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- Overseas Education Loan
Instant online approval. Apply online and get approved in 3 working days
Loan amount from Rs 50,000 - Rs 30 Lakhs
Flexible repayment tenures between 1 to 5 years
Apply for Overseas Education Loan
Features of Overseas Education Loan
Attractive Interest Rate
At MAKS Finserv get interest rate on loan against property as low as 13.70%
No Security
No need to submit security for loans up to 4 lakhs
Quick to arrange
Our efficient loan processing services ensure you quick and easy loans
Simple loan process
Not all loan processes are complicated. Enjoy simple loan processing at MAKS Finserv.
No hidden charges
Read about the fees and charges on your business loan and stay informed.
Low Margin
Bring in a margin of just 5% of the total loan for overseas education
Calculate EMI with MAKS Finserv Overseas Education Loan EMI Calculator
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Personal loan eligibility criteria
Nationality
Indian
Age
Between 18 to 35 years of age
Institute
Institute should be reputed and recognized by the organization
Courses
- Graduation / post-graduation degrees offered by recognized universities
- Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
- PhD courses
- Diploma courses abroad are not covered
Co-applicant
- The parent(s) of the student has to compulsorily join in as co-applicant.
- In the case of a married person, the co-applicant can be spouse/parent(s)/parent(s)-in-law.
- In cases where both the parents are not alive, a close relative or guardian to be taken as co-applicant.
- The co-applicant should be Indian national
Documents required
- Liabilities and assets of all the borrowers.
- Proof of identity.
- Proof of address.
- Income Tax Returns that are less than 2 years old.
- Passport-size photographs (two).
- Foreign exchange permit.
- Letter that confirms the scholarship.
- Course expenses.
- Admission proof.
- Relevant mark sheets.
Current Overseas Education Loan interest rate, fees and charges
| Types of fees | Charges applicable |
|---|---|
| Interest rate | Low interest rates starting from 13.70% p.a. |
| Processing fees | This is a one-time non-refundable fee that is to be paid to the business loan provider after the loan application has been approved. The processing charge varies depending on the loan scheme you are applying for. |
| Penal interest | Loan providers also charge a penalty on delayed repayments i.e., if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another. |
| Prepayment charges | Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure. |
| Cheque dishonor charges | The fee is levied when the loan provider finds that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. |
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Overseas Education Loan
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
In order to avail an overseas education loan from MAKS Finserv, you can pply from the official online portal.
Complete the application form online and get your overseas education loan without any hassle.
Providing all the relevant details have been submitted, MAKS Finserv may take up to 15 working days to make a decision on the education loan application.
Will MAKS Finserv allow me to change the interest rate from a fixed rate to a floating rate?
Yes, MAKS Finserv gives you the option to change the interest rate from a fixed rate to a floating rate.
