Many people dream of sending their children abroad for higher education so that they get settled in life easily. However, not all are able to convert their wishes into reality because of lack of funds.
Even if you save, the cost of inflation and tuitions fees may not be covered under it. Hence, it is better to apply for a personal loan for education and avail a higher amount of up to Rs.25 lakh to fund your needs quickly.
Here is a quick post on education loan for abroad facility that you can apply for online these days. Continue reading and know more!
What is an education loan for abroad?
An education loan for abroad is an extension of personal loan, which has been created to help you avail of funds for the purposes of higher education. The benefit of availing the loan is that you can use the extra money for others needs as per your preferences. Yes, you can use the remaining funds for paying utility bills, buying any appliances, debt consolidation and more as per your needs.
What are the features and benefits of personal loan for education?
Let’s have a look at significant features and benefits of the education loan for abroad:
1. Higher loan amount
When you apply for a personal loan for education purposes to leading banks and non-banking finance companies (NBFCs), you can avail a higher loan amount. Most of the lenders can let you borrow an amount as higher as up to Rs.25 lakh. The amount is sufficient to help your children cherish their higher education dreams abroad. Here is A Guide to Understanding Different Types of Personal Loans
2. Instant loan approval
Since the education loan for abroad is a version of a personal loan, you don’t need to wait for ages for the loan approval. After you submit your loan application and furnish the required documents, you can easily get the approval instantly.
3. Money disbursal in 24 hours
Once you have the loan approval and your documents are verified, you can get the desired money credited into your bank account within 24 hours. Hence, you can use the money quickly to close the admission and other formalities for your child.
4. Flexi loan feature
The Flexi loan feature helps you withdraw an amount from your total loan limit as per your needs and pay only interest as EMI on the utilized amount and nothing more. The rest of the loan amount gets adjusted after the end of the loan tenor. This way, you can easily save up to 45% on your EMI repayments.
5. Minimal eligibility criteria and documents
The basic eligibility criteria and required documents are easy to meet and provide. Here are the standard eligibility criteria and documents that you need to furnish if you want to apply for the personal loan for education:
- Your age should be under 23-55 years
- You need to be a resident citizen of India
- You need to be a salaried individual and should be working with an MNC, public or a private limited company
- KYC documents
- Employee ID Card
- Last 2 month’s Salary Slips
- Previous 3 month’s bank account statements of the Salary account
You are now aware of the key aspects of the personal loan for education. You can apply for it online on a leading lender’s website and save your time and efforts.
Bajaj Finserv offers pre-approved deals on personal loans, home loans, EMI finance, business loans and more. It is to simplify your loan procedures and make it less time-consuming.
All that you have to do is share your basic details like your name and mobile number to check out your customized pre-approved loan offers now.