Education Loan for Abroad Studies by Indian NBFCs.

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Here are some of the benefits of taking an abroad education loan from NBFCs:

– .No collateral is required: NBFCs typically offer unsecured education loans, which means that you do not need to pledge any collateral to get a loan. This is a major benefit for students who do not have any assets to offer as collateral.

.Flexible repayment options: NBFCs offer flexible repayment terms, so you can choose a repayment plan that suits your financial situation. Repayment periods can range from 10 to 15 years, and you may also be able to take a moratorium on repayments while you are studying.

– .Quick loan processing: NBFCs typically have a faster loan processing time than banks. This is because they have fewer regulatory requirements to comply with.

– .Higher loan amounts: NBFCs may be willing to offer higher loan amounts than banks, especially if you have a good credit score and a strong academic record.

– .Wider range of courses covered:. NBFCs may be more willing to offer loans for a wider range of courses than banks. This includes courses that are not typically covered by bank loans, such as vocational courses and short-term courses.

In addition to these general benefits, some NBFCs also offer specific features and benefits for abroad education loans. For example, some NBFCs offer pre-approval of loans, which can be helpful in securing admission to your desired university. Some NBFCs also offer loans for specific expenses, such as travel costs and living expenses.

Overall, NBFCs can be a good option for students who are looking for an abroad education loan. They offer a number of benefits, such as no collateral requirement, flexible repayment options, and quick loan processing time. However, it is important to compare different NBFCs before choosing one, as the interest rates and terms and conditions may vary.

Here are some of the top NBFCs offering abroad education loans in India:

– HDFC Credila

– Avanse Financial Services

– Auxilo

– InCred

– M POWER

There are several benefits of taking an abroad education loan from NBFCs (non-banking financial companies) and banks with the help of Wecare Capital, a service provider company.

.Benefits of taking an abroad education loan from NBFCs and banks:.

– .Lower interest rates:. NBFCs and banks typically offer lower interest rates on abroad education loans than private banks.

– .Flexible repayment terms:. NBFCs and banks also offer flexible repayment terms for abroad education loans, which can be helpful for students who are just starting out in their careers.

– .Higher loan amounts:. NBFCs and banks are more likely to approve higher loan amounts for abroad education loans than private banks.

– .More features and benefits:. NBFCs and banks may offer a variety of other features and benefits for abroad education loans, such as co-signer waiver, moratorium period, and loan forgiveness programs.

Benefits of taking an abroad education loan with the help of Wecare Capital:

– .One-stop shop:. Wecare Capital is a one-stop shop for abroad education loans. They offer loans from a variety of NBFCs and banks, so students can compare interest rates, terms, and other features to find the best loan for their needs.

– .Expert guidance:. Wecare Capital has a team of experienced professionals who can guide students through the loan application process and help them choose the right loan for their needs.

– .Hassle-free experience:. Wecare Capital makes the loan application process as easy and hassle-free as possible. They offer online and offline loan applications, and they work with students to gather all of the required documentation.

Overall, taking an abroad education loan from NBFCs and banks with the help of Wecare Capital can be a great way for students to finance their education abroad. NBFCs and banks typically offer lower interest rates, flexible repayment terms, and higher loan amounts than private banks. Wecare Capital makes the loan application process easy and hassle-free, and they offer expert guidance to help students choose the right loan for their needs.

Here are some additional benefits of taking an abroad education loan from NBFCs and banks with the help of Wecare Capital:

Faster loan processing:. NBFCs and banks typically have faster loan processing times than private banks. This is because they have less stringent eligibility criteria and fewer documents required.

No collateral required:. Many NBFCs and banks offer abroad education loans without collateral, which can be helpful for students who do not have any assets to pledge as collateral.

Pre-approved loans:. Wecare Capital can help students get pre-approved for an abroad education loan, which can give them peace of mind knowing that they have a loan secured before they start their studies abroad.

You should also consider using a service provider company like Wecare Capital to help you with the loan application process and to get the best possible deal on your loan.

Documents required for applying for an education loan for abroad studies from an NBFC bank:

Know Your Customer (KYC) documents:

PAN card

Aadhaar card

Passport

Academic documents:

Mark sheets and certificates of the applicant from 10th grade onwards

Entrance exam results (if applicable)

Admission letter from the university or college

Financial documents:

Bank statements of the applicant and co-applicant for the last 6 months

Income proof of the co-applicant (salary slips, income tax returns, etc.)

Additional benefits of working with Wecare Capital

Expertise: Wecare Capital has a team of experienced financial advisors who can help students choose the best international education loan product for their needs and budget.

Convenience: Wecare Capital can help students with the entire loan application process, from gathering documentation to submitting the application to the bank.

Negotiation: Wecare Capital can negotiate on behalf of students to get them the best possible interest rate and terms on their loan.

Faster Processing: Wecare Capital is known for its fast loan processing time. They typically process and approve loans within 2-3 working days. This is a major advantage for students who need to secure financing quickly in order to start their studies.

There are a few factors that contribute to Wecare Capital fast loan processing time. First, they have a streamlined loan application process that is easy to complete. Second, they have a team of experienced loan officers who are dedicated to processing loans quickly and efficiently. Third, they have a strong network of partner lenders who are able to provide quick decisions on loan applications.

If you are a student who is looking for a fast and easy way to secure an education loan, Wecare Capital is best for you. They are a reputable service provider with a proven track record of providing fast and efficient loan processing.

Free Consultation: Wecare Capital provides free consultations for students who are looking for education loans to study abroad. The consultation can be scheduled online or over the phone. During the consultation, a Wecare Capital expert advisor will discuss the student’s educational plans, financial requirements, and loan options. The advisor will also answer any questions that the student may have about the loan process.

To schedule a free consultation with Wecare Capital, students can visit the website (wecarecapital.in) or call their customer service number. The consultation typically lasts for 10 – 15 minutes.

If you are a student who is considering an education loan to study abroad, I encourage you to schedule a free consultation with Wecare Capital. Their expert advisors can help you understand your options and get you on the right track to achieving your educational goals.

Overall, private bank international education loans can offer a number of benefits for students especially working with a finance service company Wecare Capital can help students make the most of these benefits and secure the best possible loan for their needs.

Please note that the above are general benefits of private bank international education loans and working with Wecare Capital. Specific terms and conditions may vary depending on the bank and the borrower’s individual circumstances.

#. There is some basic and vital information about the NBFC’s ….

  • Processing time
  • Loan Amount (up to)
  • Processing Fee
  • Loan Tenure Period

And some More information

S. No.Bank NameProcessing Time.Loan Amount (UP TO)Processing FeeLoan Tenure Period
1AVANSE3 to 4 Day’s75 L1% to 2%10 Y
2AUXILO3 to 4 Day’s60 L1% to 2%10 Y
3INCRED3 to 4 Day’s70 L1% to 2%10 Y
4HDFC CREDILA3 to 4 Day’s  60 L1% to 2%15 Y
5MPOWER FINANCING7 Day’s80 L1% to 2%10 Y
  • .

1AVANSE

Avanse Financial Services is a non-banking financial company (NBFC) that offers education loans for abroad studies. It is one of the leading providers of education loans in India, with a network of over 100 branches across the country.

Here is some information about Avanse abroad education loan:

  • Eligibility:
    • Confirmed admission to the institution
    • Co-borrower who earns in India
  • Loan amount:
    • No maximum cap on the loan amount
  • Loan tenure:
    • Up to 10 years
  • Interest rates:
    • Starting at 9.5% per annum
  • Repayment options:
    • Flexible repayment options available, including a moratorium period during studies and post-course repayment

Here are some of the benefits of taking an education loan from Avanse with Wecare Capital:

  • Quick and easy loan processing
  • Flexible repayment options
  • Competitive interest rates
  • No collateral required for loans up to ₹75 lakhs
  • End-to-end support from Wecare Capital team of experts

Once you have submitted all the required documents, Wecare Capital will process your loan application and sanction the loan amount within a 2 or 3 working days.

If you are considering pursuing your higher education abroad, an education loan from Wecare Capital can help you finance your studies. With its competitive interest rates, flexible repayment options, and quick loan processing, Avanse is a good option to consider for your abroad education loan.

NameAVANSE
Loan AmountUP TO 75 L
Processing Fees:1% to 2%
Total Expenses coveredAll expenses related to the course abroad
Total Loan Tenure:Up to 10 years
Interest Rate:11% To 13%
Processing Time:3 to 4 Working Day’s
  • AUXILO

Auxilo Finserve Private Limited is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI) that provides education loans to students pursuing higher education in India or abroad.

Here is some information about Auxilo’s abroad education loan:

  • Eligibility criteria:
    • Indian citizen
    • Confirmed admission in a recognized university abroad
    • Co-borrower (earning member) in India
  • Loan amount:
    • Up to 100% of the cost of education, including tuition fees, living expenses, travel expenses, etc.
  • Interest rates:
    • Floating interest rates, currently starting at 12.70% p.a.
  • Repayment tenure:
    • Up to 15 years after the moratorium period

Auxilo also offers the following benefits with its abroad education loan:

  • No collateral required: Auxilo does not require any collateral from the student or co-borrower.
  • Quick disbursal: Auxilo can disburse the loan amount within 7 working days of loan approval.
  • Flexible repayment options: Auxilo offers flexible repayment options to suit the needs of the student and co-borrower.
  • Co-applicant benefits: Co-applicants (parents/guardians) of Auxilo education loans are eligible for a number of benefits, such as tax benefits and insurance coverage.

To apply for abroad education loan, you can visit the Wecare Capital website or contact an Auxilo loan officer. The application process is simple and straightforward. Duly filled and signed loan application form.

If you are considering studying abroad, Auxilo is a good option to consider for an education loan. It offers competitive interest rates, flexible repayment options, and a quick disbursal process.

NameAUXILO
Loan AmountUP TO 60 L
Processing Fees:1% to 2%
Total Expenses coveredAll expenses related to the course abroad
Total Loan Tenure:Up to 10 years
Interest Rate:11% To 13%
Processing Time:3 to 4 Working Day’s
  • INCRED

InCred is a Non-Banking Financial Company (NBFC) that offers education loans to students for studying abroad. It is a registered NBFC with the Reserve Bank of India (RBI).

Here are some key features of the INCRED Abroad Education Loan:

  • Collateral-free loans: INCRED offers collateral-free loans up to Rs. 40 lakhs for studying abroad in the USA, Canada, France, Netherlands, Germany, Singapore, Ireland, and Australia.
  • Flexible repayment options: INCRED offers flexible repayment options with a moratorium period of up to 24 months. Students can start repaying their loan after they complete their studies and get a job.
  • Competitive interest rates: INCRED offers competitive interest rates on its education loans. The interest rates vary depending on the loan amount, the course of study, and the country of study.
  • Quick and easy loan process: INCRED offers a quick and easy loan process. Students can apply for the loan online and get approval within a few days.
NameINCRED
Loan AmountUP TO 70 L
Processing Fees:1% to 2%
Total Expenses coveredAll expenses related to the course abroad
Total Loan Tenure:Up to 10 years
Interest Rate:11% To 13%
Processing Time:3 to 4 Working Day’s
  • HDFC CREDILA

HDFC Credila is a dedicated education loan provider in India, offering loans for studies abroad in over 35 countries. It is a subsidiary of HDFC Bank, one of the largest NBFCs in India.

HDFC Credila offers a range of benefits for its education loans, including:

  • Loan amount up to 100% of the cost of education: HDFC Credila covers the entire cost of education, including tuition fees, living expenses, travel expenses, and other miscellaneous expenses.
  • Competitive interest rates: HDFC Credila offers competitive interest rates on its education loans. The interest rate varies depending on the loan amount, the course of study, and the country of study.
  • Flexible repayment options: HDFC Credila offers a variety of flexible repayment options to suit the needs of the borrower. Borrowers can choose to start repaying the loan after completing the course or after getting a job.
  • Tax benefits: Borrowers can avail of tax benefits under Section 80E of the Income Tax Act of India on the interest paid on the education loan.

The loan application process is simple and straightforward. Borrowers can apply for the loan online or through Wecare Capital. Once the loan application is received, Wecare Capital will process it and approve the loan within 2 or 3 working days.

NameHDFC CREDILA
Loan AmountUP TO 60 L
Processing Fees:1% to 2%
Total Expenses coveredAll expenses related to the course abroad
Total Loan Tenure:Up to 15 years
Interest Rate:11% To 13%
Processing Time:3 to 4 Working Day’s
  • MPOWER FINANCING

MPOWER Financing is a private student loan lender that specializes in providing loans to international students and students without a US cosigner.

  • Loan terms: MPOWER loans offer a variety of terms, including loan amounts from Up to 80 L, fixed interest rates, and repayment periods of up to 15 years.
  • Benefits: MPOWER loans offer a number of benefits, including:
    • No fees paid out-of-pocket
    • Funding for up to 100% of education expenses, including living expenses
    • Visa support, career services, and the opportunity to build your US credit history
  • Application process: To apply for an MPOWER loan, you will need to submit an online application and provide supporting documentation, such as your acceptance letter, most recent transcripts, and financial information. Wecare Capital application process is relatively quick and easy, and decisions are typically made within a few days.

If you are an international student or student without a cosigner who is considering studying abroad, MPOWER Financing may be a good option for you. Be sure to compare interest rates and repayment terms from other lenders before you apply, and only borrow what you need.

NameMPOWER FINANCING
Loan AmountUP TO 80 L
Processing Fees:1% to 2%
Total Expenses coveredAll expenses related to the course abroad
Total Loan Tenure:Up to 15 years
Interest Rate:10% To 11%
Processing Time:28 Day’s

FAQ’s

  • .What is the minimum percentage required to apply for the loan?.

The minimum percentage required to apply for an NBFC loan for abroad studies varies from lender to lender. However, most NBFCs require applicants to have a minimum of 60% marks in their previous qualifying examination. Some NBFCs may also require applicants to have a minimum percentage in their GRE/GMAT scores, depending on the course and university they are applying to.

  • .What is the interest rate on the loan?.

The interest rate on an NBFC loan for abroad studies depends on a number of factors, such as the applicant’s credit score, the loan amount, and the loan term. Most NBFCs offer interest rates between 11% and 14%.

  • .What is the processing fee for the loan?.

The processing fee for an NBFC loan for abroad studies is typically between 1% and 2% of the loan amount.

  • .What are the repayment terms for the loan?.

The repayment terms for an NBFC loan for abroad studies vary from lender to lender. However, most NBFCs offer repayment terms of 10 to 15 years.

  • .Is a co-applicant required for the loan?.

A co-applicant is not required for all NBFC loans for abroad studies. However, some NBFCs may require applicants to have a co-applicant, especially if the applicant is a student with no credit history.

  • .What are the collateral requirements for the loan?.

Some NBFCs may require applicants to provide collateral for their loan. However, there are also many NBFCs that offer unsecured loans for abroad studies.

  • .What are the documents required for the loan application?.

The documents required for an NBFC loan for abroad studies vary from lender to lender. However, most NBFCs require applicants to submit the following documents:

    – KYC documents (PAN card, Aadhaar card, passport, etc.)

    – Academic documents (mark sheets and certificates, entrance exam results, admission letter, etc.)

    – Financial documents (bank statements, income proof of co-applicant, collateral documents, etc.)

In addition to the above questions, here are some other frequently asked questions while applying for an NBFC loan for abroad studies:

  • .How long does it take to get the loan approved?.

The loan approval process typically takes 10 to 15 Working days. However, if going through Wecare Capital you can get approval within 2 or 3 working days.

  • .Can I use the loan to pay for living expenses?.

Yes, you can use the loan to pay for living expenses, such as tuition fees, accommodation, and travel costs.

  • .What happens if I am unable to repay the loan?.

It is important to note that these are just some of the frequently asked questions while applying for an NBFC loan for abroad studies. The specific terms and conditions of the loan will vary depending on the lender. It is advisable to contact the lender directly to get more information about their loan products and to discuss your specific needs.

Conclusion

NBFC banks can be a good option for getting a loan for abroad studies, especially if you have a good credit score and a strong academic record. NBFCs typically offer more flexible eligibility criteria and faster loan processing times than traditional banks. However, it is important to compare different lenders and their interest rates before choosing one. If you are approved for a loan, be sure to read the loan agreement carefully and understand all the terms and conditions before signing it. It is also important to make sure that you have a plan for repaying the loan on time.

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