Pay for higher education with Personal Loan

3 unique variants to cover for all possible expenses related to your child’s higher education.
Pay for higher education with Personal Loan
3 min read
28 Sep 2022

Gathering enough funds to send your child for a higher education is always a challenge. Besides the course fee, there are other expenses like travel and visa (in case your child chooses to study abroad) and living costs. In addition, there is the cost of books that can sometimes be hefty. Our Flexi Hybrid loan has been created keeping such situations in mind.

With our Flexi Hybrid Loan, you can withdraw from your sanctioned loan amount as many times as you want and prepay whenever you want, as many times as you’d like.

Here are many more reasons why our Flexi Hybrid loan is ideal for covering the expenses of higher education.

Use only what you need

With a Flexi Hybrid loan, you are approved for a defined loan amount. For example, Rs. 3 lakh.

You can withdraw from this approved loan amount whatever sum you may need. For example, at the time of admission, you withdraw Rs. 2 lakh and choose to pay this back over two years.

Rs. 1 lakh continues to stay pre-approved for you. You can withdraw Rs. 1 lakh or less whenever you need to. For example, to pay for the hostel fee.

Pay interest only on what you’ve withdrawn

In this variant, the interest is charged only on the amount you have withdrawn from your pre-approved loan amount. For example, if you withdrew Rs. 1 lakh to pay for the hostel fee, you will be charged interest only on that amount.

Withdraw as many times as you want, prepay as many times as you would like

You can withdraw from your sanctioned loan amount as many times as you’d like over the tenure of the loan. For example, after withdrawing Rs. 2 lakh initially, you may withdraw another Rs. 50,000 three months later.

This is just one example. There are many such combinations that you can opt for.

You can use this personal loan to cover for one or more of the following expenses:

1. Admission fee
You have been planning for your child to make it to one of the best institutes in the country or abroad. Finally, the day is here and you have received the letter of admission. Let the thought of the financial burden of paying the admission fee not take away from the joy of this achievement. You can go online and apply for our Flexi Hybrid loan. It takes less than five minutes to complete the application. And in most cases, the money is in your bank account in 24 hours.

2. Visa and travel
Like many others, your child may also be going abroad to pursue higher education. The cost of visa and travel could be as high as Rs. 1.5 lakh. You always have the option to draw from your savings. Would you rather pick a Flexi Hybrid loan for 24 months wherein, for the initial tenure, all you need to pay as EMIs is only the interest. You can keep the savings intact.

3. Hostel rent and living expenses
These days, even in a hostel accommodation, the rent is a lot. In addition, the day-to-day living expenses could come to around Rs. 1.5 lakh for the entire year. A regular education loan does not usually cover for such expenses. This is where a Flexi Hybrid loan comes in handy.

Here is the link to our personal loan page, wherein you can read about the product and also apply online. Besides Flexi Hybrid loan, we also offer two other variants. You may choose the one that suits you best.

Apply

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