Want a life-changing experience of studying abroad but don't have enough resources? Craving for your academic and professional development but lacking funds? A personal loan for education can help you achieve your dreams and have a successful professional life ahead. While the benefits of networking around the world and an engaging social life are lucrative, studying abroad offers more academic, cultural, and career opportunities. Choosing the right study program will benefit your life in ways that you could not have imagined.
According to a RedSeer report dated September 2021, the number of Indian students opting for higher education abroad increased from 440,000 in 2016 to 770,000 in 2019 and is expected to increase to around 1.8 million by 2024, resulting in increased spending on higher education abroad
A personal loan for education is an unsecured loan that you can take out to cover your educational costs. This type of loan does not require any kind of security, collateral, or guarantor. Lenders provide them based on your income, credit score, repayment capacity and financial history. The payback period starts one month after you take the loan. These loans can help you pay for your international study expenses by providing an easy loan application and quick loan approval.
One of the most significant disadvantages of a traditional student loan is that it usually only covers tuition and educational expenses, leaving you on your own to arrange for other expenses. As a result, a personal loan may be more financially favorable than a student loan for overseas study to cover all your living expenses, such as housing, food, and other costs.
The term "personal loan" refers to a loan that is not made for a specific purpose. Unlike a home loan, vehicle loan, or even a school loan, a personal loan can be used to pay off almost anything. It can be used for a variety of things, including paying higher education fees and addressing other expenses like rent, food, transportation, books, and furnishings. On the other hand, when you take out student loans, you are legally obligated to spend the money only for educational purposes, such as tuition payments.
Also, sometimes lenders shortlist educational institutions and grade them based on their reputation or ranking. If your college or university is not on the lender's current list of establishments, you may not be eligible for student loans to study abroad or education loans to study abroad. Also, some lenders will check the student’s educational background while granting education loans for study abroad.
As a result, personal loans for education are always a better option than student loans for international studies. This will allow you to keep track of all your daily costs without any hassle. The best part is that personal loans are unsecured, which means that you do not have to keep any assets as security.
With an easy application process, quick approval, affordable interest rates and flexible tenure, a personal loan will help you fulfil your dream of pursuing higher education abroad without any hassle. Choose a Poonawalla Fincorp Personal Loan for your higher education and to achieve your education-related goals with ease.
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