Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
Can a Personal Loan be used for higher education expenses?
Posted on Wednesday, February 1st, 2023 | By IndusInd Bank
An excellent education is an intangible asset. You could get a personal loan from IndusInd Bank, and use itto fund your expenses towards higher studies.
A good education can open doors to a successful life. But a good higher education can also be expensive, making many young individuals need funds in the form of a student loan to sponsor their studies.
IndusInd Bank offers personal loans which can be used for higher education expenses on flexible terms and at low interest rates. Wondering what is the minimum and maximum amount you may obtain as a student loan from IndusInd Bank? Read on to find out
Personal Loan Amounts offered by IndusInd Bank
A Personal Loan is a multi-purpose loan which can be used for various activities, including funding expenses towards higher education. You could take out a personal loan for higher education from IndusInd Bank and enjoy benefits such as a flexible repayment tenure and attractive interest rate.
Accordingly, you may take out a minimum of INR 30,000 and a maximum of INR 5 Lakhs.
It must be noted that a host of factors determine the sanctioned loan amount. These include age, income, and credit score.
How to be Eligible for a Higher Loan Amount?
- Add Another Source of Income
The higher your income, the greater the likelihood of securing a more significant loan. The reason is simple. Higher loan amounts tend to have higher loan EMIs, and lenders want to ensure that these payments are made on time. This makes lenders more likely to approve a higher loan amount.
- Have a Good Credit History
Bigger loans are typically offered to borrowers with a history of making timely EMI payments. This is reflected in the borrower’s credit history and credit score. Consequently, borrowers with a sound credit profile get faster approval for more significant loan amounts.
A simple way to build a good credit history and improve your credit score is to repay your debts on time. Make sure to do this before sending in your loan application.
- Have a Low Debt-to-Income Ratio
A high debt-to-income ratio implies that your debts exceed your income. Borrowers with a high debt-to-income ratio may need more time to pay off their EMIs. This is why lenders usually sanction smaller loan amounts to borrowers with a high debt-to-income ratio.
Paying off your existing debts could greatly help you improve your loan eligibility.
At IndusInd Bank, it is easy to get your personal loan online for further education, thanks to a seamless four-step online application process. What’s more, with no physcial documentation, attractive interest rates, instant approval, and flexible repayment tenures, this is a superb option for individuals in need of a personal loan for educational purposes. Apply now!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
