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Tata Capital > Blog > Loan for Education > Non Collateral Education Loan upto 25 Lakhs

Loan for Education

Non Collateral Education Loan upto 25 Lakhs

Non Collateral Education Loan upto 25 Lakhs

A lingering question often shadows dreams of higher education abroad, “Can I get a Rs 25 lakh education loan without collateral?” And the straight answer – yes, you can!

In this comprehensive guide, we will navigate the realm of non-collateral education loans, helping you understand the ins and outs of securing a substantial 25 Lakhs for your educational pursuits. Let’s get started.

What Is A Non-Collateral Education Loan?

A non-collateral student loan, often referred to as an unsecured education loan, is a financial boon for students seeking funds for their overseas education without the obligation of providing collateral. Unlike traditional loans that demand assets like property or land as security, non-collateral education loans allow you to borrow without risking your valuable possessions. 

Maximum Amount

One of the key advantages of non-collateral education loans is the flexibility in loan amounts. Students can secure up to Rs 50 Lakhs to fund their education without the burden of collateral. This substantial sum caters to various expenses, including tuition fees, living costs, travel expenses, and study materials, ensuring that financial constraints don’t hinder your educational pursuits. 

Eligibility For Education Loan Without Collateral For Abroad Studies

Now, let’s delve into the essential eligibility criteria shaping your journey to securing a Rs 25 Lakhs education loan without collateral:

1. Academic Profile

Your academic achievements are pivotal for a non-collateral education loan. Maintain a robust academic record with a minimum of 60% in 10th, 12th, and your degree. More than three backlogs may pose challenges, so emphasize your academic dedication for higher approval chances.

2. Financial Co-Applicants

In the absence of collateral, the financial co-applicant plays a crucial role. Lenders assess the co-applicants income and CIBIL score, seeking assurance for repayment. Whether salaried or self-employed, the co-applicant acts as a safety net, instilling confidence in the student’s repayment capabilities.

3. Course/Degree

Lenders favour specific courses, especially in STEM disciplines. UG and PG programs in STEM fields are preferred, while other courses may face scrutiny. Understanding the lender’s preferences for your chosen course enhances your application’s favorability.

4. Country and University

The choice of country and university significantly impacts approval. Focus on major study-abroad destinations like the USA, UK, Canada, Australia, Ireland, and Germany for higher approval chances. Private banks may have specific approved universities, emphasizing alignment with their criteria for optimal results.

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FAQs

Can I get an education loan without collateral?

Yes, you can get an education loan without collateral. Tata Capital offers unsecured education loans at attractive interest rates, with easy eligibility criteria, minimal documentation, and a hassle-free application process. 

Can I get a 100% education loan?

Yes, you can get a 100% education loan at Tata Capital. Simply fill in the online application form and upload all necessary documents. Once these are verified, your education loan will be disbursed directly to your account.

Is there a processing fee associated with an education loan without collateral?

Yes, there is a nominal processing fee associated with an education loan without collateral. A processing fee is charged to process and verify your education loan application. 

What is the loan procedure for an education loan without collateral?

To apply for an education loan without collateral, simply visit the official Tata Capital website. Here, complete the online form and upload all necessary documents. Alternatively, you can also apply for an education loan at your nearest branch. Once the documents are verified, the loan will be disbursed directly to your account.

What is a non collateral education loan?

A non-collateral education loan refers to an education loan that is unsecured or for which you do not need to pledge an asset. Tata Capital offers education loans at attractive interest rates and with minimal documentation and an easy application process. 
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