As rightly observed by Benjamin Franklin, “An investment in knowledge pays the best interest.” Therefore, you should grab any possibility of pursuing your higher education abroad to enrich your quality of life. Internationally acclaimed degrees from universities in Australia, Canada, the UK, the USA, or any other country will immensely boost your child’s career. The ideal way to support your child’s future education requirements is by obtaining the best personal loan in India for education.
Education loans serve as financial aid that students can use to help cover their academic costs. However, most education loans provided by financial institutions only cover tuition fees. It leaves out other expenses such as flight tickets, accommodation, food, and the students’ basic needs. If your university/institute is not listed on your financial lender’s approved list, you might even be denied the education loan. Moreover, an education loan entails a lengthy documentation process and takes several weeks, if not months, to get approved. Education abroad is expensive, with costs ranging from INR 8 lakhs to INR 30 lakhs and above.
The best option is to apply for an education personal loan in this scenario. These easy-to-avail loans will help cover all the expenses while you or your child is studying abroad. Here’s how!
Features of a Personal Loan for Education
A personal loan is an unsecured, collateral-free loan that you can apply online with minimal documentation. Applying for a personal loan to fulfill your education abroad requirements is quick and easy. A personal loan for education comes with a wide range of features and benefits, often more than a traditional education loan. Let us look at a few:
- Multiple trips to the bank, hard copies of documents, and endless forms to fill are all a thing of the past. With a personal loan for education, you can apply online, submit a few basic documents online, and get quick approvals.
- The modern-day education personal loan enables the fee transfer from your credit limit directly to your institution.
- You can avail of up to ₹25,00,000 depending on your eligibility. This can adequately cover your tuition fees, flight tickets, accommodation, food, and other basic needs.
- When you avail of the best personal loan in India for education, you are rewarded with:
o An unsecured, collateral-free loan that is convenient to borrow.
o Opportunity to apply online on the lender’s website or mobile app, saving time and energy.
o The documentation process is minimal, and no hard copies are required.
o Based on your credit score and repayment capacity, loans are approved quickly.
o Once your loan request is approved, funds are transferred to your account within 24 hours.
o Lenders provide competitive interest rates for customers based on their income and credit score.
o Convenient repayment and EMI options are available for borrowers.
o Lenders also offer online EMI calculators that enable you to calculate your monthly dues correctly.
o Flexible repayment option from 3 months to 60 months with no prepayment charges.
o The online process is efficient and transparent with no hidden costs.
Eligibility criteria for education personal loan
Let us look into the eligibility criteria to avail of the best personal loan in India for education.
- As an applicant, you must be between 21 and 60. But if you are below 21, you can have your parents apply for a personal loan.
- The applicant must be an Indian citizen.
- The applicant should have a high CIBIL score of 750+ to avail of competitive interest rates. A lower credit score attracts higher interest rates.
- The applicant must be financially stable with a regular source of income. If you are a student, your parents can avail the loan on your behalf.
- You must have valid identification proof.
- An active Indian bank account registered in your name will be required.
Documents required for education personal loan
- Personal loan application form (filled up in detail and signed)
- KYC Documents such as Aadhar Card, PAN Card, etc.
- Valid identity proof (Passport, driving license, Aadhar Card, etc.)
- Valid address proof (Passport, driving license, electricity or telephone bill, etc.)
- IT Return details and Form 16
- Salaried employees will be required to submit salary slips for the last three months.
- Latest bank statements for the last three to six months
- Passport size photograph
With improvements in financial policies, personal loan applications make quick and affordable cash loans in India a reality. It’s never been easier to secure a personal loan, and the instant personal loan app installation makes it even simpler. Do not put off your dreams to pursue higher education abroad any longer. Availing the best personal loan in India for pursuing education abroad is just one click away.
