How I Got ₹60 Lakh Loan for My Master’s in USA 🇺🇸 | Part 2

So in part one, I told you how I estimated my master's course, what, like why I initially planned for 60 lakh education loan and how I started the loan process, right? So, but there was one problem initially based on my profile, I was told that around 40 lakh without collateral could potentially be approved, but I actually needed 60 lakh loan. So how did I eventually get 60 lakh without putting my parents' house as collateral? That's what I am going to tell you in this video. Now, one thing I want to clarify before I explain the process, when I say that I was told that 40 lakh would be approved, that was basically an initial estimation based on my profile. It wasn't the final approval because once you actually submit your documents, bank has to verify everything, your profile, your income, your financial history, your co-applicant profile, your documents, everything, obviously that whole process takes time. So based on my profile at that time, they told me you can potentially get around 40 lakh loan without collateral. And I remember asking them, but I need 60 lakh, what do I do? And they basically gave me two options. One was obviously adding collateral. And now technically I could have done that. My parents had a house and they were completely okay with putting me house as a collateral if that was required. But honestly, I didn't want to do that. My preference from the beginning was I can get the loan without collateral. I want to do it that way. I went back to them and asked like, okay, is there any other way? That's when they told me that I could add a co-applicant to strengthen the overall application. In my case, we decided to add my dad. So my dad was working as an account manager. So he had a strong professional profile, a stable income and a good financial history. And obviously the bank doesn't just look at your salary. They look at the overall financial profile. They were looking at things like income, salary, credits, existing loans, repayment history, credit history, financial obligations, all of those things. And luckily my dad had a good repayment history and any previous loan, including the home loan, had been paid on time. So we added him as my co-applicant and then the actual documentation process started. And this is where I want to tell you, it's not a one day process. At least in my case, it took a lot of back and forth. I remember we were in Delhi at that time and someone from HDFC Credela actually come to our house to collect the documents and to like properly verify and collect. So for my application, I had to submit things like my passport, adhar, PAN, address proof, 10th and 12th mark sheets and certificates, my bachelor's degree and semester wise mark sheet, GRE and TOEFL scorecards, university acceptance letter, I-20 and the university fee structure or cost of attendance. And because I was already working in India, they also needed my employment or experience letter, recent salary slips, bank statement showing my salary, credits and sales, ITRs and form 16. Then for my dad, since he was my co-applicant, we had to provide his adhar, PAN, address proof, employment or experience letter, salary slips, bank statements and showing salary credits, ITRs, form 16 and details of his existing and previous loans, including repayment or closure documents. And then there were the property related documents. Now this is important. I was not giving the house as collateral, but they still wanted information about the property. So they asked the things like the property ownership papers, sale deed or registry, property valuation details, property tax receipts and home loan documents or closure, NOC documents if applicable. Basically they wanted to understand the complete financial picture. We had two houses. One was already paid and one was ongoing. Then came the part that took the most patience. We would submit all these documents and think, okay, done. And then a few days later, okay, we need this document also. We need that. We get emails from the banks. Can you send this copy or that? Then this one needs to be notarized. So we would arrange it and then send it back and then wait again. And this kept happening. So there was quite a bit of back and forth between us and the bank. And I think overall, in my case, it took around three to four months for the entire process to get completed. And finally, after all the verification, they looked at everything together. My profile, my dad's profile, our income savings, credit and repayment history, the property information. And of course my university acceptance. And eventually my 60 lakh loan education loan was approved without collateral. So honestly, that was a huge relief for me because initially I was thinking, okay, they are telling me 40 lakh. I need 60 lakh. How am I going to arrange the rest? Eventually I did not have to put my parents' house as collateral. If you're planning to take an education loan for your master's, my biggest advice would be that start early, start parallelly, especially once you start getting your university acceptance, keep your passport, academic documents, test scores, acceptance letter, financial documents, salary slip, bank statements, ITRs and your co-application documents ready because the approval itself can take time, but the documentation and verification can take even more time because can be multiple rounds of additional documents. This was my experience. The process and eligibility can be different depending on the bank and year, the university and your individual profile. One thing I also want to clarify because I know some of you have watched my how I funded my master's series. Eventually did not actually need the entire 60 lakh for my education. I mentioned I, in the series, my first semester cost roughly around $20,000, which was around 16 to 17 lakh at that time. And I already had around 8 to 9 lakh saved. I only needed the remaining amount for that immediate requirement. I ended up using an existing home loan route at around 7% of interest for that portion. The 60 lakh approval was basically the financial backup I had arranged for my master's, but my actual education ended up being much lower. I have already broken down in my previous series. Now the next part of the story is actually something I get asked about all the time. How did I actually get my, you know, internship and then my job in the US? Did my experience from India help me? Did my master's subjects help or did my internship or projects matter? So what exactly helped me get that first opportunity? I wanted to explain that properly because I know this is something a lot of you are curious about. So give me a little time. I need to put all of these details together properly. Meanwhile, I've also shot a day in my life as a software engineer in US. I'll be posting that video soon. So if you want to see what my actual work life in the US looks like, that video is coming soon and I will see you in my next video. Bye-bye.