According to a 2018 statistic released by the Ministry of External Affairs, around 7.52 lakh Indian students are pursuing higher education overseas. This is despite the fact that the cost of education is rising year by year. In fact, according to a Forbes report, college expenses in the US are growing almost 8 times faster than wages. To tackle the costs involved, your best bet is to apply for an education loan or to get personal loans that offer substantial financing. For better clarity on why you should get a personal loan to finance your child’s higher education abroad, read on.
Get a personal loan for ample financing and restriction-free usage
Due to the fact that your child’s higher education can put a lasting strain on your finances, it is prudent to opt for a loan to eliminate the pressure. While both education and personal loans offer assistance, lenders approve an education loan only after your child gains admission into the college or university.
Additionally, to get education loan of over Rs.7.5 lakh, you typically need to pledge collateral. Further, the amount often only covers the tuition fees involved, in part or in full, which means that you have to make separate arrangements for the other expenses involved. However, since a personal loan is a collateral-free offering and has no spending constraints, it can be used to cover all expenses apart from tuition fees to flight tickets, accommodation and entrance exam fees.
Bajaj Finserv Personal Loan for Higher Education, you can get a sanction of up to Rs.25 lakh that is easily repayable over a flexible tenor of up to 60 months. With intelligent borrowing, you can comfortably manage all costs and still stay within your budget.Get a cost-effective interest rate on a personal loan with easy eligibility
What makes a personal loan a good pick is that the interest rate on personal loan offerings isn’t exorbitant. Moreover, you can qualify for one easily, by meeting simple eligibility criteria. In fact, if you have a CIBIL score of more than 750, and meet the age and income criteria set by your lender, you stand to get personal loan approval instantly, in addition to a cost-effective interest rate.
Enjoy a hassle-free application process and fast disbursal
Applying for an education loan entails a series of long-winding procedures that can be time-consuming and exhaustive. Additionally, a single oversight can harm your chances of loan approval and delay your child’s admission.
On the other hand, to get a personal loan from a lender such as Bajaj Finserv, all you need to do is meet the age- and income-related criteria and fill out an online form by entering your details. Moreover, you only have to produce basic KYC documents along with those that prove your financial capabilities and employment to complete the application process.
With Bajaj Finserv, so long as you qualify, you can get instant approval within 5 minutes of application. You also benefit from quick disbursal as you can have the total loan amount credited to your account in 24 hours.
Reap the benefits of the Flexi Loan facility
It is customary to use a personal loan EMI calculator to plan for repayment by noting how much interest the principal amount attracts. However, if you want tailor repayment to your usage, you can consider opting for Bajaj Finserv’s Flexi Loan facility. Here, interest is computed not on the total amount sanctioned, but on the amount withdrawn from it. The best part is that you can draw from the sanction as many times as you wish to, without submitting fresh paperwork. You can also ease repayment by paying interest-only instalments for the initial part of the tenor.
Now that you know why you should get a personal loan to finance your child’s overseas education, check your pre-approved offer from Bajaj Finserv. It gives you access to financing in no time at all.