How to Get a loan for an MS in USA
Loan for an MS in USA – Are you interested in student loans? Do you want to know student loans how much can you borrow? or about student loans refinance calculator. Then, you are in the right place
Why Apply For a Loan?
The overall cost that will be incurred by an Indian including the fees for MS in the USA will be around $65,000- $70,000. Considering the high exchange value, a considerable number of Indians need to apply for educations loans, especially from mid-income families.
Taking a loan is a liability in itself, and therefore students need to be provided with hassle-free and simple education loans.
How to Get Education Loan without Collateral | Loan for an MS in USA
Non-bank finance companies, such as Credila (a part of HDFC Ltd) and Avanse (a subsidiary of DHFL), offer loans without collateral but interest rates are usually on the higher side. They also charge a 1%-2% processing fee.
Now, this is where, GyanDhan, comes into the picture. It offers loans without collateral at 11.75%-13%. Even a difference of one percent in the rate of interest is enough to make a huge difference in the lives of those students opting for it. What’s more – GyanDhan doesn’t charge any processing fee!
Also, if students can afford to keep their assets as collateral, then interest rates for loans availed through GyanDhan start from 10.25% for boys and 9.75% for girls. Whereas, NBFCs typically continue their interest rate at 12%-13.5% even with collateral.
Student Loans from foreign institutions – Loan for an MS in USA
One can avail of the International Student Loans offered to international students in the USA Universities. However, here the borrower needs to have a co-signer as a guarantee.
Since a co-Signer needs to be a permanent USA citizen with good credit record who is obliged to repay the loan in an event of the borrower defaulting, it is difficult to find a co-Signer in the USA.
A few foreign organizations have started offering student loans without requiring co-signers. However the processing fee is typically quite high (2%-5%), and the $-based interest rates are high as well (9%-12% typically). If you are thinking that 9% in USD is a low-interest rate – think again! 9% in USD is comparable to 15% in INR due to some factors.
How to Get Loan for Ms in USA
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