Study Abroad Loan Upto 1 Cr Without Collateral

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

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