Have you ever taken an education loan for higher studies? Every parent wants to provide their children with the best education possible. The cost of a domestic and international college education makes it difficult for most people to meet this obligation today. You’ll discover that you have to part with a sizable sum when you include in the cost of living in a new place and other lifestyle expenses.
A school loan for overseas studies without security in India can help you out in this situation because it makes it simple for you to get money. A sensible decision is to take out a personal loan to pay for your child’s education since it allows you to do so quickly and without affecting your investments or savings. On the other hand, a typical education loan is a pointed, complicated process that requires you to put up the security and takes significantly longer to process.
This means that a personal loan for school is always the better option when compared to an education loan for abroad studies. Look over the prime reasons why a personal loan is the best way to pay for your child’s higher education costs to obtain a greater understanding.
Option for Collateral-Free Borrowing
The largest issue with the majority of conventional student loan debt is the verification of the collateral. This process could take a few weeks, depending on the lender, and there is no guarantee of receiving any money at the end. Since personal loans are unsecured kinds of borrowing, they stand out in this context. This indicates that no collateral is needed on your part. In determining if you’re a good prospect, lenders your income and credit history.
The lender and your credit history determine how much you can borrow through a personal loan. You can get a serious sanction that can comfortably meet your wants if your score is healthy. You can get up to Rs. 25 lacks through the Personal Loan for Higher Education, for instance. Given that this sum is significantly larger than the typical cost of foreign education, you also have access to an emergency fund.
Relaxed Qualification Standards
The lenient eligibility requirements of personal loans for schooling are an additional advantage. Personal loans have few simple requirements regarding eligibility because they are unsecured in nature. To receive a rapid sanction, you must, however, make sure you comply with the eligibility requirements. Below are the requirements you must meet, for instance, in order to obtain a personal loan.
- You must be a resident of India and a citizen of that nation.
- You must be between the ages of 23 and 57, receive a wage, and work for a respected company.
- You must earn at least the minimum amount needed by the city wherein you live.
Rapid loan approval and payment
If you meet all the requirements, the unsecured nature of a personal loan enables lenders to provide you with fast approval on your application. Lenders approve applications in just five minutes and disburse the complete sanctioned loan amount in just twenty-four hours. This is hugely beneficial if you need to make payments for school-related expenses on a particular date.
Take Use of Flexi Facilities to Simplify Repayment
You can partially cancel your sanction thanks to the exclusive Flexi loan offer. Here, you only pay interest on the money you actually spend, and you are free to refund and redraw as often as you like. You can easily manage unforeseen or recurrent education expenses in this way. Also, you have the option to make interest-only repayments and refund your principal at the end of the duration, which can cut your EMIs by up to 45%. Also, it enables improved cash flow management, which makes it easier for you to take care of other demands.
A personal loan can be used for the same thing and is also easier to get if you want to pursue higher education. Check your pre-approved offer online, and use customized personal loan deals, to hurry the application process even further.