A key component of both personal and professional development is education. for individuals working for a Master of Technology (MTech) degree. MTech programs are a well-liked option for students because of their challenging curriculum, state-of-the-art technology, and high employment rates. Tuition, books, and other fees can be extremely expensive, though. Herein lies the role that student loans play. Education loans offer a complete answer for paying for an MTech degree because of their low-interest rates, adaptable repayment options, and range of loan programs. In this post, we’ll examine the numerous loan alternatives available to MTech students as well as how they can best utilize these loans to advance their academic and professional objectives.
Also Read: MAYBANK EDUCATION LOAN SINGAPORE: APPLICATION, ELIGIBILITY, BENEFITS, LOAN LIMIT
Table of contents
Education Loan for MTech Students Abroad Without Collateral
Unsecured student loans for MTech study abroad have higher interest rates and are loans that don’t require collateral. It’s necessary to have a co-signer who meets certain requirements.
- A parent or spouse is a suitable example of a co-signer who is related to the student.
- They need to have a solid salary and a good credit history.
- If the borrower defaults on the loan, the co-signer is liable for paying it back.
- The co-signer is required to give the lender their name, address, financial information, and income documentation.
- A guarantee may also be required.
- It is important to keep in mind that the co-signer is equally liable for loan repayment.
Must Read: UNDERSTANDING THE EDUCATION LOAN APPLICATION PROCESS
Education Loan for MTech Students Abroad With Collateral
Secured loans for Mtech studies abroad include those with collateral requirements. A valuable asset, such as investments or other assets, must be pledged as collateral by the borrower. An advantage of secured loans is that they frequently have cheaper interest rates than unsecured loans.
Immovable property that must be used as collateral security includes flat, non-agricultural land, Residence liquid securities Government bonds, LIC policies (insurance policies), and fixed deposits
Value of Collateral: Liquid Collateral must be worth at least 1.1 times the Loan Amount in value.
Immovable property security must be worth at least 1.25 times the loan balance.
Eligibility Criteria
Conditions for an Indian Education Loan for an International MTech Degree:
- Indian nationality
- High credit score
- Satisfying the age requirement
- Confirmed acceptance to a reputable international university
- Good academic standing
- Income that is reliable or available for repayment.
Documents Required
The usual required documents for an unsecured student loan include:
- A request form
- The loan officer’s requirements state that a loan application form with a signature and two pictures is necessary for an education loan
- Student Papers
- ID documentation, such as a passport, Aadhar card, or PAN letter
- Utility bills (such as electric or property taxes)
- Academic standing (10th, 12th, and degree)
- Exam results that are competitive (IELTS, TOEFL, GRE)
- Gap certificate, if necessary
- Work experience letter, if applicable.
Relevant Read: THE BEST EDUCATION LOAN IN INDIA FOR STUDY ABROAD PURPOSES: A GUIDE
How Do I Apply For an MTech Education Loan?
The Ministry of Electronics and Information Technology’s Digital India Campaign is helping students without means to afford higher education both in India and overseas.
Step 1: Fill out the website’s common application form.
Step 2: Provide the assigned loan officer with all necessary information to apply for an education loan. The loan officer will recommend and put you in touch with potential lenders who meet your financial needs after going over the loan’s specifics.
Step 3: After the loan officer has introduced you to potential lenders, assess and contrast their offers. After consideration, select the best lender and let the loan officer know your decision.
Step 4: After receiving all required paperwork, the lender will review the loan application and run a credit report and financial background check. One or more documents may be required. Once approved, the lender will send the loan money straight to the college or university.
Step 5: Loan payout will take place in accordance with the terms and circumstances agreed upon within 7 days.
Relevant Read: STUDY ABROAD LOANS: DO’S AND DON’TS OF EDUCATION LOAN FOR ABROAD STUDIES
FAQs
Ans. Yes, you can get an education loan for MTech studies. Banks and financial institutions offer student loans for higher education, including postgraduate degrees like Mtech.
Ans. As such, there is no limit set by the banks for offering education loans to students wanting to study abroad. It depends from bank to bank. The majority of the banks offer loans of up to INR 20-30 lakhs.
Ans. If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
To know more about the loan application process, and the best bank accounts for students or international money transfers, subscribe to FlyFinance or reach out to our experts to help ease your study abroad experience.
