Personal loans can be repaid after the completion of the applicant’s education and getting employment after that. Most of the central banks and lenders in India give personal loans to students. The college and the course that the applicant wishes to undertake will determine the amount of the loan. Personal loans are generally available to complete higher education in India as well as abroad. There are many courses that a student can apply for with an education loan, such as engineering, management, architecture, etc. The personal loan usually covers expenses such as tuition fees, examination fees, accommodation, lab and library fees, equipment required for the course, the purchase of books, uniforms, etc.
Certain factors need to be taken care of by the students to apply for a personal loan. Some of these discussed below:
Interest Rates: The interest rates charged for personal loans are pretty reasonable and can be quickly repaid. The interest rates might vary from different banks and lenders and other factors such as the loan size, tenure, and other factors.
Student Loan Eligibility Criteria: There are specific eligibility criteria that need to be followed under this case, such as the borrower should be an Indian resident, his age should be between 16-35 years, the borrower should be able to present his school records and should have taken admission in the college or university for which he is taking a personal loan, etc.
Documentation Required for a Student Loan: There are a few documents required by banks or lenders for getting the loan sanctioned. Some of the documents that banks and lenders require are as mentioned below: Proof of age, school certificates, address proof, Aadhaar card, electricity bills, telephone bills, water bills, identity proof, passport, voter ID, driving license, etc. Income proof, some additional documents such as passport size photographs, etc.
These are some of the factors required by the banks and lenders when you avail of a personal loan for funding education.
There are certain features and benefits that personal loans fulfill; let us discuss some of these features as below:
- The personal loan enables a student to fulfill their dreams by taking care of their education expenses. By availing of personal loans, education can be completed, and students would not discontinue their education halfway.
- Personal loans are easy to avail of and can be approved without any stringent requirements to be fulfilled. This makes these loans the first choice of customers.
- With online personal loans, one can get an Instant Personal Loan Online by just clicking a few buttons.
Banks offer personal loans to students who wish to study both in India as well as abroad. Usually, studying abroad is more expensive than studying in India. Still, they can easily take care of these expenses and study in colleges of their own choice with these personal loans.
These are certain benefits that students can get from personal loans and finance their higher education without compromising their education needs.
Some banks and lenders offer personal loans at easy and basic terms and conditions that can be easily fulfilled without facing any problems or stress. One can calculate that by the monthly installments calculator. According to that, SBI Personal Loan Interest Rate for salary-earning employees can be decided, making it easier for them to handle their monthly installments and repaying the principal amount. They don’t even require many conditions. One can easily avail a personal loan funding education and quickly repay the loan once the student finishes his education and starts earning, making him eligible to repay the loan amounts without much stress and tension.
Must read:- Personal Loans As The New Business
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