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Russia is steadily climbing the ranks to become one of the world’s most popular study abroad destinations. While the country’s historical, natural and cultural beauty draws thousands of tourists from the world over, student numbers in the country are rising due to its renowned high-quality mass education system and top-rate teaching facilities and student infrastructure. A high influx of international students has given rise to students looking for an education loan for Russia to help finance their education in the country and diminish the burden of expensive tuition fees and living costs.

Sorting out finances is one of the first steps a student needs to take upon receiving their letter of admission from their institution of choice. While scholarships are widespread, a student does not necessarily qualify for one. And even if one does manage to land a scholarship, it does not cover all their expenses abroad. To qualify for an education loan for Russia, a student needs to meet the following criteria.- The student must be an Indian citizen. - The student must be in possession of their acceptance letter from a Russian higher education institution. - The student must be enrolled in a course that is recognised by the loan providing body (bachelor’s degree, master’s degree, diploma courses, certificate and professional courses)- The student must possess all the required documents stated by the respective Russian bank or non-banking financial institution such as previous academic records and certificates, identity proof etc.

Before a student approaches the bank or their NBFC for an education loan, they need to make sure they have all the right documents in place to speed up their loan procedure and reduce the time and hassle to get it sanctioned. At UniCreds, a student can get their tailor-made list of documents on the basis of their profile, the profile of their co-applicant and the collateral they wish to submit. Below is a list of documents required for an education loan for Russia. - KYC documents include identity proofs such as AADHAR and PAN.- Acceptance/Admission letter from Russian higher education institution- Application form for loan- Documents stating the cost of education (tuition fees)- Proof of residence- Proof of income of the student and guarantor- Bank statements of the student and guarantor- Academic documents including previous academic records

Compared to its counterparts, Russia ranks quite low in terms of the cost of education. It is known to have an inexpensive education especially so for international students. Costs are obviously known to vary between metropolitan cities and smaller towns in the country. Tuition fees for a Bachelor’s programme in Russia range from €2,000 to €10,600 annually whereas the annual tuition fees for a Master’s programme range from anywhere between €2,200 to €5,540 depending on a variety of factors. Specialised degrees such as medicine are known to cost higher than other programmes in traditional fields of study.

What expenses an education loan covers depends primarily on the type of loan you opt for. While some loans provide strictly for tuition fees, others provide not only for tuition in full but the loan also covers certain living costs. To choose the right education loan for Russia, a student must decide on what costs should the education loan cover. Different loans function differently, and so do their repayment systems. Below mentioned are some of the expenses covered in an education loan:- Tuition Fees- On-campus or private student accommodation- Course Material- Books & Library fees- Transportation Costs- Insurance premium

There is a wide variety of options students can opt for to finance their higher education. There are not only different types of student loans for Russia but there are also options of self-funding, fixed deposits and the like for students to choose from. Education loans are widely divided into two categories, secured and unsecured loans. Let us understand them better below. Secured Loans: Provided by recognised government or public banks, secured loans require the student to put up an asset as security or collateral. Secured loans are the most opted for when it comes to signing up an education loan for Russia. Unsecured Loans: Unsecured loans are usually provided by non-banking financial companies (NBFCs) and private commercial banks. The main feature of an unsecured loan is that a student is not required to keep any collateral with the bank. These loans are usually opted for by students who are not in possession of any asset that they can put up as collateral to secure a loan.

Looking for the right education loan for yourself can seem to be quite daunting a task with a large number of options out there. This can sometimes lead to making the wrong choice with no way out. Hence, the starting tip for choosing the right education loan is to undertake thorough research and seek help from a knowledgeable and dependable financial advisor. Below mentioned are some tips to choose the best education loan for Russia. 1. Calculate & determine the loan amount on the basis of expenditures.2. Research well on the interest rates available with the loan as it plays a crucial role during repayment.3. Opt for a longer repayment duration to make enough time to find post-study employment and repay the loan with its interest rates.4. Approach certified banks or NBFCs to avoid any hassles especially when it comes to availing of income tax benefits.5. Check the loan’s margin amount.6. Keep track of the processing time for the education loan.7. Make the loan application at least three months before the visa interview.

Unlike any platform of its kind, UniCreds minimises the hassles to secure a loan UniCreds, unlike any other platform, makes securing student loans easy. Here are some of the reasons why receiving an education loan for Russia with UniCreds is the best choice for students:- Full financing (up to 100 %) for tuition and living expenses- No margin money.- Immediate sanctions in the event of an emergency - Options for customised financing- Comparing education loans- Tracking of loan applications- Loans with no collateral- Doorstep delivery of services- Paperless approval of loans