WeMakeScholars brings to you 'International Student Loan: Prodigy finance student loan & MPower finance', which is the 10th episode of Loanflix. Foreign NBFCs or Indian banks for education loans? Who should you go to if you have good collateral and a good co-applicant? What are the benefits of applying to Indian banks for abroad education loans? How do Indian students benefit from their loan schemes? You will find the answers to these doubts in a well-covered, detailed manner in both parts of the 10th episode.
This episode is divided into two parts so that our viewers can understand the terms better. Our team explains international student loan policies of foreign NBFCs like Prodigy Finance, MPower Finance, etc. This episode will cover a few terms that are important in the unsecured education loan process for international students.
In Part 2 of the episode, i.e, 'International student loan: MPower and Prodigy finance foreign education loan', The important points are explained in terms of three different scenarios involving facts and figures.
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.
Here is a brief outline of the points covered in Part 1.
Types of international lenders:
Who is a local co-applicant? Is it mandatory to have a local co-applicant to apply for an education loan from a foreign NBFC? What should be done if there is no local applicant present? Will this hinder my loan application process? Do not get cold feet when these questions come up in your head. We address these questions at the beginning of this episode.
Also, we list out the types of foreign money lenders, who provide international student loans. Are there international NBFCs that offer education loans without a co-applicant? If yes, then which are they? The answers to these queries will be provided in this section of the episode.
Prodigy finance student loan :
Although Prodigy finance student loan and MPower finance are major foreign NBFCs that you know of, how many of you are aware of their foreign education loan policies? When opting for a student loan scheme, most of us tend to only check out the interest rates. But is there more to it? Know the Prodigy finance student loan policies in detail. Terms like: the current interest rates, maximum loan amount provided by Prodigy finance, the moratorium period, processing fee, expense coverage, etc. are explained by our experts with the help of the latest facts and figures.
MPower Finance :
Know the details of the student loan policies of MPower Finance another foreign lender. Does MPower Finance lend loans only to students who wish to study in the US? What is their APR? etc. are some questions that will be answered in this section of the episode.
International NBFCs Vs. Indian Banks/NBFCs: A comparison
Did you know that if you approach an Indian lender as opposed to a foreign lender, you get to save more on your loan repayment amount? know all about it in this section of the episode. All important factors related to education loan schemes of both Indian and foreign lenders are discussed with examples here.
Drawback 1: Processing fee
Did you know that foreign NBFCs tend to charge almost 5% of your loan amount as processing fees for education loans? Get to know more about it in this section, where we draw a detailed comparison of the processing fees charged by Indian lenders and foreign money-lenders.
Drawback 2: Floating interest rate
What is LIBOR? What is MCLR? How do both Indian as well as foreign loan providers calculate the final interest rates for any given loan scheme? these questions are answered very clearly, with the help of actual calculations. Do watch out for this part of the episode as it may prove to be extremely crucial in understanding interest rates of education loan schemes from foreign lenders.
Drawback 3: Income Tax exemptions
Can Indian students who borrow an education loan from foreign lenders avail for a tax exemption? Or is it applicable when you apply for loans from Indian money lenders? Know the facts about these by scrolling to this part of the video.
With this point, we come to an end of Part 1 of the 10th episode. The video is added below.
We also feel that you will be able to relate to the different scenarios explained in Part 2 of the 10th episode. If you do find these videos helpful, don't forget to like the videos and subscribe to our YouTube channel. Watch out for the events section of our website to avoid missing information on the future episodes of Loanflix.
Date And Time
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.