A traditional education loan can solve the purpose of paying for your higher studies. However, can it help you with additional expenses related to the same? The answer to this question would be no. Therefore, considering a personal loan for higher education is a more feasible choice for people these days.
If you are planning to secure your kids’ future, then you can consider education loan for abroad. If you want to know what makes a personal higher education loan different from a traditional one, then here are a few points that we have put together.
They will help you understand why choosing this particular financing alternative is the right way to go. Read on!
1.Can Be Used For Tuition Fee
A personal higher education loan can also be used for paying off the tuition fee of your children. In this case, both the financing services are quite similar. However, personal loan eligibility criteria dictate that you only need minimum documentation to receive funding. However, for an education loan, you would have to get approval letters from the college or university where you are planning to study. It makes the loan process even lengthier.
2. Manage Sudden Expenses
A thing that sets a personal loan for education apart from a traditional financing service is the fact that you can use it to deal with urgent expenses. Hence, if there is an advanced course that your kid wants to participate in, then you can use the loan amount to pay for the same. This cannot be done in the case of a higher education loan since it is strictly to be used for the college or university.
3. No Delays With Admission
As discussed earlier, getting a higher education loan means spending a lot of time clearing the verification process. It can cause a delay in the admission process. Therefore, if you want a financing service that will allow you to borrow funds as and when required, then a personal higher education loan is way more convenient. This way, you will never have to miss out on an admission deadline due to lack of funds.
4. Online Tracking Available
As simple as it is to borrow a personal loan for higher education, you can even track your expenses online. Once your personal loan account has been set up online, you will be able to see everything related to your borrowed funds. It will make it easier for you to understand what all has been paid for and how much money you have left that can still be utilized. Overall, online tracking of higher education loan makes things simple for borrowers.
5. An Extensive Amount of Limitation
The last thing that might set a personal higher education loan apart from a regular one is the amount of limitation. With a personal loan, the borrowing limit is of up to Rs.25 lakhs. However, with an education loan, this can go even higher depending on your income. Since the loan tenor of a personal higher education loan is only up to 60 months, the amount of limitation is also set accordingly.
Bajaj Finserv offers financing services of different types, including personal loan, business loan, home loan, and more.
They even have pre-approved offers for all these services. You can use the pre-approved offers to make the loan transaction hassle-free and less time-consuming.
You can start by submitting your name and contact information online to unlock your customized pre-approved loan offers.