Education, in this modern era, can be a pretty expensive affair. As prestigious institutions attract students with various professional and certification courses, and the demand for international and domestic degrees rises, aspirants may find it challenging to accumulate the necessary finances for their education.
In this regard, instead of consuming your savings and investments, you can depend on a Personal Loan for education, also called Education Loans, to achieve your dreams of acquiring higher education. Not only is it affordable, flexible, and more convenient to pay for education, but a Personal Loan is also beneficial to keep your long-term savings intact for other emergencies.
Why Should You Apply for Education Loans?
Here are some core reasons that establish why depending on personal loans for education is a good idea:
1. Simple, Easy, and Convenient Process
Applying for an education loan is simply a matter of minutes, following a user-friendly process. It just takes a few clicks and you can get your loan amount disbursed after you fill out the online loan application.
2. Low-Interest Rate, High Loan Amount, and Flexible Tenures
Education loans can be availed at interest rates as low as 15%, loan tenures that vary between 12-60 months, and loan amount that ranges between Rs 50,000 to Rs 5 lakhs.
3. Unsecured Loans with Quick Verification and Instant Disbursal
You don’t need collateral for education loans. These unsecured loans can be credited to your bank account, within a few hours, provided you meet the eligibility criteria and submit the necessary documents. Disbursals are subject to verification of details that you fill in the application.
How to Apply for Education Loans?
The first thing is to check the eligibility and accumulate essential documents required for your instant loan application.
1. Check the Eligibility Criteria for an Education Loan
Before applying for a loan, make sure you check the eligibility criteria. This may differ from one lender to the other.
However, here are some common factors that you must check before proceeding with the loan application.
- You should be an Indian citizen aged 21-58 years.
- You can be salaried or self-employed (the minimum age required is 21) with a minimum salary of Rs. 15000
- You must be employed for at least six months if salaried and have at least two years of experience in your current business if self-employed.
2. Gather the Required Documents
Make sure you gather the necessary documents required before applying for the loan. Some of the common documents that you will need include the following:
- Passport-size photograph
- Proof of address
- Proof of income
- Proof of identity
4. Compare Different Loans
Research and compare different loan providers and apply online from the website or mobile app of the selected financial institution. Once you choose a lender, visit their site, enter your details, and submit the documents online.
5. Wait For Approval
If the verification goes through, the approval comes instantly, and the amount will be disbursed to your account quickly.
Conclusion
Thanks to digitisation, you don’t have to stand in long queues or wait for weeks to get a Personal Loan for education. All you need to do is fulfil the lender’s eligibility criteria, have a good credit score and maintain a low debt-to-income ratio to get instant approval at the best interest rates and flexible repayment tenure. So apply for an Education Loan online, get instant funds and upgrade your qualification.
