Can I get education loan without admission?

Do I need to be admitted before I can apply for education loan at a particular university/college? No. You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you’ll get a conditional loan sanction letter.

Can NBFC give education loan?

Education loans sanctioned by NBFCs cover 100\% of the tuition fees, travel expenses, lab fees and exam fees, lodging fees, cost of books and equipment, library fees, caution deposit and all other related costs.

Which NBFC is best for education loan in India?

Top 5 Indian NBFCs Providing Education Loan to Study Abroad

• Education Loan Provider – Avanse.
• Education Loan Provider – HDFC Credila.
• Education Loan Provider – Tata Capital.
• Education Loan Provider – Auxilo.
• Education Loan Provider – InCred.

Can I get education loan without property?

Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.

Is i20 required for education loan?

Ans. You do not need to have an I-20 to apply for an educational loan. You can start your education loan process as soon as you receive your admission letter. However, you can apply for a student visa only after you receive your I-20 form.

How long does it take to get an education loan?

It is best to know as much as possible about the course and the institutions that you have chosen. It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign. In most cases, banks pay the institution directly and or to you.

What are required for education loan?

Documents for Education Loan for salaried individuals: Bank Statement / Pass Book of last 6 months. Optional – Guarantor Form. Copy of admission letter of the Institute along with fees schedule. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

Why NBFCs are the best option for education loan?

NBFCs come to the rescue of aspirants who are not deemed fit for an education loan by a nationalized bank. The most common reasons are below: Under the RBI mandate, nationalized banks can offer only up to 7.5 lacs, which is not enough for abroad education.

What are the fees charged by NBFCs?

NBFCs charge a processing fee, which is to be paid after a provisional approval of the loan is granted. This fee amounts up to 1\% of your loan amount, plus GST. It may go up to 1.5\% + GST. It is mandatory for the applicant to take loan insurance.

How many NBFCs are there in India?

Primarily, there are four NBFCs (Non- Banking Financial Corporations) functioning in India. They mainly focus on lending educational loans. They are: The above list has been compiled in the order of their age in the market. Our team at WeMakeScholars works with all of them, except HDFC Credila.

How much student loan can I get without collateral in India?

Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country. But for some top-tier institutes in India, you can avail up to 40 lakhs of unsecured education loans from SBI.