If you or someone you know considers higher studies at a university abroad, a personal loan can be more beneficial than an education loan. To begin with, a personal loan covers more than just tuition fees. You can use it to manage flight tickets, living expenses, accommodation, contingencies, and other expenses.
Moreover, you don’t need to take up any lengthy documentation process. You can apply online and get the loan amount credited to your account within 24 hours of approval.
Personal loans explained
Financial institutions and NBFCs provide personal loans to students, and other salaried professionals to help them meet their financial needs. This means you can borrow to pay for an unforeseen expense, like a medical emergency or a planned one – say a vacation, home improvement or higher education abroad.
Additional Read: Why use a personal loan for studying abroad
You don’t need to provide any collateral to avail of an unsecured personal loan, and you can repay it with EMI spread over a flexible tenure.
Why take a personal loan for higher studies?
While banks and financial lending institutions offer higher education loans, here are some compelling reasons why you should consider a personal loan to finance higher education.
Sometimes, education loans become available only if you gain admission to a set list of institutes. If your university is not on the bank’s preset list of institutes, you may not get an abroad education loan. This is often the case if it is a new foreign institute, then banks and financial institutes in India may not recognize its validity yet.
Besides, the loan amount provided might not cover all expenses. Here is where an instant personal loan can help you. This loan for higher studies can cover the entire study course. Or, you might take it to meet additional costs not covered by an overseas study loan.
Additional Read: How to choose the right personal loan lender
How to apply for a personal loan for overseas studies?
Applying for a personal loan is easier than applying for an education loan. The financial institution will not ask for proof of admission, mark sheets, and so on. The documentation is minimal, and the disbursal of the loan amount is quick. The entire process is hassle-free. Bajaj Finserv also offers customers pre-approved personal loans, which simplifies the process even more. All you need to do is enter your basic details and check your pre-approved offer.
What are personal loan interest rates and tenors?
The tenure of a personal loan ranges up to 96 months. You can repay the amount via equated monthly instalments (EMIs). If you opt for a Bajaj Finance Flexi Personal Loan, you can borrow whenever you need from a sanctioned loan amount and pre-pay when you can. In the Flexi variant, you have to pay the personal loan interest rate only on the amount utilised and not the entire sanction.
Keep in mind that studying abroad is expensive. So, your loan can make up for any shortfalls in finance. Choose a Bajaj Finserv Personal Loan for higher education and avail several advantages like loan amount up to Rs. 55 lakh, minimum documentation and loan disbursal within 24 hours of approval.
Additional Read: Personal Loan Vs DSA Personal Loan
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