Loan Amount and Repayment Terms
The loan amount for study abroad loans without collateral typically ranges from ₹20 lakh to ₹1.5 crore, depending on the financial institution and the course of study. For students who wish to pursue professional or technical courses at reputed universities, the loan amount can be on the higher end. The repayment terms also vary, with most loans offering a repayment tenure of up to 15 years, including a moratorium period of up to 6 months or more after course completion. This gives students ample time to settle in their new environment and start earning before they begin paying off the loan.
Interest Rates on Study Abroad Loans Without Collateral
Interest rates on study abroad loans without collateral in India typically range between 9% to 14% per annum, depending on the lender and the applicant's profile. Public sector banks usually offer slightly lower interest rates, while private banks and NBFCs may charge higher rates due to the unsecured nature of the loan. Some institutions also provide a fixed interest rate, while others may offer a floating interest rate. It is important for students to compare the interest rates and terms across different financial institutions to find the best deal. Additionally, students can also check if the loan offers any flexible repayment options or moratorium periods.