Personal Loan for Education

If you want to provide your children the education they deserve but are running short of funds to do so, you can always opt for a personal loan for education. This form of credit can help you cover tuition and other related expenses without having to bear the burden entirely by yourself. A personal loan for education comes with a host of benefits such as competitive interest rates, flexible loan repayment tenures, and top-up facilities. Such loans are also easy to avail and are disbursed quickly into your account so that your child can get the kind of education they aspire to get.

The interest rates at which some of the leading financial institutions will give you an educational loan are as follows:

The eligibility criteria for a personal loan for educational purposes are as follows:

• You need to be an Indian citizen.

• You should have secured at least 50% marks in your previous board exams.

• The educational institution must be recognised by the UGC, the Government or the AICTE.

• You should not an active education loan account.

Your education loan equated monthly instalment (EMIs) will depend on factors such as the interest rate, loan repayment tenure, and the principal amount. For example, if you have taken an education loan of ₹10 Lakhs and your loan repayment tenure is 5 years and your applicable rate of interest is 14% p.a., then your EMI amount will be ₹23,292.

You can also check your education loan EMI amount through the Personal Loan EMI calculator on Bajaj Markets. It is an algorithm-based tool that only asks you for the preferred loan repayment tenure, the principal loan amount, and the expected interest rate. Once you have fed in these details, your personal loan for education amount will appear on your screen. You can also compare several personal loan for education offers by changing these three variables to see which loan option will suit you best.

You will need the following documents to get a personal loan for education:

• Identity Proof

• Address Proof

• Income Proof

• Copy of the admission letter

• Standard 10th, Standard 12th, and college marksheets

• Last 6 months’ bank statements

• Demand letter by the university

• Loan agreement signed by the applicant(s)

• Disbursement request form signed by the applicant(s)

• Passport-size photographs