Every parent wishes to see their children receiving quality education abroad so that they are ready to face the world and also find a decently paying job.
However, the cost of overseas education is always increasing. It may not be for everyone to afford it. But, if you have a strong CIBIL Score, clean repayment and employment history, then you can borrow a higher amount to fund the overseas education for your child.
Yes, it is the education loan for abroad studies facility which is being offered by leading banks and non-banking finance companies (NBFCs).
If you have the creditworthiness, then you can easily avail up to Rs.25 lakh for a tenor ranging 1 year and 5 years. If you want to know key reasons to avail of the personal loan for education, then here is a post that will convince you. Read on!
- Instant Approvals With Money Disbursal Within 24 Hours
When you are applying for an Education loan, then you should not be concerned about its timeline of getting approved and money sanctioned. Instead, your focus should be on the preparations for your child to send him abroad. Most of the lenders offering the personal loan for higher studies provide instant approval after you submit the application form along with the required documents. Once approved, the desired loan amount is credited into your bank account within 24 hours.
- Affordable Loan Facility Without Pledging Any Collateral
Since the education loan for aboard is an extension of personal loan, it is an unsecured loan. But, it is an affordable option that you can apply for without having to pledge any collateral and security. All that is required is a consistent employment and repayment history along with a robust Credit Score.
- Higher Loan Amount to Meet Your Diverse Needs
The personal loan for higher studies facility offers you a higher loan amount of up to Rs.25 lakh as per your creditworthiness. Not only you can use the amount to fund higher education for your child, but use the remaining amount for any other need. It is because it’s a version of a personal loan; you are free to use the loan amount as per your preferences.
- Enjoy Flexi Loan Feature and Pay Only Interest as EMI
Some lenders also offer the Flexi loan feature to help you save up to 45% on EMI payments. How? You can use a portion of the sanctioned loan limit and pay only the interest as EMI and nothing extra. The rest of the loan amount gets settled after the end of the loan tenor.
- Flexible Loan Tenor to Suit Your Repayment Capacity
The education loan for abroad studies facility comes with a flexible loan tenor that may suit the needs of all. Renowned lenders offer the tenor for a personal loan for higher studies ranging between 12 months and 60 months. You can opt for a tenor as per your repayment capacity and pay off without issues. Going for a longer tenor means paying smaller EMIs, but also higher interest outgo. On the other hand, you can save on interest by choosing a shorter tenor, which will increase your EMI. But, you will be able to close the loan faster.
The significant reasons for applying for the education loan are now discussed. You can now apply for it online and save on your time and efforts.
Bajaj Finserv presents pre-approved offers on personal loans, home loans, business loans and more. It can ease off your loan procedures to make it faster for you.
You can share your basic details such as your name and contact number to check out your pre-approved loan offers today.