What about prodigy Finance? How are they? Heard they provide loan at 8-9 % without collateral
Yes they do, but in USD. One shouldn’t compare loans in INR and USD directly given the currency fluctuations. Considering the rupee devaluation that is projected, 8-9% loans in USD is equivalent to 14-15% in INR. How? See this:
If you are applying for an education loan to study abraod, your preference should be
Nationalized Banks such as SBI, BOB.
Private Banks such as Axis Bank
NBFCs such as Credila, Avanse, Incred, Auxilo
International Lenders such as Prodigy, Mpower.
Thanks but that consider rupee will devalue with time but in case it doesn’t happen then the loans in usd are comparatively cheaper correct me if o I am wrong
India is a developing country, where as US is the developed country. The inflation in India is 5%, where as the inflation in US is 1%. As an unsaid rule, the currency devalues as per the difference of the inflation / difference in the risk free rate (FD rates, in India it is 6%, in US 1%) in any long term the ruppe has to devalue itself. This is mathematically proved by something called fisher equation. You can google it. You can also see the past data.
Plus do you think given the current economic scenario, rupee won’t fall ?
I think INR loans are way better.
Here you can read about the fisher equation:
Corporate Finance Institute
Fisher Equation - Overview, Formula and Example
The Fisher equation is a concept in economics that describes the relationship between nominal and real interest rates under the effect of inflation. The equation states that the nominal interest rate is equal to the sum of the real interest rate plus...
I think @suresh_gupta has explained it well! I agree with him.