How to avail Unsecured Loan up to 40 Lakhs to Study in USA?

United States of America, is that your study abroad dream destination? Do you want to pursue your bachelor’s or master’s degree in US? Are you worried about the finances? Then here we are with a solution for you. Studying in USA is now easier with E’LAN Overseas Education Loan Services as E’LAN Loans can help you in availing an Unsecured Overseas Education Loan for Studying in USA of an amount as high as 40 Lakhs.

Generally, to get a loan you need to pledge security, commonly known as collateral in banking terms. These collaterals can be House Property, Fixed Deposits, Shares, LIC Policies, Bonds, etc. which help the loan lenders to recover the provided amount by selling the pledged security in case of default in loan.

But the good news is that NBFCs and Private Banks provide education loan without collateral as well.

E’LAN simplifies the entire loan process of 40 lakhs by giving information about all the Private Banks, Public Banks and NBFCs on a single platform. Through this you can get vast information related to study abroad loans in one go. You just need to get in touch with our Loan Counsellors to understand how to get the complete 40 Lakhs loan disbursed.

Many of you might not be aware about the country-specific financial requirements, and our loan advisors will help you out in that aspect as well. E’LAN will give you a complete end to end assistance for your process. Thus, you can trust E’LAN for making your dream of studying in USA come true.

But before you connect to our Loan Experts, let us first understand the overseas education loan requirements. The basic requirements of the banks remain the same irrespective of Secured or Unsecured Loan.

Checklist to avail Unsecured Loan up to 40 Lakhs

In Non-Collateral or Unsecured Education Loan you need to declare your Academic Performance, Aspiring Overseas Country and Aspiring Overseas University along with your parent’s annual income proof according to requirement. You don’t have to show any documents for collateral for this type of loan.

Further aspects to be considered

Educational Criteria:

The GRE Score should be Above 300
The IELTS Score Band should be 6.5 and TOEFL must be 90+
Sanctioned for MS/PG Level – STEM and Management Course
Minimum 60% throughout Education
Minimum Academic Backlogs with Zero Academic Gap throughout Education

Financial Criteria:

Parents Annual Income should be above 6 lakhs according to the Income Tax Returns
There should not be any Liabilities on Co-Borrower or Guarantor in Filing ITR
CIBIL Score should be 700+ and the Credit History should be Clear

Student’s Eligibility

Student’s PAN card is Mandatory for Overseas Education Loan
Student’s Age: Within 28 years

Check Points for Non-Eligibility

Now after understanding the required criterion for eligibility let us also make a note of a few important aspects because of which you may not be eligible for this loan.

If Parents are Agriculturist
If Parents are Getting Rental Income
If Parents Income is Less than Rs. 5,00,000/-
If Parents do not Own Residence
If Student’s Age is Above 28 Years
If the Student has a Number of Backlogs and/ or Gap in Academics
If the Student or the Co-Borrower doesn’t have a PAN Card
If the Student is planning for a Bachelor’s Degree/UG Diploma or Certificate Program
If the Student is Planning for a Bachelor’s/Master’s Degree Course leading to the Pathway, Foundation or Integrated Course

So, before you apply for this loan it is essential to make a thorough analysis whether you fulfil the eligibility criterion or not.

Well this being the gist of how you can get an entire 40 lakhs education loan to study in USA through an unsecured loan. There are a lot of minute details that go in while signing on the dotted line on the overseas education form. So, it is best advised to seek assistance of the Education Loan Specialist. Just connect to our E’LAN Loan Advisors for in person or virtual meet, get free counselling and complete assistance for the process.