Can student pre-pay their Loan?+
Students can prepay their loan after 6 months of the disbursement date. No charges will be levied for early closure of the education loan.
How is the disbursement made?+
The disbursement is usually made directly to the university. Some part of the amount may be credited to the student's bank account for travel or accommodation.
What security do can I show in order to avail secured loan?+
Following can be shown as security or can be mortgaged:
1) Residential property (house/flat/apartment/plot)
2) Life insurance with surrender value
3) Fixed deposits
When can student apply for loan?+
Students can apply after getting the I-20. However, applying earlier has benefits:
1) Know eligibility early
2) Funds ready before visa
3) Boosts admission chances with proof of funds
Am I eligible for a loan even if Co-Applicant is already having any other loan?+
Yes, provided the co-applicant has sufficient income and good credit history to support the loan repayment.
Do Banks/Loan companies give preference or benefits to students having admit from good colleges/universities?+
Yes, top institutions often improve approval chances and may help secure better loan terms or lower interest rates.
Who all can sponsor me as a Co-Applicant? Anyone working abroad can sponsor?+
Co-applicants can be parents, siblings, or relatives. Yes, even sponsors working abroad can be co-applicants if their income and documents are valid.
When does the Loan EMI start and what is the maximum tenure for Loan repayment?+
EMIs usually start after the moratorium period (course duration + 6 to 12 months). Maximum tenure is typically 15 years.
When to avail Education Loan?+
Preferably before the visa application process to ensure financial proof and timely processing of admissions and travel.
Why to Opt for Unsecured Loan?+
Unsecured loans do not require collateral and are faster to process. Ideal for students without assets or when quick approval is needed.
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