Know the Countries Accepting Study Abroad Loan through NBFCs

 

If you have begun your research on the unsecured education loan process for funding your abroad studies. If you have come so far in knowing the types of funds available as per the requirement for higher studies, you must be well aware of the fact that private banks and NBFCs are the ones that provide unsecured overseas education loans.

Yet another important thing to keep in mind is that these NBFCs provide loans to certain countries only. Read on to get a clear idea of the eligible countries for NBFC overseas education loan along with the maximum loan amount offered.

Europe: France, Ireland and Netherlands

Indian students choose the European nations like France, Ireland and the Netherlands. For students who have been accepted into the universities located in these countries most lenders offer an NBFC education loan amount of up to 10 to 15 Lakhs INR. However, for students who have got an admit into prestigious universities of these European countries, have a chance of getting higher loan amounts through NBFCs. A loan amount of upto 40 lakhs INR might be disbursed if students secure admission for higher education at top-notch universities.

UK:

Another famous country where the international students flock every year to pursue study abroad dream. A country which is a synonym for top rated exemplary universities like the Oxford and Cambridge, or the London School of Economics, etc. The NBFCs are more than happy to offer loan to students who get admits in these universities of an amount up to INR 40 Lakhs. For the next grade of universities which are lesser known the top limit of the loan amount provided by a NBFC is INR 20 Lakhs while INR 15 Lakhs of NBFC education loan for studying in UK is offered as the bottom limit.

Many more countries like USA, Sweden, Germany, accept the NBFCs overseas education loan. There are many NBFCs and Private Banks that offer unsecured loans in India for higher education abroad.

Variation in Study Abroad Loan Requirements

Depending on the academic background and the co-applicant’s financial background, the education loan policies of NBFCs and banks have been designed to cater the financial needs of applicants. Owing to this the overseas education loan requirement varies especially the interest rates, processing fees and final NBFC education loan amounts granted to different loan applicants. However, with respect to the financial requirements of loan applicants, a lot of NBFCs are not known for bending their policies.

Going forward, let us also have a look at the countries which do not accept NBFC loans as well. The 2 countries which have uncompromising immigration policies regarding student visas are New Zealand and Australia an NBFC education loan is not viewed as a secured source of funding by either country. Although, unsecured loans through Private Banks is accepted.

To avoid all kind of confussions and to spare yourself fro the horror of loan rejection, you can get in touch with Foreign Study Loan Advisors to understand the best bank for overseas education loan. These advisors will make your life easy and the entire study abroad loan process smooth and successful.

So, go ahead and search for one.

Good Luck!

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