Non-Banking Financial Companies (NBFCs) are financial institutions that offer financing solutions. Many NBFCs provide education loans to students, bridging the gap between them and their academic aspirations. So, let’s understand everything about an education loan from NBFC, including benefits and other interesting aspects. Let’s dive in!

Key highlights:

• About Education Loan NBFC
• Interesting Information About NBFCs
• NBFC Providing Education Loan for Which Courses
• NBFC Education Loan Without Collateral and With Collateral – Eligibility Requirements
• Other Important Aspects
• How to Find the Best NBFC for Education Loan

About Education Loan NBFC

New-age and technologically advanced NBFCs are gaining popularity among the student community as these NBFCs meet the ever-evolving needs of customers. You can choose between an NBFC education loan without collateral or with collateral based on your financial requirements and preferences. These financial institutions leverage technologies to screen the academic profile of the students before offering them study loans.

In fact, to reach larger student bodies, an NBFC for an education loan has adopted an omnichannel strategy to gain visibility at a granular level and connect with all primary, secondary, and tertiary audiences through online and offline platforms. You can get a hyper-personalised NBFC education loan as financing solutions are designed to meet the unique financial needs of the students. Students trust an education loan from NBFC as these lenders stringently follow the Reserve Bank of India (RBI) guidelines.

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Also Read: NBFCs Offer Education Loans for Which Types of Courses to Study Abroad

Interesting Information About NBFCs

NBFC Providing Education Loan for Which Courses

NBFC student loans are available whether you want to study in the USA, the UK, Australia, Germany, Ireland, The Netherlands, Sweden, or India. Education loans are available for mainstream courses such as STEM and MBA and off-beat programmes such as Music Production. Working professionals can fund higher education, such as executive MBA, by opting for a student loan.

In fact, lenders have also identified the need of the hour, i.e., skilling. Therefore, student financing solutions are available for skilling, upskilling, reskilling, and vocational education as well. Besides, student loans cover the holistic cost of education including tuition fees, travelling expenses, accommodation costs, living expenses, the cost of learning devices and other education-related expenses.

NBFC Education Loan Without Collateral and With Collateral – Eligibility Requirements

Please remember that when you apply for a student loan, you will have to check the basic requirements. Here are some basic eligibility criteria:

• Students can apply if they:
  • Are Indian citizens who are 18 or older
  • Have a confirmed admission before the final disbursal
  • Have a co-borrower who earns in India
• Co-borrowers also need to meet the following criteria:
  • Must be an Indian citizen and should be a parent, legal guardian, sibling or other blood relative
  • Must have a bank account in India that allows them to sign cheques
  • Must be the primary debtor

Other Important Aspects

Please remember when you apply for a student loan, your chosen NBFC will evaluate your student profile to determine your employability potential. Therefore, parameters such as academic scores, entrance exam scores, the pedigree of the university, and continuity in education, to name a few, will be thoroughly examined. Furthermore, your co-applicant’s financial background will be analysed, as well. If you tick all the boxes, your student loan will be approved.

Also Read: How Do NBFCs Help Students in India Afford the Best in Education?

How to Find the Best NBFC for Education Loan

You need to identify your financial requirements. So, finalise whether you want to opt for a secured (with collateral) or unsecured (without collateral) student loan. Also, determine the loan amount you will need for your course. Later, you must invest time in conducting elaborate research to find the financier that not only meets your financial needs but also offers you benefits.

Education loan interest rates should not be the only parameter to keep in mind when finding the best NBFC for an education loan. You must also evaluate other elements such as time taken to sanction the education loan, costs covered by an NBFC student loan, repayment options, customer service, and features & benefits extended to you.

So, if you want to be Atmanirbhar and finance your education independently you can opt for an education loan. At Avanse Financial Services, we offer a loan for abroad studies and also for education in India. You can benefit from 100% finance, quick loan sanctions, and flexible repayment options. If you have queries or want to know more about an NBFC education loan interest rate, please feel free to connect with us.