Can Indian Student Get Loan In Usa – The United States of America (USA) has always been a popular study destination for Indian students due to its prestigious institutions of higher learning, diverse learning opportunities, diverse capabilities and skills, research prospects, and great and cultural diversity. Students from all over the world, including India, choose to study in the US because of the advantages already mentioned. However, the cost of studying in the United States can be a problem for those who want to study abroad.
Although the cost of studying at this place of higher education is higher, international students prefer to study in the US for practical reasons. Let’s take a look at how to overcome this funding challenge with access and good planning.
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Applying for scholarships available to international students is one way to reduce the cost of studying in the United States. There are scholarships that provide full or partial funding to study in the United States if you qualify. Also, the scholarship is highly competitive.
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Therefore, another way to finance expenses is through student loans. To help you gain clarity, we’ll take a look at the types of student loans available to Indian students who want to study in the US. Continue reading this comprehensive guide to learn all about student loans in the United States. First, let’s look at the cost of education, and then consider the loan.
Tuition fees in the US may vary depending on the institution and course chosen. Generally, tuition fees for a bachelor’s degree can range from $25,000 to $50,000 per year if the degree is worth $50,000 or more per year. In addition to tuition, students must consider living expenses such as housing, food, transportation, and health insurance, which can total between $15,000 and $20,000 per year.
However, as mentioned earlier, you can finance your studies in the US by taking out loans abroad. Not only that, but you can also benefit from it. So let’s take a look at the main benefits of education loans below.
Considering the importance of student loans, let us discuss the types of student loans in India. Be sure to check with your credit bureau to find out which loan option is right for you.
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Students can choose from two types of student loans: secured and unsecured.
A secured loan requires collateral as collateral for the loan amount. The loan can be any asset such as PF gold assets or other valuable assets that the borrower can sell to recover the loan amount in case of default. If you have housing within the city limits, we recommend getting a loan with collateral.
Secured student loans typically cover all types of education and expenses in the United States. Interest rates on secured loans are lower compared to unsecured loans as the borrower’s risk will be reduced. National and private banks will be good options if you want to get a secured loan.
Unsecured education loans do not require collateral or collateral for the loan amount. As a result, these loans carry higher interest rates compared to secured loans. Unsecured loans are often chosen by students who do not have collateral to secure the money. Private banks, NBFCs and international lenders offer unsecured loans with many benefits.
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Indian students are eligible from various lenders that offer student loans to study in the United States. This includes:
Public sector or nationalized banks like State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Union Bank of India (UBI) and Bank of Maharashtra (BOM) provide loans for student education. Want to get a higher education in the USA.
These banks offer secured loans for studies abroad up to 1.5 million. or more, depending on the amount of education and the collateral pledged.
Private sector banks like ICICI Bank, Axis Bank and IDFC First Bank offer student loans for studying in the US.
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These loans have many benefits like no fees, no collateral and fast processing time. However, loan applicants and partners must have a strong ITR.
These banks offer loans for study abroad up to 1 billion, depending on the conditions of the applicant.
Non-Banking Financial Institutions (NBFCs) like HDFC Credila, Avanse, Incred, Auxilo and Credenc offer student loans for studies in the USA.
These loans have many advantages like easy repayment, low interest rates and payday loan solutions.
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NBFCs offer unsecured foreign education loans from Rs 50 lakh to Rs 75 lakh. Applicants with an average ITR can apply for education loans with NBFCs. With a good GRE score, students can qualify for loans of up to $50 million.
International lenders such as Prodigy Finance and MPower Financing provide loans to international students who wish to study in the United States.
The best part about getting an education loan from an international lender is that no CIBIL or IT score applicant/guarantor is required for repayment.
Most international leaders lend to the United States. These lenders offer up to Rs 75 lakh to Indian students. The only condition is that the relevant university must be included in the list of universities prepared by international lenders.
Education Loan Options For Abroad Studies
After discussing the types of lenders that provide student loans to Indian students intending to study in the US, continue with the basic documents required to apply for a student loan.
To apply for a study abroad loan in the United States, applicants must submit the following basic documents:
Make sure you have all the following documents before proceeding with your loan application. Also discuss the loan application process.
Applying for a scholarship to study abroad can be a simple process if students take the following necessary steps.
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Here is the basic loan application information that every borrower should know. So, if you are planning to take a loan for MS in the US or any other degree, make sure you follow the application steps in this guide to have a seamless loan application experience.
Studying in the United States can be an exciting and fulfilling time. With a little research and planning, you can find the right student loan to study in the US and pave the way for a successful career. Education Loans, USA Loans, USA Student Loans, USA Student Loans India, USA Student Loans
There are several banks in the United States that offer student loans to Indian students in the United States. Top 5 are: 1. Canara Bank 2. Axis Bank 3. HDFC Credila 4. International Student Loan Program 5. Bank of Baroda Scholar Loan
Canara Bank has long been a trusted institution for Indian students seeking loans to study in the US. The bank offers competitive interest rates and flexible repayment options, making it an attractive option for many. The loan covers a range of costs, including tuition, accommodation, books and travel costs, ensuring that students can focus on their studies without financial stress.
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How to Apply: Students can apply for Canara Bank education loans by visiting their nearest branch or by applying online at the bank’s official website (https://canarabank.com/pages/education-loans). You should contact the bank directly for specific information and application assistance.
Axis Bank is unique in its loan schemes for students who want to study abroad. Known for its competitive interest rates and low processing costs, Axis keeps the financial burden manageable for students and their families.
How to Apply: Applications can be made online at Axis Bank website (https://www.axisbank.com/retail/loans/education-loan) or by visiting any local branch. It is helpful to speak with a bank representative to understand the specific requirements and simplify the application process.
HDFC Credila specializes in student loans for students seeking higher education abroad. With expertise in education loans, HDFC Credila offers on-demand solutions to suit the needs of every student, including flexible repayment terms and interest rates.
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How to Apply: Prospective students can apply online at HDFC Credila website (https://www.hdfcbank.com/personal/borrow/popular-loans/educational-loan/ education-loan-for-foreign-education) or go to the website. Branch. An in-depth consultation with an HDFC Credila representative can provide clarification and guidance throughout the application process.
The International Student Loan Program provides loans designed specifically for international students studying in the United States. These loans are usually underwritten by US citizens or permanent residents, guaranteeing competitive interest rates and repayment options.
How to Apply: Students can apply online through the official website of the program. It is recommended that you already have a signature with the United States and carefully review the specific document requirements before proceeding with your application.
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