Leap Finance provides highly safe and reliable education loans to Indian students headed abroad for higher education. They currently provide graduate student loans to Indian students who are enrolled at American and Canadian universities. Leap Finance’s modern financial products and services have the potential to help thousands of Indian students pursue a global career.
Leap Finance, an Indian financial services company was founded in 2019 with the intention of providing high-potential students with affordable student loans at reduced interest rates, a hassle-free service, and a simple process. It intends to close the financial gap by integrating global finance providers with aspiring students in growing economies. Leap Finance assists future leaders from India who wish to pursue their higher studies in the USA or Canada. Students can obtain a Leap Finance education loan for their study abroad journey and streamline their student loan process. Essentially, Leap Finance intends to provide modern financial products and services that would assist Indian students in pursuing global careers.
Features Of Leap Finance Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | Minimum Loan amount - $10,000 Maximum Loan amount - Up to 100% of total cost of education |
| 2 | Margin money | Nil |
| 3 | Interest rate | Several factors impact the Leap Finance education loan interest rate, and they include: the university of choice, the course, the destination country, GRE scores and the overall academic performance, the student's work experience, loan tenure, and more. Leap Finance is known to offer interest rates that are the lowest in the industry which makes it feasible for low-income group students to apply for the same. Furthermore, Leap Finance's interest rates are fixed unless other international lenders are involved in order to eliminate any uncertainty during repayment. The table below shows the interest rates that students can expect to pay with a Leap Finance loan - Interest Rates - 8.5% - 10.95% Sanction Time - 3 Days Collateral - No Collateral Processing Fees - 1.5 % - 2% Loan Sanction Size - Complete |
| 4 | Processing fee | 1.5% to 2.0% |
| 5 | Processing time | 3 Working Days |
| 6 | Loan tenure | 10 Years |
| 7 | Prepayment charges | Nil |
| 8 | Repayment holiday | Duration of course + 6-12 months |
| 9 | Countries covered | USA |
Benefits of Leap Finance Abroad Education Loan
No Collateral Required
Leap Finance offers loans with no collateral since it has an excellent credit engine. Since Leap Finance education loans are generated in the United States, it outperforms all current US lenders in India.
Full Cost Coverage
Students can cover up to 100% of their finances with Leap Finance student loans and also have the added flexibility to change their amount and tenure based on their requirements.
Quick Online Process
Students can upload their documents online with Leap Finance and complete their entire loan application process swiftly & get it sanctioned without having to visit the branch physically.
Flexible Repayment Options
With no prepayment penalties, students have the flexibility to repay their Leap student loans within a period of 7 to 10 years along with a 6 months grace period.
Benefits Of Getting Your Leap Finance Abroad Education Loan Through FeeTap
Higher Chance Of Approval
By applying for your education loan through FeeTap, you are increasing your chances of approval. Generally, banks/NBFCs dismiss applications if they find any missing documents, property issues, or any other problem. With FeeTap, we will immediately reach out to Leap Finance officials and find the best solution. .
Online Submission Of Documents
All our education loan services are completely free of cost.
No Cost To You
No minimum balance charge, No ATM withdrawal charge, No monthly/annual maintenance charged, Zero wire transfer fees. All these charges lead to around $329/annum of extra pressure on the student's pocket.
Quick Loan Sanctions
In the case of an emergency, you can utilise FeeTap to expedite the loan application process. In reality, your student loan should be finalised within two working days. If you need to meet a deadline to get your loan sanctioned, pay the cost, or acquire your VISA, contact FeeTap and we will make sure your loan is granted on time.
Up To 100% Finance
Whether you choose a Leap Finance Education Loan with or without collateral, you can continue to earn up to 100% financing. With so many various types of charges to cover throughout your trip abroad, Leap Finance will keep you safe.
Quick Online Process
FeeTap makes it easy for you to upload documents without having to visit the branch. This helps you save energy, time, and money, as well as avoid the physical labour of dealing with large amounts of paperwork.
No Defined Limit On The Loan Amount
With Leap Finance, you can expect up to 90% funding for your cost of education. Below is a list of expenses that will be covered under the Leap Finance Education Loan for abroad studies - 1. Tuition Fees 2. Accommodation/Hostel expenses 3. Any deposits to be paid at the Institute 4. Cost of uniform, books, & other miscellaneous expenses 5. Travel & Transportation costs
Covers The Entire Cost Of Study And Living
Leap Finance Education Loan offers education loans that cover living expenses, caution deposit/building fund/refundable deposit, and travel expenses for students going abroad.
Eligibility Criteria For Leap Finance Abroad Education Loan
Leap Finance believes that every student who wishes to study in the United States is eligible for a loan. Here are the eligibility criteria to secure a Leap Finance education loan -
- The applicant must be an Indian national.
- They must be over the age of 18.
- The candidate may be required to have an Indian co-signer to share loan payments.
- The candidate must have been admitted to a university or should be applying for a Master's degree or higher at one of the universities or courses funded by a Leap Scholar loan.
- Even though their application to the University is pending, the candidate should be entitled to apply. However, the loan amount will not be sanctioned until we receive the approval letter.
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility for Leap Finance Student Loan | Leap Finance believes that every student who wishes to study in the United States is eligible for a loan. Here are the eligibility criteria to secure a Leap Finance education loan - 1. The applicant must be an Indian national. 2. They must be over the age of 18. 3. The candidate may be required to have an Indian co-signer to share loan payments. 4. The candidate must have been admitted to a university or should be applying for a Master's degree or higher at one of the universities or courses funded by Leap Finance. 5. Even though their application to the University is pending, the candidate should be entitled to apply. However, the loan amount will not be sanctioned until we receive the approval letter. |
Documents Required for Leap Finance Abroad Education Loan
Following are the documents required for Leap Finance education loan -
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | Student’s Documents | 1. A fully filled application form 2. Admit Letter from the university 3. Cost break-up of the educational program 4. An Affidavit/Declaration Form 5. Visa Approval & Travel Documents |
| 2 | Academic Documents | 1. 12th Marks Sheets 2. Certificates from previous educational institutions 3. Entrance exam Marks sheets 4. Scholarship Documents |
| 3 | KYC Documents | 1. ID Proof - Passport, Aadhar Card, PAN Card 2. Voter’s ID, etc. 3. Address Proof 4. Age Proof |
| 4 | Co-Applicant’s Documents (If Salaried) | 1. Address Proof 2. ID Proof 3. 3 Months Salary Slips 4. Form 16/Income Tax Returns Documents 5. CIBIL Score 6. Any other Income Proof |
| 5 | Co-Applicant’s Documents (If Self-employed) | 1. Address Proof 2. ID Proof 3. Bank Statement of the last 6 months 4. Income Tax Returns 5. Proof of Office - Utility Bills, Lease Deed, Title Deed 6. CIBIL Score 7. Any other Income Proof |
Loan Repayment For Leap Finance
Leap Finance provides a direct transfer of money to the university or higher education institution that covers all expenditures. In order to develop a decent credit score in both India and abroad, partial monthly interest repayments are essential. After six months after course completion, full repayment in EMIs begins.
How To Apply For Leap Finance Abroad Education Loan?
Leap Finance attempts to simplify the loan application and approval process by remaining transparent and simple. Following are the steps to apply for a Leap Finance education loan -
- Once you've verified your eligibility, you may start your application. Students can apply online or request a call from one of our expert student loan consultants.
- Our skilled counsellors can help you get a Leap Scholar loan. Prior to submitting the form, our counsellors will thoroughly review your profile depending on your eligibility.
- FeeTap lets students submit documents online, eliminating the need to submit your documents at the bank and allowing you to do so from the comfort of your own home.
- Furthermore, FeeTap provides you with a customised set of documents depending on your profile and the loan you've applied for in order to expedite the process.
- Once the documentation and application are verified to be free of errors, the loan is accepted and ready for sanction.
- After obtaining the permission letter, the student and co-applicant must execute the loan agreement within the 6-month validity term of the sanctioning letter.
- After signing an agreement, the student is authorised to receive loan payments.
- FeeTap ensure that the lender will then deposit the funds into your bank account or into the university's account.
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