Education loan offers lower interest than personal loans if you are eligible for government-subsidized you get even low Interest. Compared to personal loans, education loans offer longer time repayment value. One of the advantages of applying for an educational loan is that it offers a moratorium.
The moratorium period gives students a time period to find a job, and after finding a job then only students can pay the loan which personal loan doesn’t have. One should use an Instant personal EMI calculator to get to know about the amount one should lend and must compare it with the education loan, if the interest rate is less compared to a personal loan, it is advisable to take an education loan instead.
ll required documents will be asked by the lender. And also since it is for quick purpose and the amount is high the lender can take time in the documentation process for verification. Which includes a Driving license, Aadhar, passport, pan card copy, required slip from the university or school, etc.
If you don’t have enough credit score then the bank won’t allow you to have the full fee amount. This also can affect your rate of interest on a personal loan.
SBI personal loan offers up to loan where you can have both cash basis transactions and bank to bank transfer.
A good income source plays a crucial role because the personal loan interest rates are on the higher side where paying the debts is mandatory for continuous fee payment also. There are times when people are not able to pay EMIs at intervals then banks start to take action. Investing money in education is never a waste option, compared to an educational loan, the personal loan is cheap and has less interest rate in some bank compare to an educational loan
In conclusion, depending on the scenario one can take either a personal loan or an education loan. When it comes to educational purposes it, always advisable to take an only educational loan.
Must read:- Personal loan market grows substantially
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