Education Loan for bachelors in USA Through GoStudy

GoStudy in the land of dreams and secure your future with a customized education loan for bachelors in the USA through GoStudy.

Studying in America is like propelling your career to the next level. A country with access to a world-class educational system and universities that will leave everyone spellbound; if you have your mindset to stay here and possess the right skills, we at GoStudy can help you fulfill your dream. GoStudy’s teams of education loan and study experts will help you find the best education loan for bachelors in the USA and make the entire process smoother, quicker, and cost-efficient.


9

Factors Determining Obtaining Education Loan for Bachelor in the USA Through GoStudy

1

Great Academic Profile:

Meritorious students with a strong academic background and less backlogs can find better loan options.

2

University for Studying:

At GoStudy, we have a list of pre-approved universities with banks.

3

Potential of the Programme:

With GoStudy, you can secure a loan with 90% of the available courses.

4

Opportune Degrees in the USA:

Degree courses that have a better scope of employment are attractive for banks giving education loans for bachelors.

5

Income Proof:

Banks will always check your credit profile and finances before giving loans. With GoStudy, you can get a loan with no income proof.

6

Loan Sanction and Disbursement:

Education loan for bachelors in USA through GoStudy comes with faster sanction and disbursement.

7

Customized Education Loan Products:

At GoStudy, we curate the best possible loan product after considering your profile and study plans.

8

Direct Consultation with Banks:

GoStudy has strong ties with banks and NBFCs, allowing us to fast-track the application process and get quick results.

9

Lower Interest Rates than Market:

GoStudy offers the best education loan for bachelors in the USA at lower interest rates which is 0.5% to 1% lower.


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Education Loan for bachelors in USA through GoStudy

Education in the USA can be beneficial for your career. It can quickly help you stand out from the competition and get you ahead of the most qualified candidates for a job. But it is also true that getting educated in the USA is not an easy thing to do, especially when it comes to money. And we are not only talking about the tuition fees and study expenses. But living in a country like the USA, where cities like New York, Washington DC, etc. have exorbitant rents, things can get difficult quickly.

To make their journey easier, students can get an education loan for bachelors in USA through GoStudy. Students from all over the world want to come to the USA for higher education. With GoStudy, education loan for bachelors in USA through GoStudy for Indian students are made easier and quicker. We have dedicated teams of loan experts and counselors working together to help students find the best college for their degree and the best bank to arrange their finances.

In the USA, besides tuition expenses, students also need money for accommodation, living expenses, books, stationery, equipment, etc. So, the right loan product will cover all these expenses, provided you know which bank or NBFC to contact. This is where GoStudy comes in to help you secure the best education loan for bachelors in the USA through GoStudy for Indian students. So, as important as it is to have the right credentials for studying in the USA, it is equally important to have access to the right loan product.

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Interest Rate for Education Loan for bachelors in USA through GoStudy

Any financial institution that lends money charges an interest rate on the principal amount. The EMI that borrowers pay back to the lender includes interest. In total, the borrower will pay the principal amount plus the interest on the amount. For a bank, this interest amount is the main source of income. So, when you are applying for an education loan for a bachelor's in the USA, always keep an eye on the interest rate.

Higher interest rates mean the EMI will be higher as compared to loans with lower interest rates. The interest rate chargeable on the loan amount depends on several factors. All the banks and lending institutions have a base for different types of loan products. The same applies to an education loan for bachelors in USA through GoStudy for Indian students.

The interest rates chargeable on a loan amount also depend on the borrower’s credit profile. Individuals with lower credit scores will get loans at a higher interest rate and vice versa. Taking a loan via GoStudy is beneficial in this segment as well because we will help you get loans at competitive interest rates. Moreover, our experts will answer all your queries regarding the loan and interest rates.

Here are the interest rates different banks offer for an education loan for bachelors in USA through GoStudy.

Type of Education Loan

Education Loan Rate of Interest As Per Market

Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.5%
Unsecured Education Loan (Others) 11.75% 11.50%

Depending on the interest chargeable on your loan, the EMI amount is calculated. The banks use the following formula for calculating the EMI for an education loan for bachelors in USA through GoStudy.

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1].

What Costs are Covered in an Education Loan for Bachelors in the USA through GoStudy?

Not every loan offering will cover all kinds of expenses in the USA. Different loans cover different types of expenses. The key is choosing the right loan product while considering your requirements, loan interest rates, and terms and conditions. It is easy to get a loan that covers every expense, but you might regret it later when it comes to paying higher interest.

So, this is where you need the right guidance. At GoStudy, we can help you choose the right loan product which covers all the expenses but also does not rip you off with high-interest rates. In general, the expenses an education loan for bachelors in USA through GoStudy covers include the following;

  • Tuition fees or course fees.
  • Examination fees
  • Library fees
  • Laboratory fees
  • Accommodation or hostel
  • Caution deposit
  • Building fund
  • Refundable deposit
  • Expenses towards books, equipment, laptop, instruments, etc.
  • Travel expenses
  • Insurance
  • Expenses towards projects, study tours, trips, etc.
  • Visa application fees

With most of these expenses covered, the students can devote all their time to studying hard and think about earning money while studying. A student can get two types of loans, collateralized loans, and uncollateralized loans. The collateralized loan is easier to get and has a higher upper limit than an uncollateralized loan. No matter what type of education loan for bachelors in USA through GoStudy you require, GoStudy can help you effectively.

Here are some of the most popular banks providing education loan in India for bachelors in USA through GoStudy.

  • State Bank of India
  • Bank of Baroda
  • Punjab National Bank
  • Axis Bank
  • HDFC Bank
  • IDBI Bank
  • Canara Bank
  • Avanse
  • Discover
  • LeapFinance
  • Prodigy

The list does not end here. There are several other banks that provide financial assistance to students.

Things covered under Education Loan through GoStudy

Costs Covered by Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Unsecured Education Loan for Bachelors in the USA Through GoStudy

The non-collateral loan has a limit between ₹10 lakhs to ₹50 lakhs. Second, the borrower must have a solid financial and credit profile.

Other factors are involved here, like the course you opt for must have better employability. The creditworthiness of the loan determines the loan sanction and disbursement process. Students with low credit may face delays in processing and have to undergo multiple checks. So, applicants with a higher credit score will have higher chances of getting an education loan for bachelors in USA through GoStudy.

The documents needed for a non-collateral education loan for bachelors in USA through GoStudy include the following;

  • Unconditional/Firm/Confirmed Offer letter.
  • Income proof and documents of the co-applicant.
  • PAN Card
  • Educational or academic documents.
  • Test scores of the English proficiency test.
  • Passport

Collateral for Education Loan for bachelors in USA through GoStudy

Collateral in a loan is the security banks ask for before giving out a loan. This collateral is not a necessary part of the arrangement, but in some cases, the collateral is required. However, it is always beneficial to get an uncollateralized education loan for bachelors is USA.

Plus, not every kind of asset you possess will be accepted as collateral. Banks have a pre-verified list of assets that they can accept as collateral. In most cases, collateral is needed if the student’s credit profile is not exceptionally good. In these cases, the following assets can qualify as collateral;

  • Residential property like a house, flat, or apartment. However, any property with outstanding dues with a bank is not acceptable.
  • A fixed deposit with a bank or a registered NBFC is also acceptable as collateral. However, the condition is that the value of the FD should be equal to or more than the loan amount. Plus, to get the FD accepted, the borrower must submit a letter from the bank’s manager assigning the FD in favor of the bank giving the loan.
  • A surrender value certification of life insurance that is equal to the amount of education loan for bachelors in USA through GoStudy.
  • A commercial property like a showroom, warehouse, etc.

Agricultural lands won’t qualify for collateral. If you don’t want to pledge any asset before getting a loan, there are two ways to go about it; you can either accept a loan amount that’s within the limits of an uncollateralized loan. Almost every provider of education loan for bachelors in USA through GoStudy for Indian students has two education loan limits.

University-Wise List of Pre-approved Amount for Education Loan for bachelors in USA through GoStudy

With the USA being one of the favorite destinations for students to pursue higher studies, a lot of banks provide loans for this purpose. Thousands of students flock to the USA for graduate and postgraduate studies. The good thing is that with numerous banks providing loan services, the students get the benefit of choosing from different options. As they have multiple options to choose from competitive loan products, the students can negotiate the terms and conditions. In addition to this, with GoStudy professionals assisting you with the loan processing, you can get an even better education loan for bachelors in USA through GoStudy services.

List of Universities accepted by Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount

Syracuse University 60 Lakhs
George Washington University 65 Lakhs
New Jersey Institute of Technology 65 Lakhs
University of Florida 65 Lakhs

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Co-applicant for Education Loan for bachelors in USA through GoStudy

A co-applicant or co-borrower is the second person whose name and details are added to the loan application. Furthermore, the bank will also check the credit score of the co-applicant to further assess the profile. The requirement of a co-applicant is the prerogative of the bank or financial institution. Even in cases where the main borrower is financially strong and has all the right credentials, the lending institution might still ask for a co-applicant.

A co-applicant acts as an additional security measure for the bank. And for a student borrower, a co-applicant can become the reason for their loan approval or rejection. Similarly, when the bank asks for an application to provide an education loan for bachelors in USA through GoStudy, the following individuals can qualify.

  • Parents
  • Parents-in-law
  • Spouse or partner
  • Siblings
  • Maternal uncles and aunts
  • Paternal uncles and aunts

Eligibility Criteria for Education Loan for bachelors in USA through GoStudy for Indian Students

The basic eligibility conditions for an education loan for bachelors in USA through GoStudy must be fulfilled to avail of the funds. The banks have set some guidelines that pertain to the borrower's age, nationality, and creditworthiness. Furthermore, besides these requirements, the student also has to satisfy all the eligibility requirements set by their respective universities. Note that the eligibility conditions are a bit more strict in a non-collateral education loan for bachelors in USA through GoStudy than in a collateralized one.

  • The borrower must be a citizen of India and must be at least 18 years of age.
  • In applications with zero collateral, the borrower must present a co-applicant or co-borrower who is working in India or anywhere else. The co-applicant must be a parent, parent-in-law, spouse, siblings, maternal and paternal uncles & aunts.
  • It is also necessary to maintain the minimum CIBIL score to obtain an education loan for bachelors in USA through GoStudy.

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Documents Needed for an Education Loan for bachelors in USA through GoStudy

Every type of bank and financial institution provides the borrowers with a list of documents they need to assess the application. These documents represent the basic checklist that can help determine the eligibility of the loan application. Without an expert's help navigating through all the paperwork can prove to be a hassle. But GoStudy by your side, you can easily get results and assistance with getting all paperwork done smoothly. Here are the documents that will get you the best education loan for bachelors in USA through GoStudy.

  • Borrower or student's KYC.
  • Student's academic documents.
  • Details about the potential university and its fee structure.
  • Unconditional/Firm/Confirmed Offer Letter.
  • KYC of the co-applicant.
  • Proof of income of the student and co-applicant.
  • Student's income tax returns (if applicable).
  • Income tax returns of the co-application (of the last three years).
  • Documents of proof of birth.
  • Proof of relationship with the co-applicant.
  • Bank statement for at least six months of the co-applicant.

While these are the basic documents that are always required, in addition to these, the bank can ask for additional documents from the borrower to provide the education loan for bachelors in USA through GoStudy for Indian students.

Process and Procedures for Education Loan for bachelors in USA through GoStudy

The loan process is the backend operations on the bank's side, whereby they assess and evaluate your profile. These banks have set a well-structured analytical process to identify the applicant's eligibility to get the loan. However, in education loan for bachelors in USA through GoStudy, the process might depend on the borrower's profile. In general, it can take between 5 to 7 days for the bank to assess the application and give an answer.

After the initial round, the bank might ask for additional information and documents to build a stronger profile. It can take additional time to get and process the new document. Once all the checks and verifications are done, the student can receive the amount of the education loan for bachelors in USA through GoStudy via a cheque, electronic transfer, or a demand draft.

Sanction and Disbursement of Education Loan for bachelors in USA through GoStudy

The sanction letter is followed by the loan approval. This letter contains information about the loan, like the principal amount, interest rate, beneficiary details, university details, tenure, repayment schedule, and moratorium period, among other things. Getting this letter means your loan has been approved by the bank, and you will receive the funds upon disbursement. The same sanction letter for the education loan for bachelors in USA through GoStudy also contains disbursement details.

Once the loan is approved, the funds will be transferred to the university's account. Plus, the education loan for bachelors in USA through GoStudy that also provides other expenses like living costs, costs for buying equipment, books, etc., are sent to the borrower's account. The arrangement and disbursal of the funds depend on the bank and your understanding of them. Also, in which currency the disbursement will be made and when it will be made is also decided after the loan is sanctioned and finalized.

Moratorium Period for Education for bachelors in USA through GoStudy

The moratorium period or holiday period is the time between the loan disbursal and when the repayments start. In an education loan, you are not supposed to pay the money back right from the next month. The bank gives you time till the completion of the course and an additional six months.

So, if the bachelors course you are pursuing in the USA has a 3-year tenure, your first EMI will go after three years and six months. However, some banks give the option to pay partial simple interest right after the loan disbursal and throughout the course. This is only going to help you in the future as you will have to pay lesser amounts in total. So, it is important to talk about the moratorium period with the bank specifically.

Repayment of Education Loan for bachelors in USA through GoStudy

When it comes to repayment, you can choose other options than simple interest payments. These are;

  • Simple Interest
  • Paid Simple Interest
  • EMI
  • Full Moratorium Period

Here are the types of repayment and moratorium options available with different banks for your reference.

Tax Benefit with Education Loan for bachelors in USA through GoStudy under Section 80E of the IT Act

Section 80E of the IT Act provides the borrowers with a benefit in terms of deduction on the EMI. These are the EMIs that the borrowers are supposed to pay back for their loan. So with your education loan in India for bachelors in USA through GoStudy, you can also avail of this benefit. However, the amount of tax benefit is not clearly stated within the law, and it is also advised that the student pays the loan back within eight years of interest repayment.


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