Can I get loan and scholarship for masters?

Question

Japjyot Singh · Accepted Answer

An education loan without collateral, also known as a non-collateral education loan, is obtained without pledging any collateral to the lender. This means that the applicant can obtain a loan with no collateral, such as a house or land. Students can borrow up to 50 lakhs for education. eligibility criteria for an education loan abroad without collateral:
The academic profile of the applicant is used to assess the applicant's "Employability Potential." In 10th, 12th, and degree programs, a minimum of 60% is required. Furthermore, students with more than three backlogs may be ineligible for an unsecured education loan.Income and CIBIL score of financial co-applicant Because lenders are not taking any collateral for an unsecured education loan, they can be confident that if a student fails to repay the loan amount, their financial co-applicant will pay on the student's behalf.An applicant's preferred course of study or degree. Lenders prefer UG and PG STEM courses over courses like public policy or aviation, but never Ph.D., Mbbs, Theology, tailoring, and so on.The country is also important. When it comes to unsecured loans, most lenders focus on major study-abroad destinations such as the United States, United Kingdom, Canada, Australia, Ireland, and Germany, but they are skeptical of less well-known countries such as China, Ukraine, and others.You'll be attending university. Private banks only approve unsecured loans for universities on their list.If you have any further questions, just ask me.

Divyakshi Gupta · Answer

Please observe that scholarship is now not a borrowing in contrast to educational loan. There is no bar to follow for scholarships as well as instructional loans. While you have to repay the instructional mortgage in route of time, scholarships are made on hand to you free, in understanding of your academic achievements.
Here one pertinent point for you to take notice of, is that the bank which offers educational loan to you will take into account the quantity of scholarships received/to be received by way of you, at the time of finalising the quantum of loan/ loan amount.
One piece of advice to you is that you want not divulge the scholarship amount TO BE RECEIVED, in your software for educational loan. You might also need extra funding at a later stage in the direction of cost escalation, unforeseen fees etc. This will come in on hand at that time.
There is no connection between an educational mortgage and a scholarship except they each cowl your education expense, so yes, you can get them both, simultaneously. To get a scholarship you simply want to fulfil the requirements of the University or the corporation that presents the scholarship. On the other hand, an educational mortgage is plenty harder to acquire. It requires you to shape the eligibility requirements of the bank, as properly as having great collateral and a top credit score. Sometimes in spite of receiving a scholarship, you may additionally have to take out an academic mortgage to be in a position to finance your course. But it&rsquo;s not convenient to acquire these scholarships and loans. It's even tougher to get these each simultaneously.
This is why groups such as Propelled are a practicable alternative for monetary aid. Regardless of your financial condition, they provide loans with practical activity quotes and every so often even barring  collateral. They have some pleasing loan compensation techniques such as &lsquo;Study Now, Pay Later&rsquo;, that ease the burden on struggling students&rsquo; shoulders.

Nitin Chauhan · Answer

Loans are pretty straightforward, as you could head to banks like SBI, HDFC Credila, or even Prodigy Finance for education loans that would cover everything ranging from tuition fees to living costs. The bright side of it is that most loans come with a moratorium period post your graduation, when you don't need to pay it back. The best is to let the financial pressure ease through scholarships.
After all, there are hundreds of thousands of scholarships available be it based on merit, needs, or the study stream. Most universities also have their own scholarship plans, and there are government MIM scholarships available as well, such as Fulbright or Chevening, for countries like the USA and UK. It is therefore very possible to financially manage your master's simply by getting the right combination of loans and scholarships.
If you need more information or any questions to ask, you can book a free strategy session to discuss