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We understand that funding your overseas education can be a challenging process, and that’s why we offer comprehensive educational loan assistance. Our dedicated team guides you through the entire loan application process, working with both private and nationalized banks to help you cover your tuition and living expenses abroad. Many students find the loan application process cumbersome, but our loan assistance team provides reliable information and expert guidance to simplify the process. We have established strong partnerships with banks offering student loans at competitive interest rates.
When it comes to financing your overseas education, there are two main types of loans: Collateral Loans and Non-Collateral Loans.
Collateral Loans: With a collateral loan, you provide an asset as collateral, which the bank can claim in case of non-repayment. This collateral can be in the form of property, a vehicle, or other valuable assets.
Non-Collateral Loans: Non-collateral loans do not require you to pledge any assets. Instead, they are based on factors such as your job income proof, six months’ bank statements, income tax return (ITR) documents for the past three years, and the support of two co-applicants with higher income.
Interest rates for these two types of loans vary. Collateral loans typically have lower interest rates because they provide more security for the lender. In contrast, non-collateral loans tend to have higher interest rates due to the increased risk for the lender.
Loan Eligibility in India:
Most banks in India have specific eligibility criteria for educational loans:
– Only Indian nationals can apply for a loan.
– You must have successfully completed all entrance exams with prominent scores and guaranteed admission to the desired course and institution.
Documents Needed:
When applying for an educational loan, you will typically need to provide the following documents: (Basically it is vary bank to bank or institution to institution)
– Admission letter from the respective course or institution.
– Latest mark sheets from your qualifying examination.
– An estimate of the expenses associated with the course.
– Confirmation letter for any scholarships you have received.
– Two passport-sized photographs.
– Bank statements for the borrower (covering the last six months).
– For individuals who are not existing customers of the lending bank, you will also need to furnish proof of identity and address.
Munu International stands out as a prominent consultancy specializing in global education, committed to guiding Indian students in realizing their academic ambitions on the international front. Our resolute dedication to excellence and an enduring enthusiasm for education have established us as a reliable partner in helping students pursue their overseas study dreams.
Flat no:101, First Floor, Ameer Estate,
beside S.R. Nagar Bus stop, Ameerpet, Hyderabad-500038
Opp.Metro Pillar -1038
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