Education Loans : Secured vs Unsecured

The basic definitions of Secured (with collateral) and Unsecured (without collateral) are simple, but deciding which one suits your needs better is indeed a confusing and difficult task. Different banks, NBFCs and FinTech companies follow different guidelines when sanctioning a secured or unsecured loan.

This webinar will focus on

  • Comparison of Secured and Unsecured loans
  • Interest rates
  • Loan amount
  • And other benefits of one over each other

Apart from this, the Q&A section in the webinar will also help you to clear any remaining doubts that you may have.

Here is how the webinar works:

  • Ask Qs now: You can start asking your questions right away right here.
  • Answers via video: On Saturday, 9th November, at 5.30 PM, We will answer your Qs via a webinar, which you can join here.
  • Answers transcribed for future reference: We will transcribe the answers and post them in response to your questions on this page.
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Please start asking your questions here.

I am planning to go in for an unsecured loan to fund my education and I understand that the interest rate is comparatively higher. Is it true that the unsecured loan can be taken over by a bank at regular loan interest rate after completion of the course?

Thanks for answering!

Can I convert existing education SBI loan in fixed interest?

If my father is co-borrower and he has service remain for 3yrs. Does it has any affect on the loan process.

I have collateral worth 15 lakhs. How much amount will I get under collateral?

If I apply for an unsecured loan, will the loan amount be given to me or will the money be sent directly to the university? And if my father who is the sole working parent, is unemployed, will I be able to secure a secured loan? Considering enough collateral is available.

should value of colletral must be equal to required loan?

What if I got the loan, but my visa has been rejected and I postponed my plan to next intake or I cancelled the abroad plans. In such cases can I extend the loan repayment period or can I cancel the loan in case of not going abroad?

I have collateral of around 60L however I require loan of around 65L as my university is very expensive and I am already paying approx 50L by my own funds. So whats the solution?

How many days will it take get the loan under secured?

My expenses are around 1.2 cr. I want loan for around 65L

Any other way to cover up the rest of the amount in case I get loan less then 65L?

Will the interest be adding to the principal during the loan period during study? Under secured

So sir from which NBFC should we take loan?

Which number can I contact you on?

Few of my masters program have 3 years course duration. Is it possible to get such longer loan repayment period under secured loans?

Got it! Thanks

will our option of thesis or non-thesis affect the bank’s decision?