Getting an education loan is quite easy these days and it helps students to realize their dream of getting a top-notch education at one of the premier universities of the world. However, often students don’t realize that after the completion of their course they will be paying quite a substantial sum towards their education loan. This webinar will help the students to plan their repayment in the most optimum manner according to their profile so that they do not pay even a penny extra.
This webinar will focus on:-
- Budgeting and Strategising for Quick Repayment/Repayment Estimator
- Pitfalls of Using a longer repayment term/Loan tenure extension
- Refinancing and how it could help you
- Usage of EMI Calculators to Evaluate Your Optimal Repayment Plan
- Different Types of Repayment Plans, when you have surplus cash and when you don’t have
- Interest amount repayment
- Moratorium period extension
Here is how the webinar works:
- Ask Qs now: You can start asking your questions right away right here.
- Answers via video: On Saturday, 6th November, at 7.30 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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What are the collatorals we can use to apply for loans?
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Thank you.
What about the value? Let’s say I want a loan amount of 30L, what should be the collatoral value?
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What If I don’t have a collateral, will I be eligible for education loan up to 25 lakhs?
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What about universities in Germany for non collateral loans?
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As you had mentioned it earlier about taking up loan on property which is already under loan, what if the loan is from a different bank or loan agency? Say if the loan of the property is from LIC housing finance and for education loan I am approaching SBI.
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How much loan can we take if there’s no collateral? and what’s the usual interest rate of unsecured loan? What if there’s a loan on the property?
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For non collateral loan is HDFC credila a better option or any other bank is a better option. Have never took loan and CIBIL score is good. father is into business but has 1 year ITR only
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Hi Saravanan!
To apply for education loans, you can use both tangible and intangible assets. A constructed home, flat or apartment, and non-agricultural land, etc. are all examples of tangible assets. Insurance policy and fixed deposits are examples of non-tangible collateral. The kind of asset eligible as collateral varies from lender to lender. So, I’d suggest you to call us at 93194 31090 or request a call back from our experts to know if your collateral qualifies.
Usually, constructed buildings, land without construction (but with boundaries), residential property (flat, house, etc.) easily qualify as security, and chances of rejection of such real estate are minimal.
Note: Some common causes for rejection are attaching agricultural land as collateral or land that falls under Gram Panchayat’s jurisdiction or B-Khata property (Bengaluru). Students attaching a property that is disputed, not submitting past sales deeds if the property has been owned for less than 30 years, etc. can also lead to rejection.
To avoid rejection, it is always better to seek professional help. Check your eligibility and make your application rejection-proof.
Read this for more details: https://www.gyandhan.com/sbi-education-loan
All the best!
Well, some lenders like BoB offer loans @ 90% to 100% value (as estimated by professional evaluators and not the market value) of the collateral, whereas others like SBI offer loans @ 70% value.
So if you want a loan of INR 30 L, depending on the lender you choose, your collateral value should be between INR 34L and INR 43L.
Note: This evaluation of asset should be done by a professional property evaluator. Their evaluation is usually lower than the market value so be prepared for that reduction too.
Contact our loan experts to know if your collateral qualifies and how much loan can be easily acquired on its value. They will figure a way out!
Good luck!
Of course, you will be.
You can opt for an unsecured (or loan without collateral) instead. Many leading banks, such as Axis Bank and ICICI, offer education loans without security. All you’ll need is a co-applicant who is employed and agrees to pay interest on your behalf until course completion. Then, you can simply start repaying yourself once you get a job. There is one benefit of taking a loan without collateral - you get 12 months after course completion before your EMIs begin, which means you get a year to find and settle into the job.
High CIBIL score, high academic scores, admission to a reputed institute, original and complete documents, etc. always ease the process of securing a loan without collateral.
However, some provisions can be made by our loan experts to ensure that a deserving candidate gets the loan he/she requires to fund their dream. You should watch this video that will walk you through the process of education loans without collateral: https://www.youtube.com/watch?v=exFUm7Z2ZlI
Other than private banks, NBFCs provide loans without security. The interest is slightly higher but the eligibility criteria is less strict. You can always request a call back or call us at 93194 31090 to know what’s best for you.
Good luck!
Refer to the two tables here for a detailed comparison: https://www.gyandhan.com/blogs/educational-loan-options-for-germany
This will tell you everything you need to know.
Below-mentioned is a comparison of our lender partners who offer loans without collateral for Germany:
| Example Lenders |
SBI, BOB
|
Axis Bank |
Avanse, Incred
|
| Loan Amount (INR) |
Upto 7.5 lacs |
INR 40 lakhs (For Few Selected Universities, for others only up to INR 7.5 Lakhs) |
INR 20 lakhs (Easier for Master’s courses as compared to others, amount based on the co-applicant income) |
| Interest Rate Range |
10%-11% |
11.25%-12% |
12%-16% |
For any further assistance, call us at 93194 31090.
Happy to help!
Well, SBI will find out that the property has been used for taking a loan from LIC Housing Finance. The best way out is to transfer your loan to the lender you’re seeking education loan from.
Let me make it clear that you can only acquire education loan on the remaining value of the property, which is not covered by your housing loan. For example, if the value of the property is estimated to be INR 1Cr. and there’s an ongoing housing loan of INR 70 L on it from LIC Housing Finance, you can only acquire INR 30L (1 Cr - 70L) on the property as edu. loan, provided that you transfer your housing loan to the lender you’re seeking edu. loan from.
So, no, it’s NOT possible to take 2 loans from different lenders on the same property.
Confused? Let one of our counsellors make it clear. They can also help you with transferring your loan from one lender to the other. Call us at 93194 31090 or request a call back.
You can get up to INR 50 Lakhs of unsecured loan from our partner lenders.
This table should help!
| Criteria |
Secured Education Loan from PSBs |
Unsecured Education Loan from Private Banks |
Unsecured Education Loan from NBFCs |
| Rate of Interest |
8.85%** onwards |
11.25%** onwards |
12% - 15%** and onwards |
| Maximum Loan |
1.5 Crore |
40 Lakhs |
50 Lakhs |
Also, if there’s a loan on the property, the best way out is to transfer your loan to the lender you’re seeking education loan from.
Let me make it clear that you can only acquire education loan on the remaining value of the property, which is not covered by your housing loan. For example, if the value of the property is estimated to be INR 1Cr. and there’s an ongoing housing loan of INR 70 L on it from LIC Housing Finance, you can only acquire INR 30L (1 Cr - 70L) on the property as edu. loan, provided that you transfer your housing loan to the lender you’re seeking edu. loan from.
So, no, it’s NOT possible to take 2 loans from different lenders on the same property.
Confused? Let one of our counsellors make it clear. They can also help you with transferring your loan from one lender to the other. Call us at 93194 31090 or request a call back.
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To know your options of edu. loans without collateral, check your loan eligibility.
Well, as per the details you have given, your eligibility is high. But I’ll need a few more details like how much loan you require, what university and course you’re applying to, what’s your co-applicant’s income, etc.
Give us a call at 93194 31090 and I’d be able to help better.
I would say, every lender is good in their own way whether Credila or any other. As far as they can offer the loan amount you need and their terms and conditions aren’t exploitative, it should be alright. If you are facing a difficulty comparing, our counsellors can do it for you and tell you the pros and cons of taking loans from different lenders.
We’ll need to check what suits best as per our profile as we never judge any lender just by the names.
This video will help a lot: https://www.youtube.com/watch?v=exFUm7Z2ZlI
Hope you get your funds soon and set off on your study abroad journey!