The year 2021 is looking brighter for students who are planning to pursue their higher education. And an education loan plays a pivotal role in helping you fulfill your academic aspirations. So, we bring you important information about the education loan process that will help you in pursue your higher education plans in the new normal world.

1. Latest updates of popular study abroad destinations- Let’s gear up!

Popular study abroad destinations including the USA, the UK, Canada, Ireland, South Australia and more are welcoming international students. However, you can expect certain restrictions like mandatory quarantine, vaccination certificates and other such measures. With these positive developments, you can prepare your study abroad plans by applying for a student loan which plays an important role in shaping your future.

2. Important aspects that you should keep in mind before applying for an education loan during COVID.

Non-Banking Financial Institutions continue to offer education loans even during COVID. You can research aspects such as rate of interest, customer service, the credibility of the lenders and so on before you apply for a student loan. Research is fundamental. The most common mistake that many students make is that they shortlist the financer based only on the interest rate. But other factors are equally important when you select the lender.

3. How to get the education loan during a partial or full lockdown?

You can now apply for an education loan online. Many financial institutions have moved the application process online so that students can continue with their academic plans without any hindrances. We, at Avanse, have not only enabled the application process online but have also designed new financial solutions to meet the requirement of the students in the new normal world. Whether you continue with a hybrid learning program or plan to fly to your desired study abroad destination, we cover all modes of education modules. This will enable you to transition from online learning to an on-campus learning program seamlessly.

4. Eligibility criteria and processing of loan during COVID

Eligibility criteria remain the same:

• The student/applicant must be an Indian citizen
• The student should have attained 18 years of age
• Should have secured admission in a university/institute
• Should be supported by a co-borrower who could be a parent, sibling, legal guardian or a relative

Loans will be processed based on several parameters, including your academic scores, gaps in the academic years, and whether you opt for collateral, documents, entrance exams score, and more. However, some universities have tweaked the entrance exam criteria by eliminating a few entrance exams in the wake of the pandemic. So, confirming the same from the respective educational institutions before applying for the loan will aid in planning and executing your study abroad plans.

Now it’s time to answer a few questions about student loans that trouble you during the pandemic.

1. Can I avail education loan during the pandemic without any significant delay?

You can definitely avail education loans easily even during a pandemic. The processing of loans and disbursal will vary as per the financer.

2. Can I still avail an unsecured loan?

Financial institutions such as Non-Banking Financial Companies (NBFCs) offer unsecured loans. Every lender will have a certain set of parameters and based on that, you can avail unsecured loans.

3. Will it cover the total cost of my programme including the travel cost if I plan to fly for the on-campus programme?

If you plan to travel for your programme, you need not worry. While most financial institutions cover the travel costs too, it is advisable to clear it out before applying for the loan.

So, we hope this article clears your doubts and helps you make well-informed decisions. With Avanse, you can apply for an education loan online and leave all your finance-related worries to us. All the best!