What are some recommended educational loans for Indian students pursuing higher studies in the USA?
Students who are planning to study in the USA can secure an education loan with and without collateral.
Education Loan with Collateral - If you are eyeing for a secured loan then you must pledge collateral against the loan amount. For education loans with collateral, public banks are the best option as they provide higher loan amounts and lower interest.
Popular banks such as State Bank of India, Union Bank of India, and Bank of Baroda are great options when it comes to secured loan options for studying in the USA.
Education Loan without Collateral - If you lack collateral then you can opt for an unsecured loan option. However, for this loan type, you will require a co-applicant, someone with a decent CIBIL score and monthly income.
Now for unsecured loans, public banks and NBFCs are a great option as they do not require the borrower to contribute any amount to the loan amount and cover 100% of education expenses. If your desired course is listed in the private banks pre-approved list then public banks are your best bet but if your intended course is not in the private banks’ list then NBFCs are a great choice.
The choice between the best depends on the applicant’s individual requirements. To navigate the education loan maze better connect with team GyanDhan. We at GyanDhan compare 15 plus lenders for you and initiate your loan application with 3-4 lenders simultaneously. This ensures that you get the best possible loan. To understand which education loan is the best for you and to get the best education loan terms check your loan eligibility.