Education Loan without Collateral

All education loan for studying MS abroad can be classified into two main types:

●  Unsecured Education Loans – Loans without collateral

●  Secured Education Loans – Loans with collateral

Leap Finance is one of India’s premium international education loan providers that sanctions instant student loans without asking for collateral. You can avail of the loan in just 3 days after you submit your online loan application on our platform!

Fill in your loan application form here.

What is collateral in education loans?

Collaterals are a guarantee in the form of an asset that you pledge to the lender against your education loan. Physical assets like personal real estate, home equity, personal vehicles can be pledged as collaterals.

Pay-checks, cash or savings accounts, investment accounts, paper investments, fine art, jewelry, or collectibles can be used to secure an education loan. In case, you and your cosigner are unable to pay back your education loan, these assets are acquired by the lender to make up for the loss incurred by them.

Leap Finance does not ask you for collateral to sanction your loan amount for your education abroad. We have a strong credit engine and we invest in your potential instead of your current familial assets. We allow both you and your cosigner the flexibility to pay the monthly installments during the repayment period in case you are unable to pay the amount sometimes. Your cosigner can take the pressure off you for some time and avoid letting your loan become delinquent.

What is the no collateral lending model?

The no collateral lending model is based on relying on the borrower’s and the cosigner’s future income and creditworthiness, respectively.

They are sanctioned only to applicants and cosigners that have a good credit history and have the academic and professional experience to excel after the up-skilling at the master’s course they have applied to, in the new professional environment, financially. Usually, the interest rates on these loans are higher because the lender does not ask for any security. However, lenders with solid credit engines and a strong financial structure are able to offer lower interest rates to the borrowers.

How is Leap Finance able to lend without asking for collateral?

Leap Finance believes that money should not be the reason for you to not be able to dream big and work towards achieving the life you've always wanted and a career that truly fulfills you. We provide loans without collateral as we have a rock-solid credit engine and we understand that in India, potential can be found anywhere, even in families that do not have the luxury of owning guaranteed assets.

Leap Finance scores high above all existing US lenders in India as our loans originate in the US. Since we are also based in India and lend to Indian students, we understand the culture and the financial risks involved. We lend to high potential student applicants and back their future potential.

We do not need a FICO Score which is the US credit score as our backing is in understanding a student's post MS income. We sanction the entire loan unlike a lot of our competitors across the Indian and international education loan space. The loan is sanctioned on interest rates that are personally designed keeping your potential in mind. We offer interest rates ranging from 8.49% - 9.99%.

We directly credit your loan to the University’s account taking off the added financial responsibility of transferring the loan to the university.

The cherry on the cake? 

We charge a nominal processing fee, which is just 3% of your loan amount! This is one of the lowest in India currently. Most international lenders charge anywhere between 4.5%-6% and Indian banks and NBFC’s charge between 3-4.5%.

How am I eligible for a no collateral education loan on LeapFinance? 

You just have to be above 18 years old, applying to or accepted into a University in this list and have a strong cosigner to share the burden of your education loan to be eligible for a loan sanctioned by LeapFinance. Yes!1 It’s that simple!

We don't care about your credit score, (only your co-signers) or your work experience or your economic background. 

What you need to show us 

Student List

1. Pan Card
2. Aadhar Card
3. Passport (First and Last page)
4. 10th, 12th, BE, or Higher degree transcripts incomplete.
5. Credit report
6. Latest 3 months payslips and 6 months banking-if applicable (In case of lockdown at least one payslip and 1-month banking within the last 3 months to be submitted)
7. GRE/ IELTS/TOEFL scorecards
8. Admission letter
9. Passport size photo

CO-BORROWER LIST- SALARIED

1. Pan
2. Aadhar 2 pages
3. Residence proof
4. Latest 3 months payslips & 6 months’ salary credits banking (In case of lockdown at least one payslip and 1-month banking within the last 3 months to be submitted)
5. Form 16 for last 2 years
6. Credit report
7. Additional income if any proof of the same

CO-BORROWER SELF EMPLOYED

1. Pan Card
2. Aadhar 2 pages
3. Residence proof
4. Individual ITR for last 2 years with Computation of Income, Trading and P/ L account, Balance sheet
5. Latest 6 months individual banking (In case of lockdown at least 3 months latest banking to be submitted)
6. Cibil report
7. Additional income if any proof of the same

Follow 3 simple steps and get an instant education loan for MS in the USA.

Step 1: Fill out a loan application form online on Leap Finance

Step 2: Get an instant loan offer and repayment interest and accept it

Step 3: Talk to our team and sign your contract after submitting all your documents

Quick Links:

Education Loan Eligibility Criteria - The Definitive Guide

Education Loan Procedure - A Complete Guide for 2021

Education/Student EMI Loan Calculator

Education Loan for studying in USA without Collateral