Unsecured education loan -Interest rates, full process explained

Unsecured education loan -Interest rates, full process explained


Event Description

Welcome to the 9th episode of the Loanflix web series- "Unsecured education loan - full process explained".

This episode majorly focuses on the unsecured education loan schemes offered by Indian NBFCs and private banks. Various factors considered for the unsecured education loan approval are also discussed in detail to give you a clear picture of this. 

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. Applying for an abroad education loan can be a confusing process for many of you. Making your journey easier is something we're trying to do by launching this web series. 

Here is a brief description of what viewers may expect from this episode of Loanflix.


The Story of WeMakeScholars:

What pushed us to start WeMakeScholars? What were the challenges faced by our founders as international students abroad? What forms the crux of our organization? An explanation for these points is provided at the beginning of this episode.


When should you consider NBFCs as an option?

Although many of you are aware of unsecured education loan, do you know when to consider private banks/ NBFCs as an option? Should you apply for an unsecured education loan with an NBFC just because their process is simpler? What other important points should you consider before fixing on NBFCs? Alarming facts, right? But many a time, students fail to think on such lines before deciding to approach a private bank/NBFC for unsecured education loans. Know more about this from Damini, co-founder of WeMakeScholars and the speaker of this episode.


Factors considered for approval:

Are you aware that the interest rates stated by certain private banks and NBFCs are not applicable to all candidates? Did you know that parameters like interest rates, processing fees, etc. are not the same for all NBFCs? Know what factors are considered by these money lending institutions before they approve an unsecured abroad education loan, in this part of the episode.


Why applicants choose NBFCs for unsecured education loan?

Terms like faster processing time, lesser paperwork, etc. may sound really appealing to many of you. These are also some of the many common reasons why applicants generally opt for an NBFC. But how many of you are aware of the status of these NBFCs in the financial market? Are you sure NBFCs are the safest when it comes to unsecured education loans? This part of the episode helps you understand more about this. 


Why go for WeMakeScholars?

Did you know that our candidates get to avail up to 1% waiver on the interest rates? Also, as WeMakeScholars is an initiative under the Digital India Programme, we do not charge any service fee. Which means that our services are free of cost. Get more information on how approaching though WeMakeScholars plays an important role in speeding up in your loan application process, in this part of the video.


The Hack & Conclusion

NBFCs ask for co-applicants ITR i.e. (Income Tax Returns) of about 2 years or sometimes even 3 years. What should be done in a scenario where you are in need of an unsecured education loan, and you do not have a co-applicant with the correct ITR documents? To know the hack to this problem, watch the last part of this 9th episode. The video is given below.

We hope that you find this episode on getting an unsecured education loan from Indian NBFCs, informative. If you like the episodes on Loanflix, please don't forget to like this video and subscribe to our YouTube channel to avoid missing important updates regarding our future Loanflix episodes. Do keep checking the events section of our website for updates.

Also, the next episode in this series, episode #10 is going to be rather interesting and loaded with a lot of information regarding student loans from foreign money lenders like MPower Finance, Prodigy finance, etc. It is titled 'International Student Loan: Prodigy finance student loan & MPower finance'. Do watch both parts of this episode as we have covered the student loan policies of foreign money lenders in depth.

Date And Time

Timezone : (GMT+05:30) Chennai

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Damini Mahajan

Damini Mahajan
CoFounder & CEO, WeMakeScholars 

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. 

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