To climb the success ladder faster, working professionals look to upgrade their qualifications by pursuing an MBA or taking up a professional certification in their area of expertise or enrolling on a diploma course to gain subject matter expertise. While a few prefer self-funding, many go for a personal loan for education.
If you are looking for an instant personal loan for education, you can apply online on the website of leading NBFCs. It is a quick and simple online loan process that eliminates the need to visit the lending institution’s office.
What Is a Personal Loan For Education?
A personal loan can be a good option for funding higher education. This loan is available to those with credit scores of 630 or above and a minimum monthly income of Rs 20,000.
The borrower can use it for various purposes, such as purchasing a computer or paying for tuition fees while pursuing the course.
Before applying for a personal loan for education, it is imperative to calculate how much money is needed for your educational expenses. Also, make sure to check the eligibility criteria beforehand.
A personal loan is not tax-deductible, but the interest rates are usually lower. Besides, repayment of the loan is generally shorter than a traditional student loan.
Why a Personal Loan For Education is a Smart Choice?
A personal loan for education is a good choice for those who need money to finance their educational expenses.
Our online personal loan is easy to apply for. It requires minimal documentation, and once they are verified, you can receive the approval instantly.
It is a good choice for covering educational expenses and offers a flexible repayment schedule.
The cost of education is particularly high for working executives, who face the added burden of living and travel costs after signing up for an international course. These financial constraints can make it difficult for many to pay for their education, which is where a personal loan comes in.
While education loans can cover higher education expenses, aspirants may need additional funding for other purposes. A personal loan is an ideal option for these reasons and because it often offers lower interest rates than credit cards.
How Do I Apply For a Personal Loan For Education?
To get started, complete the online application form along with your personal information, monthly salary, and the amount of loan required. After submitting the form, the lending institution will verify the application online.
Knowing the credit score is a must. You can check your credit score using the credit score checker available for free on the websites of lending institutions. If the credit score is 630 or above, the loan will likely be approved and disbursed quickly.
You can also use the online personal loan EMI calculator to determine the amount of EMIs you will pay per your loan amount.
The whole process is digital, so the approval and disbursement of funds can happen instantly. You can choose from multiple repayment tenures as long as the eligibility requirements are met.
Benefits of Getting a personal loan for Education
Lending institutions offer online personal loans that are easy to apply for, require minimum documentation, and have flexible repayment options.
Read on to know more regarding the benefits of this loan and how it can help you finance your education.
Flexibility and Customisation
Personal loan for education comes with flexible repayment options that can be customised as per the applicant’s needs. Make sure to research and have a plan ready for the best experience.
Simple Eligibility Criterion
To qualify for a personal loan for education, you need to meet the following conditions:
- Age between 21 and 58 years.
- Minimum monthly income of Rs. 20,000.
- Work experience of at least one year with six months in the current organisation.
- Credit score of 630 and above
A Quick Loan Approval Process
The loan approval process from start to finish is quick. Once approved, you’ll have the funds in your account almost instantly.
You can get personal loans with varying tenures. From 12 to 48 months, choose the duration that suits your needs and repayment capacity.
To Wrap Up
Getting an instant personal loan for education with competitive interest rates is as easy as online shopping. Ensure your eligibility before applying for a personal loan online and get instant approval without hassles.
About the Author
Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.