Studying in a foreign country is one of the most empowering experiences of a student’s life. It gives an opportunity to acquire a world-class education while experiencing different cultures and making international friends. But many times, students take a step back due to the hefty expenses attached to it. However, this should not be the case.
We at Elan believes that, if a student is willing to study abroad, he/she should be provided with all the required assistance to fulfill the dream. With early planning and proper financial guidance, studying overseas is possible. How? That’s what we are here to tell you.
One of the most preferred ways of funding an overseas education is via education loans. Education loans are of two types, Secured Education loans and Unsecured Education loans.
In the previous article, we have discussed all the factors related to Secured Education Loan. In this article, we are going to discuss important characteristics of an Unsecured Education Loan which is also called an education loan without collateral.
An education loan without Collateral is a type of loan where the applicant is not required to attach any security against the loan amount. Isn’t that great news? Although banks, non-banking financial corporations (NBFCs) and international lenders sanction collateral-free education loans at a slightly higher interest rate, they are one of the preferred ways of funding overseas education.
Factors diverting students for education loan without collateral:
Let us know about the factors that divert students to unsecured overseas education loans from secured overseas education loans.
Other than the above-mentioned factors, there are some benefits as well that leads students to unsecured overseas education loans.
|Countries||Loan Type||Lender Company|
|USA||SL & UL||NB, PB, NBFCs, International Lenders|
|Canada||SL & UL||NB, PB, NBFCs|
|Germany||SL & UL||NB, PB, NBFCs|
|Ireland||SL & UL||NB, PB, NBFCs|
|Netherlands||SL & UL||NB, PB, NBFCs|
|Australia||SL & UL||NB, PB, Credila*|
|New Zealand||SL & UL||NB, PB|
|Sweden UL||SL & UL||NBFCs|
|United Kingdom||SL & UL||NB, PB|