Overseas Education Loan without Co-applicant and Property

World-class education and access to infinite global opportunities are the two major outcomes of pursuing a degree in a foreign country. Nowadays, the number of students moving abroad for quality education is increasing with time. Students are comfortable with funding their overseas education with an education loan. But while choosing the right education loan and a financial lender institution, they are misguided or faced with a lot of confusion due to the lack of information and knowledge. 

Elan loan is a one-stop solution for all the financial queries of the students related to education loans and study abroad. We provide first-hand information on all the possible questions and queries from time to time. 

In this blog post, we are going to discuss an education loan without a co-applicant and property. We are giving insights into all the aspects relating to it. This article will assist the study abroad aspirants in knowing whether an education loan without co-applicant and property is suitable for them or not. So, without any further ado, let’s begin.  

But first, understand what is Education Loan without co-applicant and property? 

An education loan without co-applicant and property is also called an unsecured education loan. It is a type of loan where the borrower is not required to attach any collateral security and guarantor against the provided loan amount. Aspirants can borrow this type of education loan from International lenders. 

Let us know what international lenders exactly mean? 

International Lenders are the financial institutions that offer education loans to international students for pursuing their education in a foreign country. There are three international lenders at present. Read below to know: 

• MPower Finance 
• Prodigy Finance 

Who can apply for an education loan from International Lenders? 

• Students whose parents do not file Income Tax Returns 
• Aspirants not willing to mortgage their property 
• Students whose universities are falling under the classified listing category of MPower Finance, and Prodigy Finance
• Co-applicants having less CIBIL score 

In such circumstances, an education loan without co-applicant and property from international lenders come to the rescue. However, there are certain eligibility criteria that a student must fulfill to be eligible for education from international lenders. Let us see what that is.  

Eligibility criteria to apply for education loan without co-applicant and property

• Students must be pursuing a master’s program 
• Students must be applying to the countries like United States of America, United Kingdom or Canada. 
• The admitted university must come under the classified listing category of international lenders.
• A student must be below 30 years of age. 
• Benefits of applying for education loan without co-applicant and property
• Availing an education loan from international lenders has multiple benefits. Let us see what those are: 
• Aspirants can avail up to 35-75 lakhs of education loan without pledging any security and guarantor.
• The processing time of an education loan is less than 5-7 business days.
• Sanction letter is provided without any cost.
• Processing fee of the loan is added to the disbursed loan amount. 
• Loan amount covers tuition fees, on-campus accommodation, meals and other expenses required to complete the course. 
• Students are not required to pay EMIs in the moratorium period. Only small touch interest payments are required to be made. 
• Borrower has flexible repayment options with no pre-payment penalty. 
• Quick and online process without any hassles. 
• Builds credit score through small payments while in university.

These were the benefits of availing of an education loan from international lenders. An education loan without co-applicant and property is widely accepted by the universities located at the top study abroad destinations like the US, UK, and Canada. 

Let us now do a comparative analysis of all the three international lenders namely MPower Finance, and Prodigy Finance:

How Elan will help?

Funding an international degree in a foreign country is one of the major concerns that is being faced by many studies abroad aspirants. While finalizing on a financial lender institution, students often get confused as to which lender is the best option to fund their overseas degree. Nowadays, a lot of information is available online but still, students struggle to find a suitable loan option to fund their overseas education. Hence, it is required to get the information from a reliable resource. 

ELAN Loans is an exclusive platform aiming to provide end-to-end assistance for overseas education loans to students across India. We understand that pursuing an overseas education is one of the crucial decisions of a student’s life. We break down this tedious process and help students in getting one step closer to their dream. If you are also facing any kinds of complications with your education loan application, do reach out to us.

Till then, keep exploring your options.