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How a personal loan can help you study abroad

  • Highlights

  • Pay for your higher education abroad with a personal loan

  • You can meet a wide range of needs with personal loan

  • You can get fast approval and personal loan disbursal

  • Personal loan has minimum documentation for approval

According to the UNESCO Institute for Statistics, 2016, close to 2 lakh Indian students are currently pursuing higher education abroad, with USA, UK and Australia ranking among the most preferred destinations. This number is likely to grow exponentially in the coming years.

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However, an education abroad is expensive. While students want to pursue higher education at the best universities, it is important to consider the financial liabilities. With tuition fees and living expenses likely to run into several lakhs, it may be difficult to pay for an education abroad with just your savings.

How to pay for your higher education in abroad?

A traditional education loan may be the first thought in your mind, but this will generally cover only the tuition fees. To meet the expenses of living abroad, accommodation, food, and more, you can consider a personal loan for education.

A personal loan is more flexible and an easily available option.

Why take a personal loan for higher education?

Here are five reasons why opting for a personal loan for higher education abroad can be a good option:

1. Pay all expenses with just one loan
An education loan is precisely for all the expenses incurred during your course duration, predominantly the college tuition fees and education related expenses. However, if you opt for a personal loan, it has no such restrictions as the funds can be used for any purpose, be it for your education, travel or lodging. As a borrower you get the power to decide where and how to use the funds.

2. Get a flexible loan amount and tenor
Lenders like Bajaj Finserv offer a Personal Loan for Higher Education up to Rs. 25 lakh. You can apply for a loan amount as per your needs and decide a loan tenor as per your repayment abilities. You get a repayment plan of 12 to 60 months.

3. Attractive interest rates
Education loan rates vary with respect to tier grading of the colleges and the country you are planning to study in. However, an online personal loan doesn’t have these restrictions. If your CIBIL score is above 750 and you suit the eligibility criteria, you can get a personal loan at a better interest rate.

Additional Read: How You Can Use a Personal Loan Calculator

4. Get a loan with hassle-free documentation
With education loan comes a bundle of forms to fill and documentation to be submitted, whereas, in personal loan the documentation is bare minimum. All you need is your identity proof, address proof, employment proof, salary slips, and bank statements. In fact, Bajaj Finserv provides exciting pre-approved offers on personal loans that helps you save a lot of time. Just fill in your basic details and check out your personal pre-approved offer.

5. Get fast disbursal of loan amount
The detailed documentation in an education loan leads to a long processing time for the disbursal of the loan amount. You can get quick disbursal when you apply for a personal loan. Get the loan approved instantly and get the money in your bank account within 24 hours.

Take the next step in your educational journey easily with Bajaj Finserv Personal Loan which provides low interest rates, hassle free documentation, instant approvals and quick disbursement.

Bajaj Finserv also brings you pre-approved offers for personal loans, business loans, home loans, and a number of other financial products. This helps you simplify the loan application process and helps you save on time. Just share your basic details, check out your pre-approved offer, and avail your money.

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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