Empowering Indian Students
Access to quality education is crucial for the holistic development and future prospects of individuals. In India, the demand for higher education has been steadily increasing, and with it, the need for financial assistance. A recent article published by The Hindu Business Line highlights a positive trend in the education loan sector, with a 17% growth in FY23—the first significant upturn in five years. This growth reflects the increasing support available to Indian students aspiring to pursue higher education. In this blog, we explore the significance of education loans and how institutions like Lorien Finance play a crucial role in empowering Indian students to realize their academic dreams. The Importance of Education Loans: Obtaining a quality education, especially abroad, often comes with significant financial implications. Education loans provide a lifeline for students, bridging the gap between their aspirations and financial constraints. These loans cover various expenses, including tuition fees, accommodation, travel, and other associated costs, enabling students to focus on their studies without being burdened by immediate financial pressures. The Growth of Education Loans: The recent surge in education loan disbursements indicates a positive shift in the financial landscape. The rise can be attributed to various factors, including increased awareness, streamlined loan application processes, and favorable policies implemented by financial institutions. The education loan sector’s growth not only provides opportunities for students but also strengthens the overall educational ecosystem. Empowering Indian Students with Lorien Finance: Among the institutions supporting Indian students in their pursuit of higher education, Lorien Finance stands out as a reliable partner. Lorien Finance, through its collaboration with partner banks, offers education loan deals specifically tailored to meet the unique needs of students planning to study abroad. Their focus on international education loans ensures that aspiring Indian students have access to competitive interest rates and flexible repayment options. Lorien Finance believes that financial constraints should not hinder students from achieving their academic aspirations. By providing affordable loan deals, they empower Indian students to explore opportunities at renowned global universities, including those mentioned in the article. Lorien Finance’s support extends beyond financing tuition fees; it also covers other crucial aspects such as accommodation, internships, and even SIM card options, facilitated through their partnerships with various companies abroad. Conclusion: The growth in education loans in India signifies a positive trend that highlights the increasing support available for students pursuing higher education. Institutions like Lorien Finance play a crucial role in this ecosystem by offering specialized education loan deals for Indian students, enabling them to study abroad at prestigious universities. Lorien Finance’s commitment to empowering students through affordable loan options aligns with the growing demand for financial assistance in the education sector. By providing access to competitive interest rates, flexible repayment plans, and comprehensive coverage, Lorien Finance ensures that Indian students can pursue their academic dreams without compromising on their financial stability. As the education loan sector continues to expand and benefit students across the country, institutions like Lorien Finance will play a pivotal role in making higher education more accessible and fostering a brighter future for aspiring Indian students.
The Affect of Donald Trump’s Re-election on the Study Abroad Dreams of Indian Students
Claiming victory in the 2024 US election yet again, Donald Trump has made the most remarkablecomeback in American electoral history. He is all set to return as the 47th President of the world’slargest economy — the United States. The biggest question amongst all this is — will this re-electionaffect the fate of the study abroad plans of Indian students? The Indian students’ s diaspora represents almost 28% of the international students in the US, being the second highest number of students choosing to study in the States. While being applauded by Indian Prime Minister Narendra Modi with an optimism of strengtheningties between the two nations, Indians are still wondering the impact of Trump’s renewed leadership on their study abroad fate. Let’s dive deeper to know what the future holds for all the study abroad aspirants from India! Donald Trump’s victory speech was awaited by Indians in the US and those seeking to go to the US for work or to visit friends and family to know the new president’s stance on visa rules. Announcing that he’s likely to introduce merit-based immigration changes that will benefit Indians, spread a sense of cheer among all. During his first term as President from 2016 to 2020, Donald Trump, through his executive orderE.O.13788 ‘Buy American and Hire American’ increased restrictions on H-1B visas, even for Indians. But this time, in his second term, his focus on reviving the US economy could create opportunities for India’s technology workforce and students in STEM courses. As heard in one of his election campaigns, Trump stated, “What I want to do and what I will do is —you graduate from a college, I think you should get a Green Card automatically as part of yourdiploma, a Green Card to be able to stay in this country. And that includes junior colleges too.”. Headded, “I’ve heard of people graduate from a top college or any decent college, and they desperately wanted to stay here, they had a plan for a company, a concept, and they can’t — they go back to India, they go back to China, they do the same basic company in those places. And they become multi- billionaires employing thousands and thousands of people, and it could have been done here.”. PM Modi’s ‘Friendship’ with Donald Trump Encourages Indian Students Aspiring to Study in the US With Donald Trump’s return to the White House, all eyes are set on the impact of this re-election on the relationship between India and the US. Hoping for a better future for immigrants, study abroad aspirants, border security, the economy, and global peace, PM Modi has welcomed Trump’s victory with wide arms and is optimistic about what the future entails, looking forward to India’s good diplomatic ties with Trump. With the great camaraderie between both leaders, India can look forward to renewing its collaboration to further strengthen the India-US Comprehensive Global and Strategic Partnership. As Indian students willing to study in the USA, let’s find some motivation in Prime Minister Modi’s words, “Together, India and the USA will work for the betterment of their people and to promote global peace, stability and prosperity.” Epilogue The clear intentions portrayed by Trump in his second term include bringing in international students, thus bringing in more revenue and helping fill the talent gap. At the same time, he hinted strongly about new policies to curb illegal border crossings and encourage people to explore legal ways of moving across borders and finding opportunities that are better suited to them. This upcoming term foresees Donald Trump to be positive towards international students. With theimplementation of pathways like green cards for graduates, Indian students may soon find it easier to stay, work, and contribute meaningfully to the US economy. Trump’s re-election could be a game-changer for international students planning to pursue highereducation in the US, providing the perfect opportunity to stay back and live the American Dream! It is bound to reduce the uncertainty often associated with staying in the US after course completion. By offering this steadfast solution to permanent residency, the States would be able to attract and cherish some of the brightest minds from around the world. At Lorien Finance, supporting students on their global journey is central to our mission, and we’reeager to see policies that make this path more accessible and impactful for students worldwide.
Education Loan Eligibility Criteria for Studying Abroad
With a rapid rise in demand for studying abroad, an estimated 2 million Indian students are expected to pursue higher education overseas by 2025. As education costs continue to climb, attending prestigious international institutions often involves significant expenses. Understanding education loan eligibility criteria for studying abroad is essential to make these aspirations financially feasible. Realising the same thing, parents start preparing financially for their children’s education from the time they are kids. From investments to Fixed Deposits to whatnot, they try to save the maximum to provide their kids with the best possible education. But, there are still times when all of these can’t fulfil your dream of studying abroad. In such times, education loans for studying abroad act as your Genie from the Magical Lamp to help you study abroad without any financial hassle. Education loans for studying abroad are typically categorized into secured and unsecured options. At Lorien Finance, we partner with over 15 domestic and international financial institutions, including public and private banks and NBFCs, to provide students with the best interest rates for overseas education. To qualify for an education loan for studying abroad, it’s essential to meet the eligibility criteria set by these financial institutions, ensuring you’re fully prepared to secure funding for your international studies. Let’s go through some of the basic eligibility criteria stated by these institutions for students planning to study abroad with an education loan! Note: Eligibility criteria differ as per each lender’s requirements. The parameters mentioned are some of the common criteria required by almost all lenders. Eligibility Criteria for Applying for an Education Loan for Abroad Studies When applying for a study abroad loan, the following basic eligibility guidelines stated by the lenders need to be met: Eligibility Criteria for Secured Education Loan for Studying Abroad Secured loans for studying abroad are taken against collateral, which in most cases is in the formof property. To be eligible for applying for a collateral loan for abroad education, you must beaware of the following facts: Eligibility Criteria for Unsecured Education Loan for Studying Abroad Unsecured loans for overseas education do not require pledging any collateral in exchange. Banksconsider the student’s and the cosigner’s Income Tax Return (ITR), their CIBIL score as well as the student’s past academic records to offer the loan. To be eligible for applying for a non- collateral loan for studying abroad, you must be aware of the following facts: Documents Required for a Study Abroad Education Loan Now that we are well-versed with the eligibility criteria, it is essential to know all about the documents required for applying an education loan for overseas studies. Let’s have a look: For the Student: For the Cosigner: Salaried Cosigner: Self-employed Cosigner: Extra Documents Required for a Secured Study Abroad Loan To secure a collateral loan for your studies abroad, some additional documents related to the property you pledge are required. These documents include: How to Improve Your Education Loan Eligibility for Studying Abroad? While providing education loans for your overseas education, banks scrutinise every detail anddocument shared. There’s always a way of improving your eligibility in securing an education loan for your abroad studies. To score higher on the lenders’ charts, these are the steps you can follow: Documents Required for First Disbursement of Study Abroad Loan Documents Required for Subsequent Disbursement of Study Abroad Loan Now that we’ve topped the exam on education loans, it’s important to remember factors such asacademic qualifications, availability of collateral, credibility, and creditworthiness. By understanding all these criteria, you can seamlessly start your loan application process for your abroad education and give wings to your dream of gaining an education globally. If any step of this process seems challenging, at Lorien Finance, we are always ready to support you throughout your journey. Whether it’s applying for an unsecured or secured education loan, our loan experts navigate the entire process and help you find the best interest rates in the market to help you finance your study abroad dream. We walk with you every step of the way so that your journey is smooth and hassle-free. FAQs Do I need confirmed admission before applying for a loan? Yes, most lenders require a confirmed or conditional admission offer from your university to process the education loan. Is there a minimum academic score required? Yes, lenders typically expect a minimum percentage or GPA, though it varies by lender. I don’t think my course would be eligible for an education loan. How do I proceed? Lenders usually have a list of courses and universities they cover in abroad education loans. Connect with our team to help you find the best lender for your desired course. Can I get an education loan if I have an existing loan? Having an existing loan does not hinder your chances of securing an education loan for your abroad studies, but it may affect the amount you borrow. Lenders consider your total debt-to-income ratio to ensure you can manage additional loan repayments. Connect with our loan counsellors to know how much you can avail for your abroad education.
Loan Terms Explained
Have you stepped in the race of studying abroad too? Well, congratulations! It’s one of the mostamazing and exciting experiences you’ll have in life. Now that the decision is made, let’s get to the basics! How do you plan to fund your education abroad? Is an education loan on your mind? That’s one of the most suitable options, allowing you to pursue your academic aspirations without financial hassle. You get substantial funds with a flexible repayment tenure, along with tax benefits from the Indian Government. However, do loan terms and jargon confuse you, leaving you searching for explanations? Well, Lorien Finance is here to help with loan terms explained, clarifying all the important terminologies you need to know when taking an education loan. Let’s get started! Application Checklist A predefined itemised list of documentation that the borrower needs to provide at the time of applying for a loan. This list is intended to cover most information needed to begin the underwriting/application process for most loan requests. It typically includes financial, academic, and identification documents required by the lender to assess your eligibility. APR (Annual Percentage Rate) The annual percentage rate (APR) is the total yearly cost of taking out a loan. This rate includes theinterest rate, along with any other finance charges. For example, when you apply for your education loan, you might have to pay loan origination fees or processing fees. If you only consider the loan’s interest rate, it would be lower because the overhead costs aren’t included. Under the Truth in Lending Act, lenders must disclose the APR, so you have a complete understanding of how much it’ll cost to take out a loan. Borrower When you apply for an education loan and receive funds, you are the borrower. As the borrower, you’ll have to repay the loan according to the loan terms agreed upon. If your father applies for an education loan to pay for your tuition fee and living expenses, then hewould be considered the borrower. In this case, the lender will hold your father responsible for loanrepayment. Collateral When you pledge a valuable asset (tangible or intangible) as security for your loan, it is considered to be a collateral. Tangible assets that can be considered collateral include land, building, vehicle, gold, while intangible assets include intellectual property, such as patents, copyrights, trademarks, trade secrets, contracts, licenses, franchise agreements, leases, securities and bonds. If the borrower stops repaying the loan, the lender can seize and sell the collateral to get their funds back. Cosigner A person who agrees to be equally responsible for the repayment of the loan if the borrower cannot repay it, is considered to be a cosigner or a co-borrower. If you apply for a loan but do not have sufficient income or credit history, your father or brother (with sufficient income) can become your cosigner. Cost of Education Cost of Education includes the total amount a student needs including tuition fee, living expenses,accommodation, books, transportation travel fare for foreign education. While choosing your education loan lender, ensure if they cover 100% of the cost of your education, as some only cover a part of it. Credit Score A score that represents your creditworthiness, based on your borrowing and repayment history. This score is calculated by the lender on the basis of your payment history, current debt amount, credit history length, and new credit activity. As per the FICO credit model, a good credit score is at least 670. With an excellent credit score, youcan secure an education loan at the best possible interest rate. Credit Worthiness Creditworthiness is the likelihood that you i.e. the borrower will repay your loan based on yourfinancial history, income, and credit score. Lenders evaluate you by your creditworthiness to determine your loan eligibility and ability to repay the loan. Default The inability to repay the loan according to the terms and conditions agreed upon at the time of loan approval, usually after several missed payments. This can lead to serious financial consequences, including damage to credit and legal action. Deferment Period It is the time when you aren’t required to make any payments, usually when you are still studying or a few months after graduation. Education Loan Disbursement The process through which the ender transfers the loan amount directly to you or the institution you’re planning to study in. EMI The fixed monthly payment to the lender to repay the loan, including both principal and interest. The Equated Monthly Instalment (EMI) payment begins once your moratorium period is over. Fixed Interest Rate When a loan has a fixed interest rate, the interest rate remains the same for the duration of the loan. Since the interest rate remains the same, the monthly payment doesn’t change. The predictable monthly payments make it easier for you to budget your loan payments. Grace Period The short duration upto 12 months after graduation during which the borrower does not have to start repaying the loan. This period allows the borrower to secure employment or make other necessary arrangements before starting the repayment. Interest may or may not accrue during the grace period, depending on the loan terms.It’s usuallyfollowed by the start of EMI payments. Guarantor In the case of student loans, a guarantor is a third party, whose assets are pledged to the lender assecurity. Hard Credit Check When you apply for a loan, the lender will perform a hard credit check or inquiry. This credit inquiryusually has a small impact on your credit score—your score may drop by up to four points. A hardcredit check remains on your credit report for two years. Late Fee A penalty charged by the lender to you on missing a scheduled loan payment. This fee is charged when you make the past due payment. The loan agreement states the amount of this late fee and when does your lender charge the same. Loan Agreement A formal contract between the lender and you, outlining the terms and conditions of the loan, including the loan
HDFC Credila Study Abroad Loan: A Complete Guide
Dreaming of studying at a top global university, but worried about how to finance it? You’re not alone! Many aspiring students face the same challenge, and the idea of funding an overseas education can seem overwhelming. But here’s the good news—there are smart, accessible ways to make those academic dreams a reality without breaking the bank. That’s where HDFC Credila comes in. As India’s leading non-banking financial company specialising in education loans, they offer customised solutions designed to help you secure the funding you need, with flexible terms that fit your unique journey. In this complete guide, we’ll explore everything you need to know to take that next big step—without the financial stress! HDFC Credila Abroad Education Loan HDFC Credila, is India’s first and only education loan specialist, with numerous databases on education sector. Their credit scoring model for the approvals of loans is designed specifically for student loans. HDFC Credila, therefore, understands problems, challenges and issues faced by the students and their parents. With an objective of working closely with students and parents to identify the appropriate education loan programs for them, HDFC Credila customises their product depending on the school and the student’s grades. This ensures that all students have a good shot of getting a loan, and that too at an attractive rate of interest. Overview FEATURES EDUCATION LOAN DETAILS Loan Amount Upto 100% of cost of education(collateral)Upto Rs 75 lakhs (non-collateral) Margin Money NIL Interest Rate Starting at 10.50%* Processing Fee 1% + GST Loan Tenure Upto 14 years Moratorium Period Study period + 6 to 12 months Prepayment Charges NIL Income Tax under Section 80E benefits by HDFC Credila HDFC Credila stands as the only Indian NBFC offering tax benefits under Section 80E on noncollateral education loan. Section 80E of the Income Tax Act allows us to claim a deduction for the interest paid on aneducation loan for a maximum period of eight years, starting from the year in which therepayment of the loan begins. The deduction can be claimed for the interest paid on the loan. It is important to note that the tax benefit under Section 80E is only available for the interest paid on the education loan and not for the principal amount. Who can apply for an education loan at HDFC Credila? Students aspiring to pursue their higher education at bachelors or masters level abroad from countries like USA, Canada, Germany, Australia, New Zealand, UK and are looking forward to avail financial assistance can apply for an education loan at HDFC Credila. Let’s look at some of the important criteria to apply for an education loan with HDFC Credila: Nationality Student and co-applicant must be Indian Age Limit At least 18 years of age Countries Covered USA, Canada, Germany, Australia, New Zealand, UK, France, Singapore, UAE, Ireland, Netherlands and more Academic Performance Strong academic performance meeting the minimum academic criteria set by the lender with prerequisite tests such as GRE, IELTS, or TOEFL. Co-applicant MandatoryMother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian can be a co-applicant if they have a steady source of income and a positive credit history Collateral Both collateral as well as non-collateral loansavailable Partial List of Universities Funded by HDFC Credila in the US Arizona State University Boise State University California Polytechnic University Carnegie Mellon University Columbia University Cornell University Georgia Institute of Technology Illinois Institute of Technology Indiana University Bloomington Michigan Technological University New Jersey Institute ofTechnology North Carolina State University Northeastern University Ohio State University Oklahoma State University Polytechnic Institute of New YorkUniversity Purdue University Rochester Institute of Technology San Jose State University Southern New HampshireUniversity State University of New York atBuffalo Syracuse University Texas A&M University University of Bridgeport University of Chicago University of Cincinnati University of Florida University of Houston – Clear Lake University Of Illinois – Chicago University of Maryland University of Michigan – Ann Arbor University of North Carolina –Charlotte University of Pennsylvania University of South Carolina University of South Florida University of Southern California University of Texas at Arlington University of Texas at Dallas Wayne State University Partial List of Universities Funded by HDFC Credila in other countries Asian Institute ofManagement (Philippines) Centennial College(Canada) Chemnitz University ofTechnology (Germany) Concordia University(Canada) Coventry University (UK) Delft University ofTechnology ( Tu Delft )(Netherlands) ESC Rennes School ofBusiness (France) HEC Paris (France) IE Business School – Spain INSEAD (France,Singapore) La Trobe University(Australia) London Business School (UK) London School ofEconomics and PoliticalScience (UK) Nanyang TechnologicalUniversity (Singapore) National University ofSingapore (Singapore) Newcastle University (UK) Rotman School ofManagement, University of Toronto (Canada) Rotterdam School ofManagement(Netherlands) Royal Melbourne Institute of Technology University (Australia) S P Jain School of Global Management (Dubai) Schulich School ofBusiness, York University Sheffield HallamUniversity (UK) Srh Heidelberg University of Applied Science (Germany) The University ofManchester (UK) The University ofNottingham (UK) The University of Sheffield (UK) University of DuisburgEssen (Germany) University of Glasgow(UK) University of Leeds (UK) University of Melbourne(Australia) University Of Oxford –Said Business School University of Warwick(UK) Documents Required for HDFC Credila Education Loan Let’s provide you with a detailed list of all the documents required to apply for a an education loanwith HDFC Credila! Applicant’s Documents Co-applicant’s Documents Income proof for salaried co-applicant Income proof for self-employed co-applicant Perks of an HDFC Credila Education Loan When taking an utmost important decision of financing your education abroad, it is essential forstudents to make informed decisions regarding their education loans. When it comes to funding your education, making the right choices can shape your future. Do not miss out on the several crucial steps to be considered even after disbursement, including: Tax benefits Save taxes by claiming your interest paid as a deduction, as per Section 80E of the Income Tax Act of India, 1961 with HDFC Credila Education Loans. 100% cost of education covered Fulfil your study abroad dream seamlessly with complete financing from HDFC Credila EducationLoans. Quick and hassle-free loans Once the documentation is complete your loan is processes quickly and HDFC Credila
MPower Financing or Prodigy Finance: Which to choose for studying abroad?
MPower Financing Ideated with an aim of removing the financial obstacles faced by students when pursuing international education, MPower Financing has helped thousands of students achieve their study abroad dreams. A major player in the international education loan sector, MPower is dedicated to making a positive impact in the world that goes beyond accomplishing our financial and strategic goals. With no requirements of a cosigner or collateral, they help support a student’s independence in the most easy and affordable way. When considering MPower vs Prodigy Finance, it’s clear that MPower Financing offers education loans at fixed and competitive interest rates that never increase, providing affordable funding. They also provide a complimentary visa support letter and visa prep course. With a smooth loan processing system, MPower Financing stands as a key payer preferred by most of the students aspiring to study abroad. Prodigy Finance With a philosophy that funding shouldn’t be a barrier to education, Prodigy Finance has helped over 40,000 students fund their higher education abroad. With a quick and easy loan application process, Prodigy Finance helps students travel across the world to get a top-tier master’s degree without the stress of a cosigner or collateral or any hidden costs. You can now secure a pre-approved student loan of up to $220,000* smoothly and affordably with Prodigy Finance’s smart and seamless financing. Comparing International Education Loans by MPower Financing and Prodigy Finance Being the top players in the industry, both, MPower and Prodigy, provide loans in foreign currency,include zero exchange rate costs, don’t require collateral or cosigners for securing a study abroad loan, but focus on the student’s future earning potential, with an option to directly disburse the loan amount to the university. Both the lending institutions are similar in terms of the loan amounts offered and the origination fees charged, but let’s assess the differences in their interest rates, eligibility, and other factors to make the best choice. Basis of Difference MPower Financing Prodigy Finance Loan Amount 100% of cost of education 100% of cost of education Interest Rate 12.99 – 15.99%* 11 – 14%* Interest Type Fixed Means your rate won’t change and your payment will remain the same even in a rising interest rate environment. Fixed & variable Means your rate fluctuates based on market conditions, causing monthly payments to change over time. Interest Rate Discount 0.25% for signing up for autopay Nil Countries Covered Canada and United States of America (USA) Australia, Belgium, Canada, China, Denmark, France, Germany, Hong Kong, Italy, Netherlands, Portugal, Singapore, South Africa, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK), United States of America (USA) Courses Covered All courses covered Only Master’s in STEM courses as well as Business, Law, Public Policy, Health Sciences and Economics are covered Number of supported universities Over 400 universities Over 1500 universities Loan Term Upto 10 years Upto 20 years Eligibility Undergraduate or graduate students within 2 years of graduating or about to begin a 1-year or 2-year program Graduate students willing to study in the countries and universities supported by Prodigy Application Process Online application, relativelystraightforward Online application, detailed process Repayment Flexibility Options for adjusting terms Flexible repayment plans available Interest Rates on Study Abroad Loans by MPower Financing and Prodigy Finance While both the lenders offer students support in terms of 100% of the cost of their education, MPower Financing’s lowest available interest rate is 12.99% (13.98% APR), and the average interest rate for loans is 14.99% (16.04% APR). The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER charges an origination fee equal to 5% of the loan amount, which is automatically added to the borrowed amount, eliminating any hidden or out-of-pocket fees, and also offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. On the other hand, Prodigy Finance’s interest rates are variable, and are made up of two components, a fixed margin and a variable benchmark rate. Students can secure their international education loans from Prodigy, starting from 5.25% fixed + 5.34%* variable interest rate. Prodigy Finance charges a processing fee of up to $100, payable when the funds are matched to the loan application to reserve your funds, and before your loan is finalised. They also charge an admin fee for each loan issued. The admin fee is up to 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments- you’re never required to pay this fee upfront. Countries Covered for Study Abroad Loans by MPower Financing and Prodigy Finance While MPower Financing helps you secure student loans for your abroad education in the US orCanada, Prodigy Finance supports students aspiring to attend 1733 schools, 483 universities in 19countries, including Australia, the UK, Canada, the US, Germany, France, the UAE and many more. Eligibility Criteria for Education Loans by MPower Financing and Prodigy Finance An education loan from MPower Financing can be ensured, if you meet the following criteria: For the United States: You must be enrolled in a MPower eligible school. For Canada: You must be enrolled in a MPower eligible school. To determine if you’re eligible for a study abroad loan, Prodigy Finance mandates three requirements (subject to affordability check): If you meet these criteria, you will be able to complete a quick online application and get a quote from Prodigy Finance. In most cases, the quote is received immediately. It will include the amount you qualify for, the interest rate, loan term, and any fees that will apply. Education Loan Application Procedure for MPower Financing and Prodigy Finance MPower Financing’s straightforward loan application process focuses on verifying eligibility andensuring that you can finance your education effectively. Here’s a step-by-step guide to MPower’s Application Process: Prodigy Finance’s smooth online loan application procedure seamlessly ensures a student’s studyabroad dream is realised. Here’s
How to get education loan for studying abroad without collateral?
Do you constantly dream of studying abroad and having the best experience living your dream life, but the thought of high tuition fees is weighing you down? We know you’ve been up all night searching on Google for “how to study abroad without spending a fortune.” Well, what if we told you that fulfilling your study abroad dream is now possible without sacrificing your parents’ assets? With education loans emerging as one of the most affordable and feasible options to pursue your studies abroad, Indian lenders have stepped up their game by offering education loans without the need for security or collateral. Let’s dive deeper into how to get an education loan for abroad studies without collateral and how this can be a game changer for all students worrying about investments for studying abroad! Education Loans without Collateral An unsecured education loan or education loan without collateral for studying abroad is where thelender promises to offer you a loan for your higher studies abroad without the need of a collateral or security in exchange. These loans are offered on the basis of academic record, admission to arecognised institution, and future earning potential. Collateral refers to the tangible or intangible assets that you pledge to secure your loan. This caninclude properties, land, shares, gold and mutual funds. Interest rates for education loans without collateral are higher than those for secured loans as thelenders have a high risk involved due to no security. The amount for such loans also is determined by the lenders’ policies and your profile. Secured vs Unsecured Education Loans for Studying Abroad To make it easier for you to understand, let’s highlight some of the key differences between education loan with and without collateral! PARAMETER EDUCATION LOAN WITH COLLATERAL EDUCATION LOAN WITHOUTCOLLATERAL Loan amount offered Up to Rs 2 crores(or 100% cost of education) Up to Rs 85 lakhs(or 100% cost of education) Collateral Requirements Collateral required in the form ofproperty, land, shares, gold or mutual funds No collateral required Interest Rates Comparatively lower as a reason of security Comparatively higher as a reason of no security Processing Time Comparatively more due todocumentation, property valuationand more. Comparatively less due to lessdocuments involved Features of a Non-Collateral Student Loan for Abroad Studies Some of the significant features of an education loan for studying abroad without collateral are: Expenses Covered in a Non-Collateral Study Abroad Loan Let’s walk you through a list of expenses covered by a non-collateral loan for your abroad education! These expenses to be covered vary as per the lenders’ policies. Banks Offering Non-Collateral Loans for Studying Abroad Wondering which banks offer study abroad education loans without needing collateral? Here’s a list of some of the best lenders for education loans to study abroad without collateral along with their loan amounts and interest rates. LENDER FINANCIALINSTITUTIONTYPE MAX LOANAMOUNTDISBURSED INTERESTRATE PROCESSINGFEE COUNTRIES COVERED State Bank of India Public Bank Rs 75 lakhs 10.15%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Union Bank of India Public Bank Rs 40 lakhs 9.25%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Axis Bank Private Bank Rs 50 lakhs 10.50%*onwards 0.75% + GST USA, UK, Canada ICICI Bank Private Bank Rs 1 crore 10.25%*onwards 0.75% + GST USA, UK, Canada IDFC Bank Private Bank Rs 85 lakhs 10.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Ascent NBFC 100% cost ofeducation 3.79%*onwards – USA Auxilo NBFC Rs 40 lakhs 11.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Avanse NBFC Rs 75 lakhs 11.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Earnest NBFC 100% cost ofeducation 3.74%*onwards – USA HDFC Credila NBFC Rs 75 lakhs 10.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Incred NBFC Rs 60 lakhs 11.75%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others MPower Financing NBFC $100k 12.99%* 5% + GST USA, UK, Canada Prodigy Finance NBFC 100% cost of education11.50%*onwards $1005% + GST USA, UK, Canada,Australia, Germany Sallie Mae US Public Bank 100% cost ofeducation 3.49%*onwards – USA Tata Capital NBFC Rs 75 lakhs 11.50%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Student Loans Without Collateral: Eligibility To apply for a non-collateral study abroad loan, the lenders mandate that you meet certain eligibility criteria for seamless processing. Let’s discuss it in detail, so that you ace all those requirements! Education Loans without Collateral: Documents Required Your non-collateral study abroad loan is within reach with the help of the following documents. Let’s jot them down together, so that you add them to your bag or your drive and submit to your lender at the earliest! For you (the applicant) For the cosigner If the cosigner runs their own business, they’d be required to submit the following additions documents to show their income. If the cosigner is salaried, they’d be required to submit the following additions documents to show their income. How to get a Student Loan for Abroad Studies Without Collateral? Let’s understand the application process of applying for a study abroad non-collateral education loan better! Step I: Shortlist the lender for securing your non-collateral loan for studying abroad After thorough research, choose the lender best suitable for you to secure your unsecured study abroad loan. You can reach out to these lenders online through their official website or physically by visiting a branch. You will be required to fill an application form and provide accurate and complete information. Ensure inquiring about the interest rates, any hidden costs, repayment term and other information in the loan agreement. Step II: Sharing your documents Once you’re assured of all the terms and conditions of your chosen lender, and are ready to proceed, the next step is to submit the required documents for your non-collateral education loan. These documents may include academic records, admission letter, financial statements, and any other documents requested by the lender. Step III: Credit check & verification After successfully submitting your documents with the lender for your education loan for studyingabroad without
Canada vs Ireland: Where are Indian students off to?
Planning to study abroad, but confused about the perfect destination as per your dream course? That’s surely an important decision to make! Choosing between chilling at Niagara Falls or wandering in the lush green fields of Ireland is a dilemma, we don’t wish to be in. And thus, you’re at the right place, as this blog offers an insightful read in choosing the best study abroad destination for you! Canada vs Ireland, which team are you in? Understanding Climate, Culture and Safety in Canada vs Ireland Spreading from the Pacific to the Atlantic Ocean, Canada covers 5 different time zones, and thus, the climate may vary as per the city you plan to stay in. Toronto has a milder winter compared to other cities, while Montreal is cold and snowy. Overall, the country experiences significant fluctuations in the form of balmy summers and frosty winters. On the other hand, in Ireland, during the winter months, the temperature reached around 7°C, autumn months are seen having a temperature of around 15°C and summer months are have an average temperature of around 18°C. Known for being an immigrant-friendly nation, Canada is a mix of Asian, European as well as Latin American cultural practices. Similarly, Ireland is famous for being welcoming to all nationalities. With English as their primary language, a lot of international communities opt to stay here. As per the Global Peace Index 2024, Ireland ranks as the 2nd most safe country in the world and Canada ranks as the 11th most safe country in the world. Both the countries have even made public healthcare accessible for all, adding to the list of perks for choosing them as your study abroad destination. CANADA vs IRELAND: Understanding the Education System Canada vs Ireland for Indian students is surely an amazing topic to debate!Boasting some of the most prestigious educational institutions in the world, Canada offers highereducation publicly and privately, while Ireland offers the best education system in Europe. Known for its excellent standards and commitment to academic excellence, the Irish tertiary education system includes universities, technology institutes, and private colleges offering a variety of bachelor’s, master’s, diplomas and certificate programs. CANADA vs IRELAND: Top Courses to Pursue Both the countries, Canada and Ireland offer a plethora of excellent academic courses for students across the globe to pursue. While Canada offers around 15,000 academic programs, Ireland caters to over 5000 courses with a special focus on Science, Engineering and Technology.If you are planning to pursue your Masters in Canada or Ireland, let’s help you make an informeddecision about what major to pursue. STREAM CANADA IRELAND Engineering Software EngineeringBiomedical EngineeringCivil EngineeringIT and Networking EngineeringAerospace EngineeringMechanical EngineeringEnvironmental Engineering Computer ScienceAeronautical EngineeringMechanical EngineeringBiomedical EngineeringEnvironmental EngineeringElectrical and Electronic EngineeringCivil Engineering Hospitality Culinary ManagementTourism and Hospitality ManagementEvent PlanningResort and Hotel ManagementCertificate in Global Tourism and HospitalityManagement International Hotel ManagementHospitality ManagementTourism ManagementArts and TourismAirline StudiesCatering and CookingHotel AdministrationTourism Destination Marketing Management Project ManagementMBAManagement SciencesDigital BusinessFinanceMarketingSupply Chain ManagementGlobal Business AdministrationSocial Economy and Co-operatives Supply Chain ManagementDigital Marketing StrategyFinancial Risk ManagementAccountingBusiness AnalyticsFinanceProject Management Medical Diploma in ParamedicCardiology TechnologistDiploma in Auxiliary Nursing ScienceB.Sc BiotechnologyOccupational TherapyDental MedicineClinical Research Mental Health NursingSurgery and ObstetricsSpeech and Language TherapyImmunology and Global HealthMedical ImagingKinesiologyDentistryNutrition and Dietetics Humanities Bachelor of ArtsHistory and SociologyLiteraturePolitical ScienceHistory and SociologyTheatreCommunicationLanguageMedia Studies Bachelor of ArtsHistory and SociologyLiteraturePolitical ScienceHistory and SociologyTheatreCommunicationLanguageMedia Studies CANADA vs IRELAND: Student friendly cities and cost of study As per the QS Best Student Cities 2025, Montreal, Toronto, Vancouver, Ottawa and Quebec rankamong the top 100 student friendly cities in the world from Canada, boasting a network of prestigious universities, a strong student network and a bundle of job opportunities. On the other hand, living in Ireland’s Dublin, Galway, Cork and Limerick, proved to be the best options for students from across the globe for exceptional education, world-renowned universities and employment opportunities. CANADA vs IRELAND: Top Universities to pursue Masters Let’s have a look at some of the top education institutions in Canada and Ireland as per the QS WorldRank 2025 report: UNIVERSITY COUNTRY CITY QSWORLDRANK 2025 INTERNATIONALSTUDENT RATIO Compares the number ofinternational students to thetotal number of students EMPLOYMENTOUTCOMES Measures how well aninstitution prepares itsgraduates for the jobmarket University of Toronto Canada Toronto 25 96.1 98.7 McGill University Canada Montreal 29 89.6 98.3 University of BritishColumbia Canada Vancouver 38 72.8 74.6 Trinity College Dublin Ireland Dublin 87 88 88.6 University of Alberta Canada Edmonton 96 71 70 University of Waterloo Canada Waterloo 115 71.3 58.9 Western University Canada London 120 49.5 96.7 University College Dublin Ireland Dublin 126 74.8 89.8 Université de Montréal Canada Montreal 159 54.1 54.2 McMaster University Canada Hamilton 176 56.7 49.9 University of Ottawa Canada Ottawa 189 77.8 39.8 Queen’s University Canada Kingston 193 26.6 87.1 University College Cork Ireland Cork 273 52.1 34 University of Galway Ireland Galway 273 43.2 46.6 Dublin City University Ireland Dublin 421 22.6 35.3 IRELAND vs CANADA: Cost of studying Undergraduate & Postgraduate programs Living in Canada vs Ireland have varying costs that you, as a student, would incur. We’ve jotted down a list of all those expenses so that you have a decent idea of how you’ll manage your finances. Let’s explore together! PARTICULARS COST FOR PURSUINGCOURSES IN IRELAND COST FOR PURSUINGCOURSES IN CANADA Average Tuition Fee €9,850 – 25,500/year (UG)€9,950 – 35,000/year (PG) CA$550 – 56,000/year (UG)CA$2150 – 58,300/year (PG) Utilities (electricity, gas) €30 -50/month CA$150/month Transportation €50 -55/month CA$90/month Food €250 – 350/month CA$300/month Accommodation €300 – 600/month CA$250 – 800/month CANADA vs IRELAND: Acceptance rate for Indian students The approval rate for student visas for Indian students aspiring to study in Canada was 72% in 2023, however, in 2024, the rate rose to 85%, but, the number of applications submitted was lower than 2023. Some of the reasons for declining interest of Indian students in Canada include : Ireland has a high acceptance rate for international students, with a student visa success rate of around 94%. The rejection rate is typically between 1-4%. Ireland is a popular destination for Indian students, with the number
Tips for Fresh Students in The USA
As soon as you get your acceptance letter to an American university, it opens up the world for you. You will soon study in one of the best educational systems and have access to unique opportunities that could launch your career. It is a dream come true for all of us, but it is also a life-changing experience that will make everything new and unknown. It is normal to be nervous about the trip, but you won’t feel that way forever. Here are a few suggestions on adjusting as an international student in the USA so you can get used to your new city and life as quickly as possible. QUICK FACTS: The US has been one of the top destinations for international students who have dreamt of studying abroad. Over the past few years, students from India and China have accounted for the maximum number of enrolled students. A recent SEVP report has revealed that a total of 47% of the total international student population in the US comprises Indian and Chinese students. While the international student numbers took a significant hit due to the pandemic, China and India still lead in student enrolment numbers in the US. The excellent news per the US Citizenship and Immigration Services is that the number of Indian students studying in the US increased by over 12% in 2021, while those from China dropped by 8%. Approximately 92% of active US visa holders applied for associate, Bachelor’s, Master’s, or Doctorate programs in the US. The number of higher degrees pursued by international students increased by 1,142,352 against 1,121,981 in 2020. A top institution like Lorien Finance could be where Indian students could get higher education loans from the US at the lowest interest rates. Not only this, but you get many added benefits like complimentary USA Bank A/C, debit card, and worldwide free calling with an international SIM card. The SEVP( Student and Exchange Visitor Programme) study data also highlighted that over 1.25 million active records in SEVIS have been reported for F-1 and M-1 students during the 2020 calendar year. In the US, the F-1 visa is offered to those international students enrolled in an academic program or an English Language program at one of the US universities; meanwhile, the M-1 visa is offered to those overseas students who are enrolled in a vocational or technical institute. So, if you are one of the aspiring students applying for the top US universities, we have a few tips that would come in handy while studying in a foreign land. The guide is to help boost your confidence and win over people’s hearts to achieve your goals amicably. Positive Attitude: First of all, take some time for self-talk and remind yourself of your purpose of being in the US to study. Remember all the hard work you have put into getting here. Filling out school paperwork, completing your visa requirements, and figuring out travel logistics took a lot of effort and determination. Be proud of yourself for making it happen. You got through the application process, and you can do this too. Non-academic Activities: If you feel sad, sign up for some non-academic activities that look fun or go to the gym. Try new foods, learn new expressions, and explore the neighbourhoods and attractions near your university. If you focus on what is in front of you, you will have less time to focus on your feelings of homesickness and isolation. Friendly Approach: YA friendly attitude attracts good friends who can shop, cook, laugh, and support you through unfamiliar social situations.. American friends will answer your questions, help you get through social situations in real time, and explain things that might be unfamiliar to you. Do not be afraid to take the first step and reach out to a classmate or someone in your dorm. Cultural Acceptance: Be open to cultural learning and acceptance. Don’t think of the new culture as good or bad. All the aspects of your new environment are part of its broader social system and contribute to its uniqueness. To adjust to the new environment, observe your surroundings and prepare to learn both inside and outside the classroom. Interact with people and discover as much as you can. Socializing: Socialising is a vital part of your experience. Socialising continues throughout an individual’s lifetime, and your experience in studying abroad will challenge you to develop your “people skills” even further. Keep in mind that your visit to the US may not last forever, so go out and socialize with others to get a whole American experience. Make sure you open up to new experiences. Orientation Sessions and Full-Time Therapists: Most universities conduct orientation sessions for new students to help them adjust to new surroundings. International students can always seek help from the admissions office or the International student office at the universities. Many universities employ full-time therapists trained to help international students find solutions to the challenges they might face Healthy Habits: Take care of your physical health by following a good diet and working out in gyms or parks. Being physically fit helps in reducing stress levels. Financial Management: Studying in the US is very expensive. Managing personal finances can pose a significant challenge for fresh international students.. Budgeting can be of great help. Keep a record of the expenses for the first few months to understand the expenditure cycle. You can look for a part-time job also to get some extra cash. Also, you should choose the course very judiciously. The course you will invest your time and money in should derive value from the education you are getting. Ethics and values are crucial for maintaining academic integrity, emphasizing honesty, trust, respect, and responsibility. Plagiarism, cheating, providing false information, lying, forgery, etc., are unacceptable in the American lifestyle. Lorien Finance is your friend in need in a foreign land to help you take control of your finances from day 1. You could open a US Bank A/C and debit card before you land in the USA! We also have a complimentary
Essential Tips for USA Study
Finally! Your dream to study in the USA is about to come true. You must be excited and nervous about embarking on this lifetime journey, especially to make the most out of it. After all, not everyone gets to live the “American Dream”! However, there are certain things you need to keep in mind before you fly to the country. So whether you’re going for your bachelor’s degree, master’s program, or even Ph.D., read this article to know essential things before traveling to the states for your study abroad trip! Research the Country First, you must research the country to know about its culture, people, weather, economy, government, etc. Remember, you can’t show up without having a basic idea about the country. It will help you cope with culture shock better and adjust quickly to your new life. Furthermore, you must also keep yourself abreast of the current affairs of the USA, read travel guides, and watch Hollywood movies. Besides, if you know someone living in the USA, it would be a cherry on the cake. They can tell you many tips and tricks about local life that you might not even find on the internet. Basic Habits and Etiquette Learning some of the essential habits and etiquette of the USA is crucial. Many things differ from culture to culture, and something considered polite in one country can be seen as impolite in another. For example, In Japan, tipping a waiter or waitress can be treated as an insult in many situations. However, in the USA, tipping is obligatory, and you may have to leave a gratuity of 15-25% to the waiter or waitress for their service. Another thing that you need to take care of while studying in the USA is maintaining punctuality. Americans value time, and any delay or lateness can be interpreted as rudeness. So, make sure to show up early anywhere, be it your college classes or any significant event. However, lateness can be acceptable in large social gatherings! Pack Light It is tempting to load your suitcases with everything you can think of, but you should always carry only essentials with you. There are many reasons to pack lightly! Firstly, airports have a luggage weight limit. If you exceed that, it will be chargeable. Secondly, carrying multiple bags to a foreign country is not convenient and puts you at risk of lost, damaged, or stolen luggage. Finally, you can always buy anything you need in the USA as almost everything is available here! Finances Now that you are moving to the USA be it in your student housing in New York or Los Angeles, you should do a few things to take care of your finances, like notifying your current bank about your plans to shift to the USA for your higher education. Otherwise, they will consider it a fraud, and you will get locked out of your account. Secondly, you should convert your money into US dollars at the local bank (preferably) or airport and take it with you. During the initial days, figuring out the ATM or bank might take some time, and you will need some money as soon as you arrive in the country, like paying for your cab fare, food, etc. Moreover, after having an address in the USA, you should open a local bank account there as it will be convenient and help you avoid foreign currency charges. Meanwhile, you can also get a traveller’s cheque or a forex card. Final Takeaway! Pursuing your higher education in the USA can be expensive, so instead of going straight for student loans, try applying for various scholarships. Besides, you can work part-time to offset the high cost of living in the country! Overall, the USA is a beautiful country to live in as an international student. It is almost always called the best study abroad destination in the world that helps students thrive personally and professionally. So savor this opportunity and make the best use of it. Do you want help in finding student housing abroad? Amber provides millions of students globally with the best and most reasonable options for booking accommodation. Our booking executives will guide you through the entire process of finding your ideal student accommodation at your desired location!