Education loans make quality education accessible, giving students the opportunity to achieve their academic aspirations independently. As per the recent reports, the education loan disbursed soared from 16,000 crores in 2021-22 to 17,000 crores in 2022-23. This highlights the demand for student loans. Let’s understand the role of Non-Banking Financial Companies (NBFC) NBFCs and the benefits of taking student loans from NBFCs.
Key highlights:
- NBFC Education Loan: An Overview
- Why Students Turn to an NBFC for an Education Loan
- Wide-Spectrum Expenses
- NBFC Education Loan Without Collateral
- NBFC Providing Education Loan for a Wide Range of Courses
- What You Must Know About Avanse Global Finance NBFC Education Loan?
NBFC Education Loan: An Overview
Overseas education can open up new dimensions of opportunities for students, but it is super expensive as well. New-age NBFCs have stepped up to fill the gap between students and their academic ambitions. NBFCs are private financing institutions that offer hyper-personalised education financing solutions. So, it is a prudent choice to opt for a student loan from a new-age education-focused NBFC.
Why Students Turn to an NBFC for an Education Loan
Wide-Spectrum Expenses
When studying abroad, students usually worry about several costs involved, right from tuition fees to living expenses. New-age NBFCs offer student loans that cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, cost of learning devices and other education-related expenses. So this will enable you to focus on your studies instead of worrying about a wide range of expenses.
NBFC Education Loan Without Collateral
Oftentimes, students don’t opt for student loans because they focus on arranging the collateral first. When they cannot arrange any collateral, they give up on the idea of opting for a student loan. If you, too, think that you cannot get a student loan just because you do not have any assets to offer as security against the student loan, then you will be amazed to know that you can opt for an NBFC education loan without collateral. Yes, you can opt for an unsecured education loan from NBFC, which doesn’t require collateral.
NBFC Providing Education Loan for a Wide Range of Courses
An NBFC education loan is available for a plethora of study programmes. International universities offer conventional courses such as STEM and MBA and other off-beat programmes, including Fashion Designing and Game Designing. You can opt for an education loan from NBFC for other study programmes such as executive study programmes, vocational courses, skilling, upskilling and reskilling study programmes.
Most NBFCs have tie-ups with international educational institutions to enable a smooth education loan process. So, ensure your chosen lender has a partnership with your selected varsity.
What You Must Know About Avanse Global Finance NBFC Education Loan?
Avanse Global Finance is an education-focused, technologically advanced NBFC that provides hyper-personalised education financing solutions to every deserving Indian student. Avanse student loan comes with several benefits, such as:
- No Forex Conversion Cost
When you exchange currency, the additional fees will apply, taking a toll on your pocket. Therefore, we offer student loans in USD, and you can repay in the same currency. It will take away the conversion costs from the picture, giving you more power to save dollars.
- Higher Loan Amount
At Avanse Global Finance, we understand the importance of quality education and the costs associated with it. You can opt for a student loan of up to $1,50,000 (terms and conditions apply).
- Longer Tenure
The maximum student loan tenure is up to 15 years. So you can plan your repayment while keeping the longer tenure in mind.
Please remember, when you apply for an NBFC education loan without collateral, along with your documents, your student profile will be evaluated to determine your employability potential. Therefore, your academic score, entrance exam score, and pedigree of your university, among other aspects, will be thoroughly examined. Your co-applicant’s financial background will be analysed, too. If you tick all the boxes, your student loan will be approved.
So, this is what you must know about the NBFC education loan before applying. You can opt for an abroad education loan from Avanse Global Finance and embark on your study abroad journey. If you want to opt for NBFC for an education loan or have more questions related to interest rates, please contact us. We will be glad to assist you in your academic journey.
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