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Why choose UniCreds for your Education Loan to Study in the US?

The United States of America (USA) hosts the most number of overseas students in the world. Quality education, unique curriculum, multicultural environment, and abundant opportunities are just some of the reasons why many international students want to study in the US.The US boasts of some of the renowned universities, a lot of which consistently rank in the global university rankings.

Why choose UniCreds for your Education Loan to Study in the US?

UniCreds offers simplicity in acquiring education loans, unlike any other platform. Here are just a few benefits offered by UniCreds -

• Total Funding For Your Overseas Education - With UniCreds, students can expect up to 100% funding that covers tuition costs and living expenses.
• No Margin Money - Get education loans that cover 100% of your expenses.
• Quick Sanctions - For urgent cases, students can reach out to us with their specific requirements, and we will get your loan sanctioned immediately.
• Customised Financing Options - Get flexible repayment options related to tenure, prepayment, moratorium period and much more.
• Education Loan Comparison - Compare education loans of all the leading banks and NBFCs in the country.
• Loan Application Tracker - Get step-by-step notifications regarding the status of their loan application.
• Free Of Cost Service - All services of UniCreds are completely free of charge.
• Transparent Information and Hassle-Free Service - Get all the details regarding education loans on the UniCreds website.
• Smarter and Safer Option - UniCreds has a host of different tools that will help you make smarter decisions about your overseas education.
• Door Step Service - Avail the Door Step Service to have someone collect documents and submit them to the banks on your behalf.
• Collateral Free Loans - Now get collateral-free education loans for your overseas studies.
• Paperless Loan Approvals - Digitize your entire loan application process with UniCreds and save yourself countless trips to the bank.

What are the benefits of having a student loan in the US?

In recent years, the cost of college has been rising rapidly and students often struggle to fund their overseas education all on their own. On average, students are graduating with $132,860 (£101,505) worth of debt. This is a sizable amount to pay off for someone who's just about to start their career. Here’s where an education loan comes in. An education loan is the most trusted source of finance for university students. With UniCreds, students can expect up to 100% financing that covers their tuition and living expenses. Moreover, interest paid on education loans in the US from UniCreds is fully eligible for deduction under Section 80E of the Income Tax Act, 1961. This will help ease the financial burden of studying abroad.

What does a study loan in the US cover?

An education loan can cover all your educational expenses that include your tuition fees, on-site or off-site accommodation, transportation costs, books, library fees, courseware, and other miscellaneous expenses.

What are some tips on choosing the best education loan in the US?

There are hundreds of lenders offering a variety of education loans to study abroad. Finding the perfect education from hundreds of options can be like finding a needle in a haystack. This is why you should start your research much in advance so that you have the time to check out all the options in the market. Apart from this, here are some other parameters that you should consider while choosing your education loan

• Determine your loan amount - It is crucial to determine the loan amount before you start your education loan application process. You need to figure out if you want a loan that covers your entire cost of education or a loan that covers just some of the amount, while you pay the rest from your own pocket.
• Research on interest rates - Lenders often charge different rates of interest based on your profile, loan tenure, collateral and other factors. Finding an education loan with the least rate of interest may not always be the best option for you. So research well on interest rates and the other terms and conditions applicable to the education loan.
• Opt for a longer tenure - By opting for a long repayment tenure, you are essentially spreading out the EMIs over a longer duration. This will significantly help you in repaying the loan in a stress-free manner. However, if you have sufficient funds, going for a loan with a shorter tenure is also a wise move as it helps you in saving a lot of money.
• Approach certified banks - Education loans come with income tax benefits if availed from a government recognised bank. Applicants can claim a deduction on the interest paid on an education loan from a bank under Section 80E of the Income Tax Act.
• Keep a track of miscellaneous expense - The cost of tuition will form a major chunk of your educational expenses. But apart from this, miscellaneous expenses like on-site or off-site accommodation, transportation costs, books, library fees and courseware can collectively be very expensive. Consider the cost of these miscellaneous expenses while determining your education loan amount.

What is the usual interest rate on a study loan in the US?

The general rate of interest on an educational loan to the US ranges between 8% to 19%. The exact rate of interest depends on the student’s profile.

What are the documents required to get an education loan in the US?

UniCreds provides students with a concise list of documents that depend on their profile, their co-applicant’s profile and any property/asset, which they may offer as collateral. But broadly, these are the documents that are required -

• KYC documents
• Bank Statement / Pass Book of last 6 months
• Copy of admission letter of the Institute along with fees schedule
• Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses
• Passport

Frequently asked questions for student loan in the US