Considering a personal loan for higher education? This may actually be a good option since personal loans are easier to get in comparison to other regular loans such as car loans and home loans. Additionally, personal loans offer minimal documentation and faster processing and are easier to repay since they have shorter tenors. If you are considering a higher education loan, you should compare lenders on the basis of the following parameters:
- Interest Rates
- Terms & Conditions
- Pre-payment charges and other fees
- Added customer benefits
You should compare and contrast lenders offering education loans in order to get the best deal for yourself. Pursuing higher education at a premier institution abroad is definitely a dream for your child but you should not have to dip into your own savings in order to make that happen. Depleting your savings is not a smart move when you can easily apply for a study loan instead. You can apply for a personal loan for higher education at a competitive rate of interest.
Bajaj Finserv offers personal loans for education up to Rs.25 lakh at reasonable interest rates. You can apply online in a very simple process and there is minimal documentation all throughout along with instant online approval. The loan amount is also disbursed within 72 hours post verification, giving you fast access to funding as well. There is total online account access where you can easily track your payment schedule, interest certificate and other important details with ease.
In order to be eligible for a personal loan for higher education, you have to meet the following eligibility criteria:
- Age between 25 and 58 years
- Salaried professional working in a public/private/multinational company
- Indian resident and citizen
- Minimum net monthly salary specified as per the city of residence
The documents to be provided include the following:
- KYC documents (ID & Address Proof)
- Salary Slips for last 2 months
- Salary bank account statements for last 3 months
- Employee ID Card
The online application process involves a few simple steps:
- Fill up the online application form and submit it
- Receive instant approval and choose your desired loan amount and tenor
- Company representative will contact you for collecting documents
- Funds will be disbursed to your account post verification
You can also make use of the online personal loan eligibility calculator to determine the loan amount that you are eligible for while the personal loan EMI calculator lets you know the monthly installments that are to be repaid every month. This gives you an idea of how much you can afford to repay as well.