How to Get an Education Loan for Higher Studies?


Considering the popularity and easy availability of education loan for higher studies, it comes as a smart option to fund higher education. FY 2018 saw loan disbursals for higher studies increase by up to 9.25% and the portfolio size stood at Rs. 82,000 Crore. It depicts the popularity of education loans to pursue higher study abroad.
However, as the name goes, education loans come with restrictions that limit their use strictly for education purpose. So, if you or anyone around you plan to send their child overseas or to another city for higher education, a personal loan for education can cover all the related expenses as well.
Like, you can cover the cost of travel tickets, afford better accommodation, meet living expenses or spend on any other contingent expense. When it comes to education loan vs personal loan, the latter comes with no restriction to end-use. Hence, it gives a scope to meet any funding needs a student may have.
Lenders like Bajaj Finserv bring personal loan for higher education that can be easily availed through a simple procedure. Read on to know how you can get a personal loan for abroad without any hassles.

Your Guide to Avail a Personal Loan For Studies

A.    Know Your Requirements

The first step to avail a personal loan for higher education starts with charting out the expenses you would need to meet during the course duration. So, have a clear idea of the loan amount you would need after adding up all the costs, which may include the following.
       University/college fees and other expenses
       Accommodation costs
       Cost of travel ticket
        Fooding and transportation expenses to and from the place of accommodation
       Any other contingent expenses

B.     Check Eligibility For the Loan

Once you have outlined the loan amount you would need, you must also know whether you are eligible to avail the loan or not. If yes, know how much you can avail through a personal loan eligibility calculator.
Some of the well-known financial institutions in the market can lend a high loan value of up to Rs. 30 Lakh if you meet their required eligibilities. Now, check the basic eligibility criteria you need to meet to avail this education loan for higher studies.
       You must be an Indian resident
       You should be between 25 and 55 years of age
       You need to be a salaried employee working in an MNC, a public or a private company.
       Meet the minimum monthly salary requirement based on the city you live in.
Before you apply for this loan, it is essential that you know the eligibilities laid down by them to increase your chances of approval. You must also keep a good credit score of above 700 to avail this easily.

C.     Calculate Your EMIs Accurately

EMI calculation forms an essential part of your financial planning as availing the loan is not an end. You also need to repay it on time. The lower the EMI, the more affordable it is for a person to meet the monthly outflows in the form of EMIs.
Repayment tenors as high as 60 months can minimise the EMI you have to pay every month. However, note that a longer tenor will increase the total interest of the loan.
Use a personal loan EMI calculator to calculate the EMIs you will have to pay for your personal loan for higher education as per the tenor.

D.    Choose Your Lender Wisely

Choice of lender is another crucial decision you need to make, which will help you avail the most suitable loan. Go for a lender who offers education loan for higher studies at competitive rates of interest and minimal charges like processing fees and foreclosure charges. You may also make this choice based on the time they take to process the application and disburse the loan.
Lenders such as Bajaj Finserv 24 hour of approval of your loan amount along with other beneficial terms including attractive interest rates and multiple repayment tenor options.
They also provide pre-approved offers that make the process of availing finance quick and easy. These offers are available on unsecured loans like personal loans, business loans, etc., and secured loans like home loans. All you need to do is fill in a few simple details like your name and contact number to check your pre-approved offer.
Now, you can apply for the loan and submit all necessary documents to avail the loan amount disbursed to your account. Fulfil all the funding needs of your child during his/her education with this loan.
How to Get an Education Loan for Higher Studies? How to Get an Education Loan for Higher Studies? Reviewed by Durgesh Thakur on August 09, 2019 Rating: 5

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