interest amount is paid by the government during your time in the university.
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