Personal Loan For Students
You worked for a few years in your profession and have some experience. You decide you want higher academic knowledge in your chosen field. You apply for a course at a foreign university and you realize that your expenses will exceed your current savings.
What is Personal Loan
So let’s start. Personal Loan is different from an education loan. You can use the Personal Loan for a different of purposes, including your own or the education of a family member. Personal Loan without security, is best option as it is less stressful to when pursuing your studies.
Student loan used only for the purpose for which it is taken. Student loan has specific eligibility criteria and you must get 15% of the expenses. Personal Loan for education is easy and fast to get, and you can get up to 100% of your expenses.
How to get Personal Student Loan
Estimate your expenses : Study at abroad is very expensive. You need to calculating expenses consider travel, tuition fees, study material, special coaching that you may need and lodging and boarding & etc.
Once you have an estimate of your costs, you can get an idea of how much Loan amount you need.
Decide tenure : Personal Loan for students from a bank comes with flexible tenures and your monthly repayment amount will depend on the tenure. Remember as a student you may not have the same earnings as you did as a professional.
Every bank have their own rules and regulation for repayment and tenure so you need to confirm this details with your bank.
Document Required : You need ID proof, passport-sized photograph, address proof or income proof. Bank can also ask for pan card for verification.
What can a personal loan be used for?
A personal loan is associate degree unsecured loan with no restriction on the end-use. the aim of the loan are often either consumption or productive use. for example, you’ll borrow a loan for getting a high-end home theater system, for a medical emergency if your insurance falls short, for a remote vacation along with your family, etc.
If you’re associate degree enterpriser a private loan will are available handy for increasing your business, like adding additional inventory or creating the payment for brand new workplace premises, etc.
Personal Loan for Studies Eligibility Criteria
- You should be an India Citizen
- Your age cannot exceed 65 years at the time of loan maturity
Is a personal loan available for a holiday or travel purposes?
If you dream to visiting exotic locations, you’ll avail of a vacation Loan from many Bank. It offers amounts starting from Rs 15,000 to Rs 50 Lakh, and tenures starting from 1 to 5 years. It offers a two-month moratorium facility wherever no EMI is charged. The EMI starts from the third month while not extending the tenure.