Table of Contents
- What is A Study Abroad Loan Marketplace?
- Why A Study Abroad Loan Marketplace is Better Over Individual Lenders?
- Top Study Abroad Loan Marketplaces: A Handpicked List
- How to Get Low Interest Rates for Your Abroad Education Loan?
- Study Abroad Loan Interest Rates at Marketplaces and Banks
- How to Choose Your Education Loan from A Marketplace?
- Frequently Asked Questions
Visited a bank multiple times for an education loan, gathered all documents, but still not getting approval is painful. Your time and energy invested, hopes nurtured, and confidence are affected by a loan rejection. The sad fact is, you only know if a loan is approved or not after the bank verifies your documents.
Why take a risk of rejection?
Instead, choose a study abroad loan marketplace. There, you can compare your loan options and get expert guidance customized to your plans.
What is A Study Abroad Loan Marketplace?
It has been less than 10 years since the term “study abroad marketplace” gained currency. A study abroad loan marketplace is an online platform to easily compare education loan options from banks, NBFCs, and international lenders.
They make it convenient to compare the interest rates, processing fees, repayment, and every term and condition from the comfort of your home, and connect you with seasoned loan counsellors for help anytime.
A study abroad loan marketplace is greatly useful to students who want to get low interest rates and friendly repayment plans. Relying on a study abroad loan marketplace for help saves them from unlimited bank visits, stress, and scammers’ exploitation.
Study abroad loan marketplaces act as advisors, assisting you in selecting and applying for the best affordable and friendly loan options. Key factors for loan selection are your profile, course, and destination.
| Loan ‘Market’? Imagine a market. You have different shop options and item varieties for anything you need, right? Similarly, in an education loan marketplace, you have different loan options to choose from lenders. Big difference? The study abroad loan marketplace is an online space with counsellors, loan managers, lenders, and executives. |
Why is A Study Abroad Loan Marketplace Better Over Individual Lenders?
Despite having many education loan lenders with online and offline presence everywhere, an education loan marketplace abroad has significant value. Today, students have different loan needs for studying abroad. Choosing the right loan option is practically easy when you select a study abroad loan marketplace over a one-on-one visit to lenders.
- Multiple loan options are compared quickly- secured, unsecured, and no cosigner study abroad loan options.
- Domestic and international lenders are compared on one platform.
- Eligibility check before making an application, reducing rejection chances
- From selecting the lender to loan disbursement is guided by experts for free.
- From selecting the lender to loan disbursement, experts guide you for free.
- Some platforms offer faster disbursal and special discounted interest rates.
Top Study Abroad Loan Marketplaces: A Handpicked List
According to our survey of the top study abroad loan marketplaces, we found some top picks for you for low-interest loan options. The following marketplaces guide you to get an education loan abroad from different lenders at affordable interest rate for abroad education loans and with friendly loan terms.
Nomad Credit
Nomad Credit is India’s top study abroad loan marketplace for aspirants. 8+ years of experience, added to partnerships with top Indian banks, NBFCs, US banks, and global lenders help Nomad Credit easily connect you with the best loan options tailored to your needs, all at zero cost.
- Lowest interest rates from Indian and international lenders
- Loan options with and without collateral
- Quick comparison of multiple lenders in one place
- Loan counsellors are dedicated to guiding you step-by-step
- Exclusive loan offers, covering the top destinations like the USA, UK, Canada, and Australia
- Easy and fast approvals within 72 hours
GyanDhan
GyanDhan solves the loan concerns of Indians aspiring to study in the USA, the UK, Germany, Australia, and New Zealand. Indian banks, NBFCs, and international lenders are GyanDhan’s top lending partners.
WeMakeScholars
WeMakeScholars offers loan guidance for countries like the USA, the UK, Australia, and Canada. WeMakeScholar guides you with education loans with or without collateral from banks and private lenders.
Edufund
Edufund offers personalized education loan guidance for students studying in the USA, the UK, Australia, France, and Germany. Its 15+ lending partners offer loan options with or without collateral to sponsor your study abroad dream.
Leap Finance
Leap Finance guides you to study in 231+ universities across the globe. Education loan options from Leap Finance cover your cost of study and living without collateral guarantee. The interest rates are low to moderate for most students.
How to Get Low Interest Rates for Your Abroad Education Loan?
With smart planning, you can increase your chances of securing a low interest rate for your study abroad loan. Here are some tips to remember.
- Early application is suggested, as the rate of interest rises in peak season
- Your academic profile must be strong to increase credibility
- Cosigner must be strong for financial guarantee
- Collateral loans reduce interest rates
- Take help from a marketplace to find special offers or discounts
- Choose floating rates if interest is expected to decrease
- Check if your course or university qualifies for special lender programs or university qualifies for special lender programs
Study Abroad Loan Interest Rates at Marketplaces and Banks
There are differences between approaching a bank for your study abroad loan versus choosing a loan marketplace. Bank visits are one-to-one, while loan marketplaces compare your options simultaneously.
| Feature | Bank | Loan Marketplace |
| Interest Rate | Fixed by the bank | Negotiated with the lender |
| Interest Repayment Plan | Fixed by the bank | Chosen by the student |
| Expert Loan Guidance | Limited | Comprehensive guidance available |
| Interest Rate Comparison | Not possible | Multiple lenders compared |
| Loan Processing Time | 15 – 30 days | 3 – 15 days |
How to Choose Your Education Loan from A Marketplace?
After approaching a study abroad loan marketplace, you will most likely get loan options suggested by your counsellor. The loan options for your profile must be compared well to make a decision.
- Do a fixed and floating interest rates comparison.
- Enquire the eligible loan amount for the university and countr.y
- Check foreclosure charges and processing fees.
- Read moratorium period and grace period terms.
- Calculate your EMI before application using an online tool
- Check for hidden fees
Study abroad loan marketplaces differ from traditional banks. At a study abroad loan marketplace, students can compare various education loan options simultaneously and choose one after considering the interest rates, collateral requirement, maximum loan amount, and other factors. It is up to the student to choose the best marketplace to fund their global dreams at an affordable cost.
Are you looking for the best study abroad marketplace in India right now? Nomad Credit is your study abroad partner with top loan options at low interest rates.
Frequently Asked Questions
Are study abroad loan marketplaces reliable?
Yes, study abroad loan marketplaces are reliable. However, check the company you’re applying for to ensure reliability.
Can you take help from a study abroad loan marketplace for free?
Many study abroad loan marketplaces offer free guidance. Choose Nomad Credit for a complete zero-cost service and guidance from seasoned loan experts.
Can you apply for a study abroad loan without collateral?
Yes, there are education loan options for studying abroad without collateral. Indian and international lenders offer these, and those provided by international lenders won’t even require a cosigner.
Are you eligible for a loan to study overseas without a cosigner?
There are study abroad loan options you can apply for without a cosigner, mainly offered by international lenders like MPOWER Financing and Prodigy Finance. The primary eligibility criterion is getting admission to a course and a university funded by these lenders.
Do taking a loan via study abroad marketplaces affect your credit score?
No, taking an education loan through a study abroad loan marketplace won’t affect your credit scores. However, make sure the repayment is timely, as EMI dues may decrease your credit score.
Are education loans available in USD from study abroad loan marketplaces?
Yes, there are lenders who offer education loans in USD. At Nomad Credit, we have US lenders and cross-country lenders who offer education loans in USD.
