In recent years, the number of Indian students choosing to pursue higher education abroad has increased significantly. The United States is one of the most popular educational destinations abroad and attracts large numbers of Indian students every year.
However, one of the biggest challenges for students is securing funding for their education. Due to the high cost of tuition, accommodation, and other costs, many students feel that they cannot afford to study abroad in the United States. However, there are many options for financing college, including non-GRE education loans.
GRE stands for Graduate Record Exam and is an entrance exam commonly required by universities in the United States. This test measures students’ readiness for higher education and is used by universities to assess applicants’ chances of success in their respective programs. However, post-COVID-19, not all universities in the U.S. require the GRE. Therefore, it is possible to study in the United States without taking the GRE, and several student loan for usa are available for these students.
An unsecured education loan is a loan that does not require collateral, such as a house or a car. This means that only the creditworthiness and financial history of the borrower is considered when granting a loan. Unsecured education loans to study in the US without GRE are offered by various banks and financial institutions in India. Let’s take a look at financial institutions that offer overseas education with unsecured loans.
There are many private banks like ICICI, IDFC, Axis etc. that offer unsecured education loans for studying abroad. These banks do not require his GRE score. Also, even if you provide a score, it doesn’t matter if your score is above or below 300. However, this loan is provided only to applicants/students who have been accepted into top universities. Additionally, income tax returns of the applicant/student’s parents are required. That’s all. You can get unsecured loans with interest rates ranging from 10% to 12%.
Also, GRE scores are not required. Even if the applicant/student has completed her IELTS and has paid her parents’ income tax, she is eligible for an unsecured loan of up to 40 lakhs. However, this loan is provided only to the applicants/students who have been accepted into the universities included in his top list of NBFC universities across the world. Interest rates are between 12% and 15%.
To qualify for an overseas education loan, international financial institutions only require that the applicant’s university be one of the top universities. You can see which universities have been accepted by searching for “Supporting Schools” on International Financial Institutions. Interest rates are slightly higher than private banks and NBFCs, ranging from 13% to 15%.
Note – Interest rates fluctuate for a variety of reasons, including changes in economic conditions, government policy, and market forces. Therefore, the above interest rates may change in the future.
In conclusion, studying in the US can be a great opportunity for Indian students to pursue higher education and gain global knowledge. However, there is no denying that the cost of education is a major barrier for many students. Non-GRE education loans are a great option for students who don’t want to take the GRE. The financial institutions mentioned above help students finance their education and achieve their academic and professional goals.
However, before applying for foreign education loan, students should carefully consider their options and develop a clear repayment plan. Alternatively, you can consult a loan counselor.
With proper planning and support from a loan counselor, Indian students can realize their dreams of studying in the United States. The process, especially the administrative and technical aspects, can be a little stressful at times. Hiring a guide who has done this millions of times and works with banks is always a good option.
Don’t let anything get in the way of your dream of studying abroad.