Obtaining a non collateral education loan can be a tedious process if you are not well aware of the steps involved. This 31st episode of Loanflix will give you complete information on the various steps involved in the unsecured education loan process.
Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan. In the 30th episode of Loanflix, we gave you all the information regarding the potential list of documents that are required in the non collateral education loan process. This 31st episode will now give you a broader idea about the unsecured education loan process in India.
The following different phases involved in the process of unsecured education loan in India are discussed in great detail.
Step 1: Shortlisting the NBFCs for an Education Loan Without Collateral
Have you been a situation where you had almost quit seeking education loans just because of the confusing terms and conditions laid down by NBFCs? If you have, then you should watch the beginning of this 31st episode. Our expert on education loans, Ms Damini Mahajan, tells you all about the different strategies that you should apply while looking out for the right NBFC.
Step 2: Connecting With the Lender
Once you have zeroed in on a lender, the next important step is communicating the relevant terms with the lender. In the further portions, Damini explains the different terms which are related to non collateral education loans, communicated to students by the lender.
Step 3: Sharing The Documents
The next step in the non-collateral education loan process is submitting the relevant documents asked by NBFCs for unsecured education loan in India. The 30th episode of Loanflix clearly explains the list of documents required for education loan for abroad studies without security in India.
Step 4: Credit Verification Call
What happens after you submit all the relevant non collateral education loan documents? Is the education loan sanctioned? What is the exact procedure to be followed by candidates once the documentation is approved? Know the answers to all these important questions and some more additional details about unsecured loan in India.
Step 5: Provisional Approval of Education Loan Without Collateral
What is the meaning of this term in an unsecured education loan process? When is a provisional approval given by the NBFCs? Damini explains the further steps involved in the process for obtaining an unsecured education loan in India.
Step 6: Paying the processing fee
Are processing fees for non collateral education loans fixed? Can it be negotiated? How can one effectively reduce the processing fees in the unsecured education loan process? If you are having difficulty finding the right answers to such questions, then watching this part of the might help guide you in the right way. Watch out for all the important tips that our expert provides regarding the payment of processing fees for an education loan without collateral in India.
Step 7: Loan agreement and disbursement
This step marks the last phase in the non collateral education loan process in India. Towards the end of this 31st episode, you get to know about the education loan disbursement process of unsecured education loan in India.
Our next episode elaborates how students who plan to pursue their Bachelors courses abroad can avail education loans. If you have researched well about the nature of education loans in India, you may have observed that many lenders deny providing education loans for Bachelors courses. The 32nd episode of loanflix elaborates the various conditions under which you can get an education loan to fund your undergraduate course abroad. So stay tuned and look out for updates here.
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Timezone : (GMT+05:30) Chennai
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Damini is the Cofounder & CEO of WeMakeScholars.com. It’s a BITS start up supported and funded under the IT Ministry, Govt. of India. The organisation’s motive is to offer unbiased collateral/non-collateral based education loan support to students who are planning for studying abroad. As this initiative is under the digital India campaign, it's at free of cost. WMS works with 14+ banks (public/pvt) in India and help you get the best edu loan matching your profile.
Prior to launching WeMakeScholars, Damini had done her masters from the University of Sheffield, UK. Her education was funded under the Developing Solutions Masters Scholarship which covered her full tuition fee ($ 38,000). Damini is also a gold medalist in her Bachelors and also won the outstanding student award from the Vice president of India.
She was the speaker at TiECon 2016 at Silicon valley, San Francisco in the social entrepreneurship segment. She was also covered in the Asian Entrepreneur magazine in the “Women on Top in Tech”, a global series of Women Founders, CEOs & Leaders in Tech.