Study Abroad Loan Upto 1 Cr Without Collateral
2024-04-12T12:30:00Z→2024-04-12T13:30:00Z
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A webinar on Education Loans Up to 1 Crore Without Collateral was organised on 12 April 2024
Here are some Key Takeaways :
The webinar focused on educating potential students on how to secure up to 1 crore in education loans without collateral.
Sponsored by Empower Financing, the session provided insights into different loan categories: secured, unsecured with co-applicant, and unsecured without co-applicant.
GyanDhan, the host and a marketplace for education financing, assists students in securing overseas education loans from various lenders including public sector banks, private banks, NBFCs, and international lenders.
Interest rates for unsecured loans without a co-applicant typically start higher, reflecting the increased risk to the lender due to the absence of collateral.
For unsecured loans that involve a co-applicant, the lender evaluates the co-applicant’s financial stability as a critical factor in loan approval.
The processing of unsecured loans is usually quicker than secured loans since it doesn’t involve property evaluation and other related checks.
Empower Financing, featured in the webinar, offers education loans up to $50,000 without a co-applicant for students heading to the US or Canada.
Benefits discussed include coverage of total tuition and living expenses, potential for building a credit history in the US, and special programs that could assist with internships and job placements.
Questions and Answers from the Webinar:
Q: What is the interest rate for education loans offered by international lenders like Empower Financing?
A: Interest rates start at 12.74% for loans from international lenders like Empower Financing. For loans associated with work experience, rates might start from 10.5%, but this is applicable only for a limited number of colleges and courses.
Q: Are loans available for studying at prestigious universities like Harvard?
A: Yes, loans are available for prestigious institutions like Harvard, as these universities are often included in the preferred lists of almost all lenders.
Q: Can I get a loan for undergraduate studies abroad?
A: Loans for undergraduate studies are typically only available for the final two years of the program. For the first year, securing an unsecured loan can be challenging.
Q: What are the advantages of choosing Empower Financing for an education loan?
A: Empower Financing offers loans without requiring co-applicants and provides additional benefits like no forex charges, inclusion of processing fees in the loan amount, and assistance with building a US credit score, which is crucial for financial activities in the US.
Feel free to ask your queries below;