Yocket’s Grad School Finder is tool specially designed for Yocket users. You can enter your prefered course, academic details, exam results, essay and extra curricular ratings and get a specially curated list of universities for your profile.Read More
Our developers here at Yocket have worked especially hard to come up with this feature. We use big data and artificial intelligence to help predict the chances of you getting an admit from a university for a particular course. You can use this feature along with our grad school finder or click on the course of your choice on the University’s review page!Read More
This feature can be used to compare two or more universities. It displays comparisons based on Cost of studying, Scholarships, Weather, Location, Ranking, and so much more!!.Read More
Given is a set of universities, third parties and government institutions that offer scholarship opportunities to international students wanting to pursue their studies abroad.Read More
The Undergrad College Finder is a great way to commence your journey to your dream University for your Bachelors. You just have to enter your Test Scores (SAT/ACT scores, average of your scores in High School) and fill your Academic Profile (name of the Board and latest Institute attended) and thereafter get a specially curated list of the 12 Universities for your profile, classified under Ambitious, Target & Safe.Read More
Education loans have gained much popularity in India due to an increase in the number of students aspiring for higher education from abroad and rising education costs. MBA from a top Indian business school can cost you anywhere between Rs. 15-25 lakhs and the same from abroad can cost up to Rs. 50 lakhs. Living and travel expenses further add to this cost and make it difficult for students to meet the complete cost of education with family savings.
Education loans are a better way to finance higher education since they offer tax benefits under Section 80E, have flexible repayment terms and help protect your parents’ retirement corpus. In India, many banks and NBFCs offer education loan on a competitive rate of interest with the added benefit of moratorium period and zero margin money. With some NBFCs, you can also get your education loan pre-approved before admission confirmation, thus enabling you to apply to foreign universities with the required proof of funds.
Education loan can be classified into two main categories - Secured and Unsecured
Secured loans, as the name suggests, are secured with collateral. However, no collateral is required for unsecured. Let’s understand collateral in more detail.
Most financial institutions require education loan applicants to pledge an asset against their loan to minimize risk.
Collateral can be a tangible asset like non-agricultural land, house, apartment, bungalow, shop etc. or a non-tangible asset like fixed deposit, life insurance, stocks etc. The type of collateral can differ among various financial institutions.
In case a borrower fails to repay the loan, the collateral pledged against the loan is used by the lender to make up for the losses. Since the risk associated with an unsecured loan is higher, the rate of interest on an unsecured education loan is higher than a secured education loan.
The value of collateral can be less than, equal to or more than the loan amount. Each applicant has a unique profile and a unique set of requirements. Financial institutions assess each profile individually and hence the value of your collateral depends on a number of factors.
These factors include, but are not limited to -
Before applying for an education loan, you must analyze and compare education loan products offered by various financial institutions since each financial institution has its own set of terms and requirements when it comes to collateral.
Some NBFCs provide unsecured education loan up to Rs. 35 lakhs. Unsecured loans are especially beneficial for students who are unable to offer collateral but have an extraordinary academic track record. Students with confirmed admission in a top ranking university can also get unsecured loans since their employment probability and loan-repaying capability is enhanced. Moreover, students whose co-borrowers have a good credit score, stable income and clean financial reputation may also get some relief in collateral requirements.
For more information on HDFC Credila’s Education Loan, visit www.hdfccredila.com.
Anirudh Jain: I think the blog is nicely written, a very similar blog is: https://www.gyandhan.com/blogs/secured-loan-vs-unsecured-education-loans
Education Loan & Margin Money
International student loans: USD vs local currency and...
Australia as a higher education destination - hot or not?
A Solution For Financing Your American Education