Four study loan eligibility criteria NBFCs go easy on

In 2013, Vivek Panchpande, who is visually challenged, felt elated when he got accepted for higher studies at four different universities in Canada, New Zealand, the UK and the US. M. Barve, a Mumbai-based independent financial adviser, said, “For most banks, the educational loan interest rate is available at 10.25-11%. Prashant B., head-student loan, Incred Finance, a new-age technology and data science-based financial services platform, said, “Entities like us provide education loans for all kinds of programs—undergraduate, graduate, doctoral levels, and even certifications and diplomas are eligible. As long as those courses or institutes have required approvals, authorizations or accreditation from relevant bodies, getting a loan from NBFCs is easier for non-traditional courses.” Institution you choose If you have managed to get an admission in a top-notch college or university abroad, banks will most likely give you an education loan. We need a tangible collateral security, along with assignment of future income of the student for payment of instalments.” NBFCs too ask for collaterals, but they consider waiving the requirement entirely, if a few other criteria like course, college, job prospects and the co-borrower’s creditworthiness are strong.