According to the UNESCO Institute for Statistics, in 2016, close to 2 lakh Indian students were pursuing higher education abroad, with the USA, UK and Australia ranking among the most preferred destinations. This number is likely to grow exponentially in the coming years.
However, 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 running into several lakh, it may be challenging to pay for an education abroad with just your savings.
Additional Read: Personal Loan Vs DSA Personal Loan
How to pay for your higher education 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 a more flexible and readily 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 mainly limited to the expenses incurred during your course duration, i.e., 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 of up to Rs. 40 lakh. You can apply for a loan amount as per your needs and decide on a loan tenor as per your repayment abilities. You get a repayment plan of 6 months to 96 months.
3. Attractive interest rates
Education loan rates vary with respect to tier grading of the colleges and the country you plan to study in. However, an online personal loan doesn’t have these restrictions. If your CIBIL score is above 685 or higher and meets 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
You have to fill and submit a bundle of forms and documentation for an education loan, whereas a personal loan does not require this. All you need is your identity proof, address proof, employment proof, salary slips, and bank statements. Bajaj Finserv provides exciting pre-approved offers on personal loans that help save a lot of time. Just fill in your basic details and check out your personal pre-approved offer.
5. Get fast disbursal of the 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 several other financial products. This helps you simplify the loan application process and save on time. Just share your basic details, check out your pre-approved offer, and avail your money.
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