I need to do my higher studies in Canada with requires several 30Lakhs and the only property I have which not accepted in the bank. Want guidance on it?
Asked by Bhoomika Raj almost 2 years ago
Education Loan Without Collateral is an awesome way for college students who want to pursue abroad schooling; however, they can not put any protection for training loan. Student loans serve as a high-quality monetary aid to students who want to pursue their education abroad. If it weren't for schooling loans, hundreds of thousands of college students would by no means have made it to their dream universities.
However, it is additionally a reality that no longer everybody is eligible to get an overseas education mortgage without collateral as too many loan applications get rejected by the lenders.
What is an Education Loan Without Collateral?
Education loan besides collateral or non-collateral education loan is taken barring inserting any collateral as a guarantee to the lender. So that potential applicants can take a loan without any security such as a house, land, or anything. As a result, students can take up to 50 Lakhs for their education. This article will cover non-collateral loans like eligibility criteria, manner, and other elements on why lenders may have rejected the loan utility form. Also, the complete information was wished earlier than making use of a training mortgage for overseas studies without collateral.
Eligibility criteria for an abroad schooling mortgage barring collateral are mentioned below:-
- The educational profile of the applicant is to judge the "Employability Potential of the applicant".
- At least a minimum of 60% is required in the 10th, 12th, and degree. Also, college students with greater than three backlogs may now not qualify for an unsecured schooling loan.
- Financial co-applicant's income, CIBIL score. This is the essential element for an unsecured education loan as lenders are now not taking any collateral; they can remain certain that if a scholar fails to repay the loan amount, their economic co-applicant will pay on the student's behalf.
Course/Degree that an applicant desires to pursue:
Courses like UG and PG in STEM disciplines are desired using lenders over systems like Public coverage or Aviation; however, in no way PhD, MBBS, Theology, tailoring, etc.
I hope this might give you some clarification!
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