• Education Loans
Education loan with Collateral to Study Abroad
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• Collateral-based loans are important for any Indian student who aims to study abroad.
• Collateral education loans are preferred as they offer a high amount for a longer time at low interest rates.
• Read this blog to learn about collateral education loans, such as their eligibility, required documents, advantages, features, best loan providers and more.
Table of Contents
- • What is an Education Loan with Collateral?
- • Types of Collateral Required to Study Abroad
- • Features of an Education Loan with Collateral
- • Eligibility Criteria for Collateral-based Education Loan to Study Abroad
- • Documents Required for Education Loan with Collateral
- • Advantages of Education Loan with Collateral
- • Expenses Covered Under Collateral-based Education Loan
- • Best Collateral-based Education Loan Providers in India
- • How to Apply for an Education Loan with Collateral in 2024
What is an Education Loan with Collateral?
Importance of Education Loan with Collateral to Study Abroad
Types of Collateral Required to Study Abroad
Features of an Education Loan with Collateral
Eligibility Criteria for Collateral-based Education Loan to Study Abroad
Documents Required for Education Loan with Collateral
Advantages of Education Loan with Collateral
Higher Loan Amount | Getting the loan with collateral allows the borrower to get a higher loan amount. This is because the lenders get a sense of security that if the borrower defaults, then they can simply sell the asset and get their money back. |
Lower Interest Rates | Students who pledge an asset to a lender can get a lower interest rate on the loan as it reduces the risk of the lender recovering the amount. Students can save a lot on interest by having a lower interest rate. |
Higher Chances of Loan Approval | Securing a loan with collateral increases the chances of the borrower getting the loan to study abroad. This is because the collateral assures lenders that they can recover the money. |
Longer Repayment Tenure | The loans with collateral provide more time for the borrower to return the money. This allows students to pay the money easily once they have enough funds. This also reduces the burden of paying money while studying, and students can study stress-free. |
Flexibility in collateral options | Another benefit of collateral education loans for study abroad is that students can have flexibility in choosing collateral options depending upon the lender. Students can pledge assets such as investments, property or other valuable possessions. The collateral must align with the student’s financial situation and preferences. |
Expenses Covered Under Collateral-based Education Loan
Best Collateral-based Education Loan Providers in India
Name of the Bank | Loan Amount | Repayment Tenure (maximum) |
HDFC Credila | Over 1 Crore | 12 years |
Avanse | Minimum 1 lakh (no cap) | 15 years |
ICICI | 2 Crore Maximum | 14 Years |
Yes Bank | 40 Lakh Maximum | 15 years |
How to Apply for an Education Loan with Collateral in 2024
Conclusion
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