Abroad education loan without collateral in India is available at nationalised banks, private banks, NBFCs, and private lenders. Availing of education loans without collateral to study abroad is a simplified process. In India, students going abroad can get an education loan of up to INR 7.5 lakh without collateral under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).
Some of the key advantages are an uncomplicated documentation process, availability of numerous options, and usage of co-signer as a variable option. Additionally, non-collateral study abroad loans cover up to 100% of tuition fees and other academic-related expenses.
Moreover, key features of a non-collateral loan are high-interest rates and lesser loan processing time as opposed to a loan with collateral security.
Top Lenders for Abroad Education Loan Without Collateral
Several top lenders offer abroad education loans without collateral, making it easier for students to finance their international studies. Institutions such as SBI, UBI, Axis Bank, HDFC Credila, Avanse, ICICI Bank, etc provide several non-collateral loan options. These loans are available at competitive interest rates and have flexible repayment options. These top education loan lenders in India have hassle-free loan disbursals, thereby, enabling aspiring students to pursue their educational dreams abroad.
Eligibility Criteria for Abroad Education Loan Without Collateral
To qualify for a study abroad loan without collateral, applicants generally need to meet the following common eligibility criteria:
- Demonstrate excellent academic records
- Secure admission to a recognized institution in a foreign land
- Test Scores such as IELTS/TOEFL/PTE score
- Possess a strong co-borrower/co-applicant or guarantor
- Provide relevant documents
However, each lender has a distinct parameter, which must be referred to before applying for an education loan to study abroad.
Documents Required
Additionally, a student and co-applicant must prepare the following documents to apply for a study abroad loan without collateral:
- Loan Application Form
- Proof of Identification (Voter ID/Passport/PAN Card) (Applicant and Co-Applicant)
- Address Proof (Applicant and Co-Applicant)
- Income Proof (Co-Applicant only)
- Academic transcripts
- Passport
- Proof of Admission: Conditional or Non-Conditional Offer Letter
- Statement of cost of education abroad
- Statement of Loan Account
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