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How a Personal Loan Can Help in Paying Out Your Student Debt

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How a Personal Loan Can Help in Paying Out Your Student Debt

  • Highlights

  • Pay less for your personal loan than you would for your student loan

  • Get a competitive interest rate

  • Consolidate all your debts in a single loan

  • Release your co-signers from their liabilities

You might have thought your student loan was a great financing option when you had taken it. After all, it pays your tuition fees for three or four years, depending on your stream. But after repaying it for couple of years, you may find that you have another 15 years of repayment left.

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The burden of loan repayment can be overwhelming when you are just starting out in your career. But there is a way to reduce this burden, by using a personal loan to consolidate your debts. Here's how:

Pay Less Money

Various financial institutes provide personal loans at a very competitive interest rate. In most cases it is much cheaper to repay a personal loan than your student loan. Also, the tenor of a student loan is typically 15-20 years, while the tenor for a personal loan is much shorter, going up to a maximum of 5 years. So, if you take out your calculator and find out how much money you are paying in total, you will not be surprised that with a personal loan, you pay less.

Additional Read: How to Find the Right Personal Loan for You

Instant approval on India’s fastest personal loan

Bajaj Finserv, one of India’s most diversified non-banks, offers unsecured personal loans with instant approvals and disbursals within 24 hours!

Whether you are addressing an urgent medical emergency or planning a last-minute holiday, a personal loan offers quick and affordable financing. And the latest offer on personal loan – approval in minutes, disbursal within 24 hours, and the flexibility to repay loans with interest-only EMIs – redefines the way you have been borrowing money.

Simply complete the online application form, submit your documents, and get approval in minutes. As long as you meet the eligibility criteria, and have an acceptable credit score, you can avail financing up to Rs.25 lakh within 24 hours.

While other lenders claim to offer personal loans with a relatively short turnaround time too, this service is usually reserved for their existing customers. But Bajaj Finserv, with it’s fast underwriting processes, ensures you receive the personal loan you need with lightning-quick disbursals.

Need funds instantly? Think it. Done with Bajaj Finserv.

Get money in your bank in just 24 hours with India’s fastest Personal loan

Consolidate Your Debts

It is not unusual for a student to take more than one loan. There can be a loan for graduation, another for post-graduation, yet another for further studies. You can consolidate all these loans to make one fixed payment at a fixed interest rate by taking a personal loan to pay off all your student loans. One monthly payment means it becomes easier for you to plan your budget.

Release the Co-signers

In a student loan, you need someone to stand as a guarantor or co-signer of the loan. You, being a student, are not deemed eligible to avail the loan on your own. You must ask one of your family members to share the liability with you. When you start earning after graduation, you may feel obliged to release the co-signer of their liabilities as soon as you can. Here’s where personal loans come in.

Additional Read: Education Loan for Abroad Studies Online

Personal loans are unsecured. You do not need any collateral or guarantor to avail the loan. You can use a Personal Loan eligibility calculator to know your eligibility before applying for a loan. A good credit history with a salaried job, and some basic documents, are enough.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.
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