Education Loan to Study in USA through GoStudy

Enjoy a prosperous career and fund your dream education with an education loan for study in the USA through GoStudy.

Looking for the most comprehensive and streamlined education loans to study in the USA? Well, your search ends with GoStudy. GoStudy experts and professionals work hand-in-hand to offer education loans to study in the USA through GoStudy. With offices located at multiple locations such as Hyderabad, Mumbai, Coimbatore, Chennai, Trivandrum, Delhi, Bangalore, etc., our professionals are always there for you.


9

Factors That Can Get You An Education Loan to Study in The USA through GoStudy

1

Brilliant Academic Profile

To get an education loan for study in the USA through GoStudy easily, students need to procure top grade marks academically and have a sound academic profile.

2

Choice of University

Universities can impact the education loan to study in the USA through GoStudy, and we have tied up with the best universities.

3

Prospective Programmes

GoStudy covers 90% of the most prospective and popular programs from American universities in terms of your career prospects.

4

Extensive Opportunities in USA

An ocean of opportunities in the USA awaits talented minds, and take advantage of an education loan for the USA in India through GoStudy.

5

No Income Proof is Required!

At GoStudy, our experts ensure that you can procure education loans to study in the USA based on your KYC, not income proof.

6

Easy Sanction & Disbursement

With us by your side, you do not have to worry about the hassles and complicated legalities of education loans to study in the USA through GoStudy.

7

Comprehensive Loans Compared to None

GoStudy features some of the most impressive education loans to study in the USA to assist in seamless abroad studies.

8

Loan Processing on Priority

GoStudy partnered financial providers check every intricate details and process loans at a blazing speed.

9

Lowest Interest Rates In The Market

GoStudy can offer you the lowest interest rates that are 0.5% to 1% lesser than other market providers!


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Education Loan for Study in the USA through GoStudy

Education loans are essential these days owing to the growing costs while trying to pursue your dream career abroad. Especially in developing nations like India, the trend of pursuing a career abroad has seen a massive surge recently. Education loans for study in the USA through GoStudy not just help you accomplish your career goals with ease but also in a safe way where you are freed from the worry of funding. Education loans to study in the USA through GoStudy have a host of benefits and can take care of all your important as well as miscellaneous expenses, from traveling to buying gadgets when you’re abroad. Education loans for the USA in India through GoStudy are made absolutely flawless since we have collaborated with top financial institutions and banking organizations.

Speaking of education loans to study in the USA through GoStudy, there are two different categories of education loans- secured and unsecured. However, there is a third type of partially secured loans; secured and unsecured loans are more popular as convenient loaning options. Owing to the higher demands of education loans, most banking organizations and NBFCs have started offering interesting and compelling schemes for various USA education loans in India through GoStudy. The expenses that are covered are diverse - right from your Tuition Fee, Accommodation Costs, Travel, Food, Shopping, etc., when you are in pursuit of your dream career in the USA. An education loan for the USA in India through GoStudy can fulfill your financial needs and assist you in taking your career to the next level.

Apart from the primary expenses that entail college fees, lab fees, etc., you may also need to go for other expenses that are often termed as miscellaneous. At GoStudy, we ensure that you can take certain education loans to study in the USA, which can cover miscellaneous expenses alongside primary expenses such as electronic gadgets purchase, course books purchase before traveling & other relevant education and accommodation expenses for making it to the USA for study.

Education Loan to Study in USA
Education Loan to Study in USA

Interest Rate For Education Loan To Study in the USA through GoStudy

For any kind of loans taken, the lender will always place an interest rate on the repayment. The same goes for education loans through GoStudy for study in the USA, where the financial lender places an interest rate on the funds sanctioned as an education loan. The credit score, financial background, co-applicant creditworthiness, course choice, future prospect, and tenure decides the eventual rate of interest. The better your portfolio is, the better your chances of securing higher loan limits for education loans to study in the USA through GoStudy. It is to be noted that when you approach a secured loan, the interest rates are much lower than unsecured loans. However, with GoStudy, you can secure the most competitive rates on both secured and unsecured at your disposal to make sure your dreams of studying abroad come true. GoStudy’s team of experts ensures that you get all of your queries cleared regarding Education Loan through GoStudy for studying abroad in the USA.

An unsecured Education Loan for studying abroad in the USA through GoStudy can fetch you flexible interest rates and may vary depending on the course profiling and credit over time. The interest rate of the education loans through GoStudy to study in the USA is calculated with a simple interest formula having a monthly rest.

Below are the interest rates they are offered on education loan for study in the USA through GoStudy without Collateral:

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% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

However, the following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan to study in the USA through GoStudy :

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

*Please note that the tenure is calculated in months.

What are the costs that are covered in an education loan for study in the USA through GoStudy?

Education loans to study in the USA through GoStudy can fund 100% of your abroad expenses that range from traveling to accommodation, college fees, and miscellaneous ones. These broad ranges of costs involve tuition fees, accommodation, food, travel & other necessary costs. GoStudy has collaborated with responsible and reputed financial institutions which ensure all your financial needs regarding studying abroad are met with the utmost care, and you never fall short of funds while you are abroad.

Below is the list of the cost covered in an Education Loan Without Collateral for the USA through GoStudy :

  • Tuition Fee
  • Living Expenses
  • Books
  • Laptops
  • Travel Tickets
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Visa Application Fee

With Education loans to study in the USA through GoStudy, you can take loan amounts ranging up to 50 lakhs depending on multiple factors, primarily your financial and academic profile. Some other factors which determine the loan amount are the course choice, university choice, and the future prospects for employment upon completion.

Following are the lists of the Costs Covered by Education Loan through GoStudy:

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 the USA Without Collateral Through GoStudy

Nevertheless, non Collateral Education Loan for the USA through GoStudy parameters may vary for individual applicants.

Below is a list of the financial institutions that provide education loan to study in the USA through GoStudy :

  • IDFC First Bank
  • ICICI Bank
  • Axis Bank
  • HDFC Credila
  • Avanse
  • Auxilo
  • Incred

If you want to make sure of the approval of an Education Loan to study in the USA through GoStudy and take no chances, you must procure a letter of admission offer from the top universities in the USA. The course selected by the student and the future prospect of employment are important factors for the eligibility for an education loan to study in the USA through GoStudy. Financial partners at GoStudy ensure you can get a loan amount of up to 50 lakhs and a minimum of 2 lakhs, provided that you have a good financial background and a stronger academic portfolio. The sanction quantum and disbursal of the Education Loan through GoStudy for the USA in India are determined by the creditworthiness of the candidate. The higher your credit score is, the higher your loan amount will be for studying in the USA.

Below listed documents are required to initiate the process of obtaining a Non-Collateral Education Loan through GoStudy for study in the USA :

  • Unconditional/Firm/Confirmed Offer Letter
  • A co-applicants whose Income Proof is also not required in many cases
  • PAN Card
  • Academic Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

Collateral For Education Loan In the USA through GoStudy

With the best and the most comprehensive offerings on education loan to study in the USA through GoStudy, you do not have to get involved with the hectic and complicated formalities of loans. Primarily there are two different types of education loans to study in the USA through GoStudy namely secured and unsecured loans. Let us now discuss the collateral or secured the USA education loans in India through GoStudy.

Collateral loans are one of the best decisions you can make as they come with lower interest rates compared to other unsecured loans. When you pledge any form of immovable asset to the bank against the loan sanctioned as security, it is known as a collateral loan or secured loan. The types of assets may vary depending on the profile of individual applicants. The USA education loan in India through GoStudy entails a very easy process that you can take care of flawlessly. Collateral loans are especially for those people who have a good financial portfolio and have assets to pledge to the bank. If you are financially on the weaker side, education loans to study in the USA through GoStudy are highly recommended as they can ease off the financial burden. Let us check out a few basic documents that lenders accept as collateral security:

  • House/Flat/Apartment - A personal residential property that has no dues/any standing loan on it
  • Any other legal residential property with no dues or repayments
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end of the manager of the institution assigning it in favor of an education loan to study in the USA.
  • Surrender Value Certifications of Life Insurances that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

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University-wise pre-approved amount for Education loan to study in the USA through GoStudy

The massive demands of students approaching for education loans to study in the USA have led to many favorable schemes on the USA education loans in India. The USA has the best-developed economy and comprises some of the best worldwide recognized universities that help financial lenders grant education loans to study in the USA through GoStudy to students with ease. A whopping number of 50,000+ students approach the USA each year for study, and there is no dearth of providers for education loans through GoStudy for the USA in India. Below is the list of universities that have been pre-approved by the banks for an unsecured education loan to study in the USA through GoStudy

USA Universities

Pre-approved unsecured education loan amount to study in the USA through GoStudy

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

Co-applicant for the USA Education Loan in India through GoStudy

Irrespective of secured or unsecured education loans through GoStudy for studying abroad in the USA, you will always have to keep a co-applicant in place for better approval. Having surplus wealth, assets, and a strong credit profile will not refrain financial lenders from asking for a co-applicant for the loan sanction since the student will be studying abroad with an education loan through GoStudy to study in the USA and have no income source, co-applicant acts as a security to the financial lender. The co-applicant's creditworthiness is judged by their age, relation with the applicant, income, credit score, assets value, and financial portfolio, to name a few.

The role of a co-applicant is to secure the loan in case the main applicant is unable to repay the loan under any circumstances. The co-applicant then can step forward and repay the education loan for the USA in India through GoStudy.

Below is the list of co-applicants for Education Loan through GoStudy for the USA in India that are accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan for Study in the USA through GoStudy

The basic requirements of an education loan through GoStudy for study in the USA are very straightforward and are absolutely convenient for the student. Students need to acquire a firm-confirmed-unconditional admission offer letter from any top-ranking university to be eligible for an affordable education loan for studying abroad in the USA through GoStudy. This ensures that the student has duly completed all the eligibility requirements of admission and that the offer will not be revoked at any instance time. Alongside that, some other requirements for education loans in the USA are as follows:

  • A citizen of India who is at least 18 years old.
  • Has a valid co-applicant or a co-borrower, working in India or anywhere in the world, or self-employed in India. The person should be either Parent, Parent-in-law, Spouse, Siblings, Maternal & Paternal Uncles & Aunt.
  • The minimum CIBIL score for an education loan for study in the USA must be met.

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Documents required for Education Loan to Study in the USA through GoStudy

The primary documentation procedure for an education loan through GoStudy to study in the USA is always the same, with some minor changes based on the individual profile of the candidates. At GoStudy, our experts make sure it is a cakewalk where we help you understand what is needed. The list of documents that are required for an Education Loan through GoStudy for study in the USA are as follows:

  • Student’s KYC
  • Student’s Educational Documents
  • University Course Details & Fee Structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant

Additional documents may be required, which are dependent on the sole discretion of the provider and according to the candidate profile for an Education Loan for studying abroad in the USA through GoStudy.

Process & Procedures For Education Loan for Study in the USA through GoStudy

Owing to the increasing demand for education loans to study in the USA through GoStudy, most financial institutions are offering brilliant schemes for education loans to study in the USA. Students can simply initiate the process by informing about the amount of education loan to study in the USA through GoStudy along with personal details, university details, co-applicant details, course name, tenure, and other relevant details. The identity of the co-applicant needs to be detailed and should be checked carefully.

When the initial round of checks and verification is done, a formal letter for the loan is sent to the candidate. The processing time is usually 5-7 days for an Education Loan To Study in the USA through GoStudy. Post the signing of the agreement and reviewing of the information, the loan amount will be disbursed right away through a DD, Cheque, or Electronic Transfer.

Sanction & Disbursement of Education Loan to Study in the USA through GoStudy

The sanction letter with important information such as applicant information, co-applicant information, course, EMI, moratorium, guarantor, if any, interest rate, tenure, and all other necessary information will be released to the candidate post the sanction of the loan. The loan terms and conditions are also mentioned in this sanction letter. Remember that the letter is a comprehensive and complete sanction letter rather than an in-principle letter since most universities do not accept in-principle letters because it does not confirm the sanction of the loan.

Post sanction of the Education Loan for study in the USA through GoStudy, the funds will be released to the university as tuition fees or to the applicant or co-applicant, whatever was decided mutually at the time of signing the agreement. The disbursement that is made is in Indian National Rupee (INR), which can be either in parts or a full disbursement based on the needs and the protocols of both the borrower & the lender.

Moratorium Period For Education Loan for Studying Abroad in the USA through GoStudy

A moratorium is the time period where the student does not need to pay any EMI immediately post the sanctioning of the loan and until the completion of the course and securing employment. Most banks that offer the USA education loans through GoStudy in India come with a flexible moratorium period. During this period, you just can pay a fraction of simple interest, which may be as low as just 2,000 INR, until the completion of the course and till the time you secure employment. Hence, carefully inquire about the moratorium period before you sign up for the loan.

Repayment for education loan for study in the USA through GoStudy

Repayment options for education loan for study in the USA through GoStudy are flexible, and you can choose it in accordance with your convenience. You can choose anything between the time ranges from 12 months to 180 months on average, depending on your ability and convenience. In most cases, students are able to choose their repayment period. However, for students who do not have a strong financial portfolio, banks may recommend an ideal repayment period for them.

The various categories of repayment options for Education Loan for study in the USA through GoStudy :

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period

Tax Benefit For Unsecured Education Loan for the USA through GoStudy under Section 80E of IT Act

According to Section 80E of the IT Act, you can claim a deduction on the overall EMI to be paid on an Education Loan for study in the USA through GoStudy for the financial year. You, your spouse, your children, or your legal guardian who has partaken responsibility in your Education Loan can claim these benefits. The deduction is applicable to all the courses for which the education loan is granted for your education abroad. The rule does not state how much tax benefit can be claimed, but it is advised to ensure the loan repayment is made within eight years of interest repayment. If you ensure the repayment is within this tenure, you are eligible to claim all the benefits under this section.


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