How to get an education loan to study abroad even if there is no parental income

If the learner is from India, studying abroad can be an expensive business. It also depends on the field you choose to work in. Indian parents frequently don’t have the funds necessary to pay for their children’s tertiary institutions, whose expenses are growing daily, even after years of planning and saving. Although taking out a personal loan for education is the typical course of action in these situations, doing so can be challenging if your parents are deceased and your family is not supported financially.

It indeed is worrisome, but the best overseas education consultants in Delhi have made it easier. Moreover, we have curated a recipe to address the worries perfectly.  

The limited financial means of your parents won’t impede if you intend to pursue higher education overseas and come from a low financial background. The range of funding sources seems to have risen dramatically in tandem with the number of undergraduates attending university internationally. These loans, unfortunately, are restrictive, and not all aspirants will be qualifying for them. Follow the leads to know more about which option to choose from:

Education loans

There are two types of education loans available: secured and unsecured. Unfortunately, only a small percentage of youths are granted an unsecured school loan based solely on their parents’ strong financial standing. On the other hand, personal loans for education are unsecured, meaning you do not have to put up security to obtain money. The majority of lending organizations, however, will not grant you unsecured loans because of your lack of income. Nevertheless, these lenders may still provide you with a secured loan for your education.

You can take out an education loan if your parents possess property and use that property as security. A particular portion of the current market value of the mortgaged property will be used to determine the loan amount given. Should there not be any real estate to mortgage, do not worry; you need not give up on your dreams!

Financial aids through Scholarships

The scholarship also is of two types—the first partially funded and the second fully funded. The latter covers the entire costs of education abroad, while the other covers only a few portions. Therefore, it is also advisable to apply for as many scholarships. For instance, a $500 scholarship may sound minuscule. However, it can make a huge difference when covering minor expenses.

It is to be noted that, Universities abroad only offer grants and scholarships to a fairly minor number of applicants. Furthermore, due to the progressive growth in upwardly mobile learners, higher education may become prohibitively expensive for a sizable chunk of this populace. Therefore, the likelihood that a student will be admitted to the desired university is significantly increased by taking out an education loan.

Innovations to access unsecured loans

Numerous new funding possibilities have emerged in education finance, particularly for students who lack any assets to use as security. For example, modern financial technology businesses offer collateral-free student loans. As the primary criterion for loan qualification, these lenders look at the student’s prior academic record and anticipated earnings. You can get the list of lenders from the different study abroad consultants in Delhi

Today, credence collateral and co-signer-free lending, like some of those provided by Prodigy Finance, are indeed a popular and good replacement or addition to scholarships and fellowships. With these loans, students no longer have to rely on current offerings that may have a major negative impact on them and their families, enabling them to concentrate solely on their studies.

When one approaches a bank, depending on the subject and college of choice, individuals may be eligible for an unsecured loan of up to Rs. 40 Lakhs. On the other hand, fintech lenders offer even more loans without collateral (up to Rs. 70 Lakhs)

The last mile

There are alternative options, such as banking institutions that provide loans in currency exchange without the requirement of a representative payee or any security. Furthermore, there are no prepayment penalties, and the payback can be done in just about any denomination. Throughout the length of the course, these loans require interest payments. After completing the study abroad course, the original investment and interest charges can be paid.

Learn about various ways to fund your education abroad at the Admissify app. Being one of the best study abroad consultants in Delhi, we ensure you worry less about the expenses!

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