List of Countries For Which You Can Get An NBFC Education Loan

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nbfc education loanIf you are contemplating on funding your abroad studies with the help of an NBFC education loan, and have begun your research on the unsecured education loan process, you must be well aware of the fact that private banks and NBFCs only provide unsecured education loans to students who wish to study only in certain select countries across the world.

This article aims to give its readers a clear idea on the exact list of countries that are eligible for an NBFC education loan without collateral. In addition to that, you will also get to know about the unsecured education loan amounts offered for these countries.

Do Government Banks offer Unsecured Education Loans?

All government banks offer unsecured education loans of up to INR 7.5 Lakhs. Only NBFCs and private banks offer higher amounts as a private education loan without mortgage. 

In order to know the complete details of how students can apply for higher NBFC education loan amounts, do get in touch with the financial team of WeMakeScholars.

Read about Abroad education loan without security: NBFCs Vs. Private Banks

List of countries on the top priority list for an NBFC Education loan

Countries like the USA, Canada and Germany are some of the most popular choices of students who wish to study abroad. Hence, most NBFCs and private banks offer NBFC education loan amounts exceeding INR 7.5 Lakhs to students who are accepted into universities located in these countries. The final NBFC education loan amount can go up to INR 50 Lakhs for students who have been admitted into top universities in these countries. 

Countries with top universities & the final NBFC education loan amount granted for them.

The European nations of France, Ireland and the Netherlands are some of the other popular destinations for higher education chosen by Indian students. Most lenders offer an NBFC education loan amount of up to INR 10 to 15 Lakhs for students who have been accepted into the universities located in these countries. However, higher NBFC education loan amounts are possible for those who have been admitted into prestigious universities in these countries. HEC, Paris, TU-Delft, Karolinska Institute in Sweden, SDA Bocconi, IE business School, etc. are some of the top-rated universities which are eligible for an NBFC education loan of up to INR 40 Lakhs.

The UK is another country which is home to some of the top universities of the world, like the Oxford and Cambridge universities, or the London School of Economics, etc. Again, students will be able to acquire NBFC education loan amounts of up to INR 40 Lakhs to study in these universities in the UK. For other lesser-known universities in the UK and Europe, the top limit of an NBFC education loan is INR 20 Lakhs and the bottom limit of NBFC education loan is INR 15 Lakhs.

The education loan policies of NBFCs and banks which grant private education loan without mortgage have been designed to cater for the financial needs of applicants depending on their academic background and their co-applicant’s financial background. Hence, you may have come to observe that factors like the unsecured education loan interest rates, processing fees and final NBFC education loan amounts granted to different loan applicants are different. However, a lot of NBFCs are not known for bending their policies with respect to the financial requirements of loan applicants.

The best way to make the most out of any NBFC education loan scheme is to get in touch with the financial team of WeMakeScholars. Our team negotiates interest rates of private education loans without mortgage on your behalf and moreover, students who apply for NBFC education loan through us get to avail a 0.5% waiver on their unsecured education loan interest rates.

abroad education loan

Exclusive countries which are granted NBFC education loan without collateral

New Zealand and Australia are two countries which have uncompromising immigration policies regarding student visas. One of the biggest hurdles faced by students who borrowed an NBFC education loan to fund their higher studies in these countries is the fear of their student visa being rejected. A common factor among the immigration rules of Australia, as well as New Zealand is the fact that an NBFC education loan  is not viewed as a secured source of funding by either country. However you can definitely opt for a private education loan without collateral from any of the private banks. Most private banks offer up to INR 40 Lakhs to students who have been accepted into some of the top universities like the university of Auckland, University of Waikato in New Zealand, and the ANU, Monash university, UNSW, etc.

When you apply for an education loan to study in these universities via WeMakeScholars, remember that the entire process gets easier to go through. So, get in touch with our financial team today. To know more about the same.

So does this mean that it is not possible to get an NBFC education loan to fund the higher studies in countries other than those mentioned above? Absolutely not! As discussed in episode nine of the Loanflix web-series, it depends on the overall ranking of the university into which candidates have been accepted. There are several countries which are essentially not in popular demand for higher studies. Lenders of a private education loan without mortgage make an exception for students who have been accepted into well-known universities located in such countries. Students can avail an NBFC education loan of up to INR 40 Lakhs to study in educational institutions located in such countries.

Do get in touch with the financial team of WeMakeScholars to understand the education loan policies of the various NBFCs. Do keep reading this blog to avoid missing on the updates related to future articles.

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

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