Leap Finance provides highly safe and reliable education loans to Indian students headed abroad for higher education. They currently provide graduate student loans to Indian students who are enrolled at American and Canadian universities. Leap Finance’s modern financial products and services have the potential to help thousands of Indian students pursue a global career.
Leap Finance, an Indian financial services company was founded in 2019 with the intention of providing high-potential students with affordable student loans at reduced interest rates, a hassle-free service, and a simple process. It intends to close the financial gap by integrating global finance providers with aspiring students in growing economies. Leap Finance assists future leaders from India who wish to pursue their higher studies in the USA or Canada. Students can obtain a Leap Finance education loan for their study abroad journey and streamline their student loan process. Essentially, Leap Finance intends to provide modern financial products and services that would assist Indian students in pursuing global careers.
Sr. No | Features | Education Loan Details |
---|---|---|
1 | Loan amount | Minimum Loan amount - $10,000 Maximum Loan amount - Up to 100% of total cost of education |
2 | Margin money | Nil |
3 | Interest rate | Several factors impact the Leap Finance education loan interest rate, and they include: the university of choice, the course, the destination country, GRE scores and the overall academic performance, the student's work experience, loan tenure, and more. Leap Finance is known to offer interest rates that are the lowest in the industry which makes it feasible for low-income group students to apply for the same. Furthermore, Leap Finance's interest rates are fixed unless other international lenders are involved in order to eliminate any uncertainty during repayment. The table below shows the interest rates that students can expect to pay with a Leap Finance loan - Interest Rates - 8.5% - 10.95% Sanction Time - 3 Days Collateral - No Collateral Processing Fees - 1.5 % - 2% Loan Sanction Size - Complete |
4 | Processing fee | 1.5% to 2.0% |
5 | Processing time | 3 Working Days |
6 | Loan tenure | 10 Years |
7 | Prepayment charges | Nil |
8 | Repayment holiday | Duration of course + 6-12 months |
9 | Countries covered | USA |
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Following table show the year wise payment schedule.
Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Leap Finance believes that every student who wishes to study in the United States is eligible for a loan. Here are the eligibility criteria to secure a Leap Finance education loan -
Sr. No | Type | Requirement |
---|---|---|
1 | Eligibility for Leap Finance Student Loan | Leap Finance believes that every student who wishes to study in the United States is eligible for a loan. Here are the eligibility criteria to secure a Leap Finance education loan - 1. The applicant must be an Indian national. 2. They must be over the age of 18. 3. The candidate may be required to have an Indian co-signer to share loan payments. 4. The candidate must have been admitted to a university or should be applying for a Master's degree or higher at one of the universities or courses funded by Leap Finance. 5. Even though their application to the University is pending, the candidate should be entitled to apply. However, the loan amount will not be sanctioned until we receive the approval letter. |
Following are the documents required for Leap Finance education loan -
Sr. No | Type | Documents Required |
---|---|---|
1 | Student’s Documents | 1. A fully filled application form 2. Admit Letter from the university 3. Cost break-up of the educational program 4. An Affidavit/Declaration Form 5. Visa Approval & Travel Documents |
2 | Academic Documents | 1. 12th Marks Sheets 2. Certificates from previous educational institutions 3. Entrance exam Marks sheets 4. Scholarship Documents |
3 | KYC Documents | 1. ID Proof - Passport, Aadhar Card, PAN Card 2. Voter’s ID, etc. 3. Address Proof 4. Age Proof |
4 | Co-Applicant’s Documents (If Salaried) | 1. Address Proof 2. ID Proof 3. 3 Months Salary Slips 4. Form 16/Income Tax Returns Documents 5. CIBIL Score 6. Any other Income Proof |
5 | Co-Applicant’s Documents (If Self-employed) | 1. Address Proof 2. ID Proof 3. Bank Statement of the last 6 months 4. Income Tax Returns 5. Proof of Office - Utility Bills, Lease Deed, Title Deed 6. CIBIL Score 7. Any other Income Proof |
Leap Finance provides a direct transfer of money to the university or higher education institution that covers all expenditures. In order to develop a decent credit score in both India and abroad, partial monthly interest repayments are essential. After six months after course completion, full repayment in EMIs begins.
Leap Finance attempts to simplify the loan application and approval process by remaining transparent and simple. Following are the steps to apply for a Leap Finance education loan -