The majority of Indian students aspire to pursue their higher education from an overseas university as the next step for their career growth. However, the lack of finances acts as a hindrance. To address the challenge and let Indian students fulfill their dreams of studying abroad, multiple financial institutions in India like government banks, private banks, NBFCs, and international lenders provide an education loan to eligible students.
One such financial institution is Leap Finance, a leading NBFC headquartered in Bengaluru. It is providing Indian students with an unsecured education loan to study abroad at Master’s level in the USA and Canada.
With minimum documentation, low interest rates, and quick sanctioning of the loan, Leap Finance has been instrumental in providing student loans for studying abroad. In this blog, we are going to discuss its advantages, important features, eligibility criteria, steps to apply for the education loan.
Advantages to Apply for an Education Loan at Leap Finance
• Get 100% Finance: Unlike other financial institutions, Leap Finance sanctions the 100% of the loan amount.
• Online Loan Process: Apply online and get the education loan offer in just 10 minutes.
• Quick Loan Sanction: Get the unsecured education loan sanctioned in just 3 days without any hassles.
• Covers the Entire Cost: Leap Finance funds up to 100% of the student’s tuition fees, books and supplies, accommodation, and living costs.
Unlike other NBFCs, the key features of Leap Finance are considered to be in the best interest of the students. Know here!
• Rate of Interest: The rate of interest on the unsecured education loan for a master’s degree ranges between 8.25% to 10.25% per annum.
• Processing Fee: Leap Finance charges a processing fee of 2% on the unsecured loan at the time of fund disbursement.
• Processing Time: The processing time of the online education loan is between 3 to 4 days.
• Repayment Period: Students get to select an education loan repayment period based on their suitability. They can choose between 7 to 10 years.
• Moratorium Period: Leap Finance offers a job search period of 6 months after the course completion period. During the moratorium period, they are required to pay a minimum monthly interest of US$ 50. Full EMI repayment begins after the completion of moratorium period.
• Tax Savings: An applicant is eligible for tax-savings in the US once he/she graduates from the university and starts earning
Eligibility Criteria for the Applicant and the Co-applicant
Leap Finance provides an unsecured education loan to study a master’s degree at the leading study overseas destinations like the US and Canada. However, it is crucial for the prospective student/applicant and the co-applicant to meet the prerequisites.
Here is the quick rundown of the eligibility criteria for the applicant and the co-applicant. Read on!
For the Applicant
• It is essential for an applicant to be an Indian Citizen.
• An applicant should have a strong academic record.
• An applicant should have scored 300+ in GRE, 85+ TOEFL, or 6.5+ in the IELTS.
• An applicant should have secured admission for a STEM course at Masters Level in any of the listed 200 universities (https://leapfinance.com/courses).
• An applicant must be between 18 to 30 years of age.
For the Co-applicant
• The co-applicant should be an Indian citizen.
• The co-applicant should have a minimum income of INR 30,000 per month.
• The co-applicant should have a strong CIBIL Score i.e., 700 and above.
• The co-applicant should have an Income Tax Return document of the last two years.
Key Steps to Initiate the Online Education Loan Process
Once a student has finalized to avail an education loan via Leap Finance, here are following steps that one needs to follow:
Step 1- Apply Online and Get Education Loan Offer
• Fill in the required details and complete the online application.
• On submission of the online loan application, an applicant will get an education loan offer immediately.
• Accept the loan offer and select the required education loan amount for the suitable tenure.
• Personal assessment of the student’s profile will be done via video call by Leap Finance Counselors.
• On the successful assessment, a student will be provided with the provisional sanction letter.
Step 2- Loan Sanction and Agreement
• Students must upload all the required documents at this stage to get the official loan sanction letter.
• On getting the visa and I-20, students are required to upload the same on the application profile page.
Step 3- Disbursal
• Students will now be provided with the loan agreement where both parties need to sign the loan contract.
After the visa approval students are just required to raise a request to transfer the money and the education loan process is done!
How does E’LAN Loans assist?
Being one of the leading financial institutions, ELAN Loans assist students in their entire education loan process. Our experts assist students in the entire loan process, right from applying study loan for abroad studies to sanctioning and disbursement of the education loan.
For Leap Finance, our experts will simplify the entire loan process for you by applying on your behalf and if you miss out on any crucial step, fret not. Our experts are here to assist you at every step.