Education Loan For Study In Germany
we have helped many students in education loan free of cost in this article we are going to discuss about how to get an education loan to study MS in Germany we are going to talk about what are the different options available and how to compare them and get the loan faster in the better experience before. We get started I would like to take a moment.
Broadly speaking there are two kinds of flow which you can get from three kind of place so what are these loans and what are these plans so these loans are secured. Education loan and unsecured education secured education loan is the education loan with collateral where you are giving something to the lender as a security the second is unsecured. Education loan which is educational loan without collateral where the loan is being done on you and your co-applicant profile in principle the secured.
Education Loans are better as compared to unsecured loan the reason being in secured education loan the interest rate is lower by one to two percent at minimum as compared to unsecured loan even processing fee is lower as compared to unsecured loan and because you are giving something to the bank as collateral the risk for the bank is lower and thus the approval chances is also higher moreover in secured loan there can be an option where you don’t have to pay anything while you study as compared to unsecure loan where a minimum repayment during the study.
Period is mandated so let’s understand this low product in more details let’s first talk about the secured education secure education loan you can get up to 1.5 crore approximately at any set of 10 percent which fluctuates as the RBI changes the report moreover if you apply for African load at nationalized banks that we work with such as State Bank of India you can you get another 0.5 percent discount over and above the
interest rate so you can get at around 9.5 percent the secured education book the processing fee is thousand rupees plus GST plus property valuation charges. One of our secured loan partner refunds you the processing fee or a part of processing fee on successful approval. You can get loan up to 15 years the 10 year is flexible if you want to reduce the tenure you can but we recommend to take it for the maximum time period and prepay if you get a good job or good bonus in the future let’s understand unsecured loan and details so unsecured load the interest rate typically start at 10.75 and go as high as 12 or 13 it depends on the profile of the student and the co-applicant so the range is huge you will get the 10.75 when you have the best profile both in terms of
the academics and in terms of the financial profile of the co-applicant in unsecured loan also you can get it up to 15 years usually you get it up to 10 years and again here also you can prepay there is no penalty as similar to the secured load as I mentioned earlier that in unsecured loan you have to pay something while you study whereas in Secure loan you don’t have to pay anything while you still so in unsecured loan you will have to pay at least the interest per month or the partial interest per month depending on your
discussion and our negotiation on your behalf with the lender we can come up with the amount that okay you have to pay 10 000 rupees per month while you study and rest of the month the Emi starts after you graduate plus six months or one year the processing fee in unsecured loan is higher than the secured loans it varies from one percent to 1.5 percent of the loan amount that you are looking for talking about the documents for both kind of loan the documents are almost similar the only difference to note is that in the secured loan the income documents are not mandatory because you are giving the property the value of the property is the security for them there’s the unsecured loan you will have to give the income proofs of the coefficient apart from that in the collateral related documents will be required whereas in unsecured loan no collateral related documents will be required if you want to understand what are the collateral related documents that is required we have made another video on that on our YouTube channel since we are talking about loans for MS in Germany.
I would like to mention that you can get money for the block count as well as the living expenses many times the Public. University at Germany don’t charge the tuition fee and thus if you just require money for the living expenses and the block account that is available from both kinds of so let’s understand the different kind of players that are available in the market that gives loans the first is Banks the second is nbfcs the third is international lender unfortunately International lender is not an option for the people who are going for Germany for an education at least for the Indian students so you cannot get an unsecured loan or secured loan from the international that leaves you with just two options money’s Banks other is NBC even in Banks there are two options further one is the public Bank other is the private bank so public bank usually will give you only secured loan for loan amount greater than 7.5 faculties so if you are looking for secured loan then public sector banks are the best banks but if you are looking for unsecured. loan then the private banks are better as compared to nbfc both private banks and nbfc can give you an unsecured education usually for an unsecured education loan the 40 lakh Rupees is the upper limit which is something that is more than sufficient for education in Germany.
if you’re planning for MS in Germany and you’re looking for an abroad education room I would recommend you to go on www.informativewire.com and check the loan Elizabeth instantly within two minutes in a simple two-page form you will be able to know how much amount you are eligible for and at what interest rate and then if you want to continue that Journey you can upload the documents and then education loan counselor will get in touch with you who will help you out end to end for the process free of cost so that’s it for this article.