Saturday 08 May 2021

Benefits Of Taking Personal Loan For Higher Education


Higher education in today’s time has become a necessity rather than a choice. For aspiring students intending to achieve their goal, higher education has become a must. However, each year, the cost of higher education is increasing astronomically. Few of us can afford to pay for higher studies. Although the government has provided many financial aids to people and also has taken initiatives for the betterment of Indian citizens, still there are many families who don’t have sufficient amount to fulfil the fee requirement. In a time where the fees and other expenses related to higher education are skyrocketing, there are options available for aspiring students which come in the form of educational loans.

Benefits Of Taking Personal Loan For Higher Education

However, educational loans are quite rigid in their functioning. It does not cover everything but just important parts of education such as tuition fee. Rest of the cost has to be borne by the aspirant and his/her family. Even if there is a financial institution, who are providing extensive support in the form of accommodation services and so on, there are loopholes involved. Under such a circumstance, a personal loan is a much better option as compared to an educational loan. Mainly because of the flexibility that it offers.

A personal loan for higher education is a loan specifically designed to meet the needs of aspiring students. Be it his/her aspiration to complete his masters in Civil Engineering in LA or to finish his MBA at Sharjah; a personal loan helps in making this dream a reality. When borrowing a Personal Loan for Higher Education, ensure that you approach the Non-Banking Financial Companies (NBFCs) before other lenders as they offer better services. These services come in the form of:

High Loan Amount: With Personal Loan for Higher Education, an NBFC provides you with a substantial amount of INR 25 lakhs to fulfil your educational needs. Some lenders would offer you up to INR 10-15 lakhs and ask the rest to be arranged by yourself. However, NBFCs such as Bajaj Finserv make sure that such difficult situation does not arise when it comes to gathering the entire amount.

Instant Approval: Many aspirants even after a loan application fail to get registered on time because of the slow procedure. However, if you opt for a study loan from an NBFC, you can get instant approval.

Quick Disbursal: Instant approval follows quick disbursal. Within 72 hours after your document verification, the funds will be dispatched to your account.

The Rate of Interest: The rate of interest offered by Non-Banking Financial Companies (NBFCs) are much more favourable as compared to other lenders. It helps in repayment.

Flexibility: While educational loan majorly emphasises on tuition fee, a personal loan for education focuses on every need. For the same reason, there is flexibility on hand when it comes to utilisation of funds as per the educational need.

Easy Documentation: A personal loan for higher education includes easy documentation process. Especially, if the applicant is a salaried professional and fulfils all the pre-requisites set by an NBFC, the personal loan will be accepted in hassle free manner.

How Do I Apply for a Loan for Higher Education from an NBFC?

Simply visit the website, and you will get all the details in there. With leading NBFCs providing user-friendly internet sites enquiring for Personal Loan for Higher Education has become much easier. You do not have to visit the institution in person. Log on to the website of your desired lender, fill in the details and get your application approved within 5 minutes.

However, before you fill in the form and apply for a personal loan, it is essential that you meet the eligibility criteria as set by the lender. The information is displayed on the website and differs from city to city, so make sure to fulfil the requirements before clicking the submit button.


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