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Discover your options for studying abroad with our guide on secured and unsecured education loans, maximum loan amounts, and application steps
Unlocking the funds for your overseas education journey raises a crucial question: "How much student loan can I get for study abroad?" This blog sheds light on navigating through education loans, detailing the factors influencing loan amounts and the distinction between secured and unsecured loans. It offers a comprehensive look at different lenders' maximum loan capacities and demystifies GyanDhan's application process. Designed to empower students with knowledge, this guide is your first step toward financially securing your dream of studying abroad, ensuring you have the necessary insights to fund your future.
Before we set of answering how much loan can I get for studying abroad it is important to know the types of education loan. When planning for education abroad, students often consider education loans as a primary source of funding. Understanding the nuances between secured and unsecured education loans is crucial for making an informed choice that aligns with one’s financial circumstances.
Secured Education Loans
Secured education loans require borrowers to pledge an asset as collateral, such as real estate, fixed deposits, or other valuable assets. The presence of collateral lowers the risk for lenders, which usually results in lower interest rates and more favorable loan terms for borrowers. The loan amount is often higher, sometimes covering up to 100% of the educational expenses depending on the value of the collateral. However, the risk for borrowers is the potential loss of the collateral asset if they fail to repay the loan.
Unsecured Education Loans
Unsecured education loans do not require any collateral from the borrower. These loans are granted based on the borrower's credit score, financial history, and potential earning capacity. Since these loans pose a higher risk to lenders, they often come with higher interest rates and more stringent repayment conditions. The advantage of unsecured loans lies in their accessibility to students who may not have significant assets for collateral but have a strong academic background and potential for future earnings.
Check Your Education Loan Eligibility
When considering education loans for studying abroad, a pivotal factor to examine is the maximum loan amount offered by various lenders. This key detail can significantly influence your financial strategy, ensuring you have the necessary funds to cover all expenses of your overseas education, including tuition, living expenses, and more. A comparative look at the maximum loan amounts from different lenders will equip students and their families with the essential information needed to navigate through their financial planning for an international education effectively.
Lender Name | Maximum Loan Amount Secured | Maximum Loan Amount Unscured |
---|---|---|
Up to 1.5 Cr INR |
Up to 7.5 Lakh INR |
|
Up to 1.5 Cr INR |
Up to 40 Lakh INR |
|
Up to 1 Cr INR |
Up to 75 Lakh INR |
|
Up to 2 Cr INR |
Up to 1 Cr INR |
|
Up to 1 Cr INR |
Up to 75 Lakh INR |
|
Up to 1 Cr INR |
Up to 75 Lakh INR |
|
Up to 75 Lakh INR |
Up to 75 Lakh INR |
|
N/A |
Up to 80 Lakh INR |
|
Up to 1 Cr INR |
Up to 50 Lakh INR |
|
N/A |
Up to 85 Lakh INR |
|
N/A |
Up to 100% cost to study |
Here are the factors that answers your question - how much loan can I get for studying abroad?
Check Your Education Loan Eligibility
GyanDhan simplifies the process of applying for an education loan for studying abroad. Their service is designed to help students find the best loan option tailored to their needs. The process involves a few key steps:
So there you have it – getting your education loan sorted for your overseas studies isn't as daunting as it seems. From loan types to how much you can borrow, it all boils down to a few key factors. Curious about "How much student loan can I get for study abroad?" GyanDhan's got your back. Jump into checking your loan eligibility with them and move a step closer to your dream university abroad.
Calculate your Education Loan EMI
Yes, you can start your education loan application process before securing your admission letter. Many lenders offer conditional pre-approval based on your academic profile and the course you plan to pursue. However, final loan approval and disbursement will require a confirmed admission letter from the educational institution.
Yes, banks and financial institutions often have a list of preferred countries where they are more willing to lend, typically based on the job prospects and reputation of educational institutions in those countries. Countries like the USA, UK, Canada, Australia, and Germany are often on these preferred lists.
For loans with a floating interest rate, yes, the interest rate can change based on fluctuations in the market lending rates. Fixed-rate loans, however, maintain the same interest rate throughout the loan's tenure. It's important to understand which type you're considering before finalizing the loan.
Yes, in certain circumstances, lenders may allow for an extension of the repayment period. This generally requires a formal request and justification, such as financial hardship. Keep in mind that extending the repayment period will likely result in a higher total interest cost over the life of the loan.
Yes, under Section 80E of the Income Tax Act in India, the interest paid on an education loan for higher studies is eligible for a tax deduction. This deduction can be claimed for a maximum of 8 years starting from the year you begin repaying the loan. This benefit is available for loans taken for higher education for the taxpayer, their spouse, children, or for a student for whom the taxpayer is a legal guardian.
Check Your Education Loan Eligibility
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