The world is slowly waking up to the aftermath of a scary pandemic that claimed millions of lives. Several countries that had declared lockdown indefinitely are gradually restarting their economies albeit with a lot of preventive measures. Student communities across the world have been through tough times as well. With universities closing down temporarily and the intakes being postponed to the next year, there has been a lot of confusion amongst students who were planning on flying abroad for their higher studies this year. Getting an education loan during COVID has also become a difficult task for a lot of students who are looking for funding options that can aid their higher studies abroad.
This article aims to give you an idea of how you can still get an education loan during COVID and bust the claims of certain lenders of an abroad education loan in India. Before we move on to the details, let us take a look at some basic information regarding the study abroad loan process in India.
Types of Study Abroad Loan Lenders in India
By this point in time, all of you might be aware of the four very important types of lenders that lend an abroad education loan in India. Getting an education loan in COVID is possible if students approach any of the following types of lenders.
- Government banks
- Non Banking Finance Companies
- Private Banks
- Private international education loan lenders
With these many options to choose from, getting an education loan during COVID may seem like a highly complex procedure for a lot of you. The very first step towards successfully identifying the right lender of education loan during COVID is to note down the unique features which distinguish the education loan policies of Indian lenders and international lenders. This is the topic of discussion of episode 10 of the Loanflix web-series. It will give you complete information about the abroad education loan policies of Indian lenders and international lenders in vivid detail. It is true that the current pandemic has pushed a lot of students into cancelling their abroad higher studies plans.
In a situation where most banks and NBFCs in India are working at half their usual capacity, Prodigy Finance, which is an international lender of abroad study loans has been offering abroad study loan during COVID to students in addition to attractive benefits such as 100% coverage of their total expenses.
The financial team of WeMakeScholars made a detailed study of the claims made by such international lenders only to find out that most of these statements were merely marketing gimmicks and that students were finding it tougher to obtain an education loan during COVID 19 from international lenders than Indian lenders.
Problems Faced by Students While Borrowing From International Lenders
A lot of students who had approached WeMakeScholars for their education loan process happened to mention that one of the biggest problems faced by them while applying for an abroad education loan from international lenders was arranging margin money for unsecured education loans. It is important to note that although prominent government banks in India also have set a certain percentage as education loan margin, a government bank education loan does not require students to produce margin money all at once, as opposed to the margin money policies of international lenders.
Updates on Getting An Education Loan During COVID From Indian Lenders
India is slowly beginning to come to terms with the fact that the aftermath of the pandemic is here to stay. Hence, most of the government banks have begun operating at full capacity. The government bank education loan lenders which are located in areas which are declared to be Green and Orange zones have already begun processing secured education loans from June 1. In fact, banks all over the country have slowly started their operations except those located in the states of Maharashtra, Gujarat and Delhi. If you are still facing problems with respect to getting a government bank education loan during COVID, get in touch with WeMakeScholars team at the earliest.
Since NBFCs and private banks have still not physically opened up, it might still take time for unsecured education loans to be processed in time. However, the financial team of WeMakeScholars has got all your requirements with respect to an education loan without collateral covered. So, if you are residing within states which come under the Red Zone and require an education loan without collateral in these times, get in touch with the financial team of WeMakeScholars at the earliest. Our team will ensure that your education loan is processed without you having to step out of the house and without a lot of hassles.
Whatever may be the choice, the WeMakeScholars team can help you get your education loan during COVID processed and ready at the right time. If you haven’t been assigned a financial officer yet, you can request a callback and one will be assigned to you at the earliest.
Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others