The United States is one of the most sought-after study destinations among international students for higher education. This country is a go to destination for various course options, especially for a Master of Science (MS) degree. Renowned for its esteemed universities offering academic excellence and innovative research opportunities, the U.S. continues to attract talented individuals seeking top-tier education.
The aspiration to study MS in the US holds as a firm choice among hundreds and thousands of international students but the financial aspect often poses a significant hurdle. To overcome this challenge, students often look out for financial assistance. While scholarships are a great way to reduce the cost of MS, they are highly competitive and hard to achieve. Thus, among the various funding options available taking an education loan is a viable means to finance this academic degree.
Education loans to study MS in the US come in two primary forms: secured and unsecured. While secured loans require collateral security, unsecured education loans don’t necessitate any collateral. Therefore, simplifying the borrowing process for many students.
If you are planning to take an education loan for MS in USA, then this article is for you. Let’s discuss the fundamentals of an unsecured overseas education loan for MS in the USA.
Top Benefits of Taking an Unsecured Education Loan for MS in the US
- No Collateral Requirement: The absence of collateral eases the burden on students who might not possess substantial assets to pledge. Hence broadening access to funding for their MS study.
- Streamlined and Quick Application Process: Unsecured education loans typically involve a straightforward and streamlined application process compared to the secured loan application process. Since there are limited document verifications needed, the loan approval and disbursement timelines are relatively quicker.
- Competitive Interest Rates: Despite lacking collateral, unsecured education loans often offer competitive interest rates based on various other factors. Some of the leading financial institutions also provide the lowest interest rate for education loan abroad.
- Flexible Loan Amounts: Depending on the financial lender, unsecured education loans may cover a significant portion of tuition fees and living expenses. In most cases, they provide 100% loan funding as well. So, seeking an education loan not only provides essential financial support but also eliminates your burden of paying the margin money.
- Credit History Building: Timely repayment of an unsecured education loan aids in building a positive credit history. It results in providing you with the skills of money management and facilitating your future finances.
Popular Banks & Financial Institutions Providing Unsecured Education Loans for MS in the US
Researching financial institutions catering to international students for loans can be overwhelming. Here are some notable lenders offering unsecured education loans for MS in the USA.
- Nationalized Banks
- Union Bank of India (UBI)
- Punjab National Bank (PNB)
- Private Banks
- Axis Bank
- ICICI Bank
- International Lenders
- Prodigy Finance
- MPower Finance
- Non-Banking Financial Companies (NBFCs)
- HDFC Credila
- Avanse
- Auxilo
- Incred
Unsecured Education Loan Application Process
- Research and Comparison: Explore different lenders offering unsecured education loans. Compare important factors like eligibility criteria, interest rates, repayment terms, loan tenure, etc.
- Gather Documents: Compile all necessary documents required for the loan application. Get a document list from your lender to ensure accuracy and completeness.
- Complete Application: Fill out the loan application form accurately, providing all the detailed information as required.
- Submit Application: Submit the application along with the requisite documents to the chosen lender through their specified channels.
- Lender’s Review and Approval: The lender reviews the application, assessing the borrower’s creditworthiness and eligibility before approving the loan.
- Disbursement of Funds: After the loan approval, the loan amount is disbursed directly to the educational institution to cover tuition and other approved expenses.
Tentatively this entire process required 4-5 working days. Some of the financial lenders also give loan approval in just two days. However, for this, you need to have a good CIBIL profile and adequate documents. So, make sure that you keep everything handy before you commence your loan application process.
This is everything that you must know about taking an overseas education loan for your MS study. Since the loan amount is quite significant, understanding the basics of non collateral education loan for abroad is important for meticulous preparation and making informed financial decisions.
We hope that this article has helped you to get all the necessary information about the process of taking an unsecured education loan to study MS in the US. So, commence your academics in the U.S. with confidence and focus on your studies without the weight of financial constraints.
Good luck!