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From dreams to degrees- Education loans empower your study abroad journey

Let’s make your overseas education journey smooth and successful

Apply now

From dreams to degrees: Education loans empower
your study abroad journey

Let’s make your overseas education journey smooth and successful.

Apply now

International education offers unmatched career prospects, but it usually comes at a hefty price, including challenges like funding tuition, living expenses, research infrastructure, and costs, among others. At MSM Unify, we are thrilled to guide you through every step of the way and support you with our tailored education loans from leading providers, offering low-interest rates and minimal formalities.

Benefits of an education loan

  • Hassle-free loan disbursement:
    Loan offered without admission letter or i20
  • Secure a loan before you go:
    Pre-visa disbursement of education loans
  • Income tax benefits:
    Avail income tax benefits under section 80E
  • Save on money transfer:
    Avail a concession in TCS on foreign remittances with a student loan
  • Special benefits for women:
    Many government banks offer a 0.5% discount on education loan interest rates for female students
  • Learn now, pay later:
    Repayment tenure up to 12 to 15 years
Benefits of education loan

Note: Please note that all the above-mentioned criteria can vary depending on the student’s profile, university, and course.

Education loan process

Education loan process
1
Application

The borrower applies to a lender, providing information about their financial situation and the specific educational institution or program they plan to attend.

2
Approval

The lender reviews the application and, if approved, offers a loan with terms and conditions, such as interest rates, repayment options, and the total loan amount.

3
Disbursement

Once the borrower accepts the loan, the lender disburses the funds to the educational institution to cover the educational expenses.

4
Education

The student uses the loan to pay for tuition, books, living expenses, and other related costs while pursuing their education.

5
Grace period

Many education loans offer a grace period after graduation, during which borrowers do not have to make payments. This grace period varies by loan and lender.

6
Repayment

Repayment of the loan typically begins after the borrower finishes their education. Depending on the type of loan, the borrower may have various repayment options.

Study loan:
everything you need to know.

An education loan or study loan serves as a solution to extend monetary assistance to students aspiring to study abroad but are held back due to financial constraints. Various banks (government, private, or cooperative) and NBFCs offer general and specialized education loans to meet all students’ needs.
While education in general is getting expensive, it becomes harder for aspirants to pursue their higher education in reputable academic institutions. Hence, our banks come into the frame and extend various types of education loans along with government-driven subsidy schemes to promote international students

Collateral and collateral-free education loan

Each student’s educational experience is unique. That’s why, we bring you competitive education to cater to your specific needs. Our education loan partners offer both collateral and collateral-free education loans. Whether you seek financial flexibility without pledging assets or prefer a traditional secured option, we’ve got you covered. Explore our tailored education loan solutions here!

Apply now
Collateral and collateral free education loan
Education loan features

Education loan features

  • Up to INR 75 lakhs* for an education loan without collateral
  • Up to INR 1.5 crores* for an education loan with collateral
  • The interest rate starts at 7.5% (depending on the RBI repo rate)
  • A student loan interest rate concession of 0.5% for female students is offered by government banks
  • A moratorium period is offered for all student loans; start repaying them 6 months to 1 year after studies abroad or in India
  • Repayment tenure is up to 15 years
  • Loan offered without admission letter or i20
  • Pre-visa disbursement of the study loans is possible
  • Avail income tax under section 80E

Credila

Credila financial service limited is India’s First Dedicated Education Loan Company. Credila specializes in customized education loans digitally delivered! Students can get their education loan pre-approved even before they start applying to universities. With this, Credila enables students to pursue higher education in their dream institutions!

Credila has Funded 2,10,000+ Indian students across 64 Countries and 5,000+ Institutes.

Why Choose Credila

  • Ease of online application
  • Tax benefits under Section 80E
  • Enjoy zero TCS on funds remitted for overseas education.
  • Up to 100% finance, covering tuition fees and ancillary expenses
  • Unsecured loan up to INR 75 lakhs
  • Easy EMIs with repayment tenure up to 15 years.
  • Up to 100% finance covering tuition fee & living costs
  • Competitive rate of interest
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Prodigy Finance

Prodigy Finance

Secure flexible international student loans from Prodigy Finance. You can travel across the world to get a top-tier master’s degree – without worrying about collateral or a co-signer. Access international student finance that gives you choice, control, and repayments based on your future earning potential.

  • Search our list of over 850 schools in 18 different countries
  • Track payments from mobile app
  • Flexible repayment terms - 7 to 20 years
  • Start paying 6 months after classes end
  • Pay early to save on interest, no penalties
  • No co-signer, no collateral
  • Quick, easy online application
  • No hidden fees, no surprises
  • Loans for tuition and living costs

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FAQs

What is an education Loan?

An education loan is a sum of money borrowed to finance post-secondary education or higher education-related expenses. Education loans are intended to cover the cost of tuition, books, supplies, and living expenses while the borrower is in the process of pursuing a degree.
  • Application: The borrower (the student or their parent/guardian) submits an application to a lender, providing information about their financial situation and the specific educational institution or program they plan to attend.
  • Approval: The lender reviews the application and, if approved, offers the borrower a loan with terms and conditions, such as interest rates, repayment options, and the total loan amount.
  • Disbursement: Once the borrower accepts the loan, the lender disburses the funds to the educational institution to cover the educational expenses.
  • Education: The student uses the loan to pay for tuition, books, living expenses, and other related costs while pursuing their education.
  • Grace Period: Many education loans offer a grace period after graduation, during which borrowers do not have to make payments. This grace period varies by loan and lender.
  • Repayment: Repayment of the loan typically begins after the borrower finishes their education. Depending on the type of loan, the borrower may have various repayment options, including fixed or variable interest rates, deferment, or income-based repayment plans.

A borrower in the context of an education loan is an individual student who is seeking financial assistance to fund his/ her. Education loans, also known as student loans, are typically provided by banks, financial institutions, or government programs to help cover the costs of tuition, books, fees, and other educational expenses.

  • The applicant must be an Indian citizen residing in India or NRI.
  • Overseas Citizens of India (OCI) and Persons of Indian Origin (PIOs) are eligible for student loans to study in India but not for overseas education.

A co-borrower that signs the education loan application and loan agreement with the primary loan applicant. Co-applicant is necessary for an education loan as the financial lender will turn to them if the primary applicant fails to repay it in case of unforeseen circumstances.

  • The co-applicant must also be an Indian citizen residing in India or NRI.
  • Overseas Citizens of India (OCI) and Persons of Indian Origin (PIOs) are eligible for education loans to study in India but not for overseas education.
  • Applicants must have any of their parents/ parent-in-law/ siblings/ spouse as their co-applicants while applying for a student loan
  • The applicant should have an admission letter from a recognized School abroad or in India.
  • The applicant must have opted for a full-time or part-time UG/PG program.
  • An exceptional academic record is always beneficial for the process.
  • All Bachelor’s, Master’s, Ph.D., and Diploma courses that are approved by respective governments and allied bodies

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