How to Use Personal Loans for Higher Education?

Posted on Saturday, February 25th, 2023 | By IndusInd Bank

A good education is an intangible asset that stands you in good stead no matter what profession you choose to pursue. The best part is, it’s never too late to obtain a sound education – particularly higher education – in the form of a specialized degree or training.

Unfortunately, a good education, be it in India or abroad, can be expensive, costing way more than what you can afford to pay in one go. The first solution most people may look for in such situations is an education loan. However, not every person, or their choice of educational course, is eligible for an education loan. What’s more, higher education loan amounts typically require the borrower to offer collateral as security.

 So, should you then say goodbye to your dream of acquiring higher education? Of course not. The answer to your problem lies in a personal loan.

Read on to know about fulfilling your dream of obtaining higher education with the help of a personal loan.

Why Choose a Personal Loan for Higher Education?

• A personal loan does not come with end-use restrictions; it can be used for any purpose! This basically means you can not only use the loan amount to fund your education, but also use it for other expenses such as travel and accommodation – a particularly useful feature if you will be studying overseas.
• If you apply for a personal loan, you don’t need to furnish any details regarding your education. The application process with IndusInd Bank is easy and fast, requiring no physical documentation and provision for instant approval.
• Unlike education loans that have stringent eligibility rules, personal loans call for fairly simple eligibility criteria pertaining to age and income.

How to Use a Personal Loan for Higher Education – A Step-by-Step Guide

1)  Draw an Estimate of your Expenses: Make a rough estimate of your expenses. If you have applied to study abroad, do not neglect to take into account additional expenses related to travel, books, visa, lodging and boarding charges.

2)  Decide your Repayment Tenure: Your EMI amount will depend on the repayment tenure. So, make sure to choose a repayment amount and tenure that doesn’t cause any financial strain. You can also use a personal loan emi calculator to help with the same.

3)  Check your Eligibility: Although most personal loans offered by banks come with simple eligibility criteria, it is necessary to make sure you meet those criteria.

4)  Apply for a Loan: Most new age banks offers complete digital application process requiring no physical documentation. All you need to do is visit their website and apply for a personal loan online. You could also personally visit the bank branch.

5)  Prepare for the Journey: Begin your preparations – complete your educational formalities, book your tickets, pay your fees, and get ready to embark on an exciting journey as a student!

Get a Personal Loan for Higher Education from IndusInd Bank

IndusInd Bank is a great option if you are considering the option of taking out a personal loan for higher studies.

Based on the aforementioned information, here are 6 compelling reasons to apply for an IndusInd Bank personal loan for education:

1. These are affordable loans offered at attractive interest rates.
2. Flexible repayment tenures ranging from 1 year to 4 years – choose what comfortably fits your budget!
3. Personal loan amount is in the range of INR 30,000 to INR 5 lakhs – apply for as much as you need.
4. No stress of collaterals or security.
5. Digital, 100% paperless 4-step application process with instant approval.
6. The entire process is marked by no physical documentation, speedy processing, instant approval, and swift disbursal of funds – just what you need to begin your educational journey without wasting another moment!

Already dreaming of earning that degree? Apply for a hassle-free instant personal loan from IndusInd Bank today!

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.