It’s not uncommon for someone to get accepted at a university, and realise that the total budget required exceeds their current savings. One may also want to enrol for an education program abroad but for some reason, could be deemed ineligible for an education loan.
In situations like these, a personal loan could be of help.
Personal loan over education loan
A personal loan differs from an education loan. A personal loan can be used for a variety of purposes, like your education or that of a family member, along with other expenses that aren’t particularly education-related. An education loan can only be used for the purpose for which it is taken.
Usually, an education loan or student loan can come with certain specific eligibility criteria and could need you to fund 15% of the expenses. A personal loan is easier to avail of and can fund up to 100% of your expenses.
Features of Personal Loans
Tips to get a personal loan for students
Here are some expert tips to go about getting a personal loan for students in India.
Go through any processing fees & rate of interest that will be applicable on the loan before applying. Go through these details for different lenders and then make your decision.
Personal Loan Eligibility Criteria
Here are the general requirements for availing a personal loan:
Your actual eligibility will also consider other parameters like repayment history, credit history, and so on.
Apply for an Instant Personal Loan
Individuals can apply for a loan on our website or via the IDFC FIRST Bank Loans app.
A personal loan can be an invaluable financial assistance to receiving a good education and expanding your academic, social, and economic prospects. Get in touch with us today to know more about getting a personal loan for education.