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Funding your Child’s Higher Studies with Education Loan

· education loan,Personal Loan
Education Loan

According to the report of AISHE (All India Survey on Higher Education), the Gross Enrolment Ratio (GRE) in higher education in India is 25.8% with the enrollers between 18 and 23 years of age. The steeping rise in the enrolment count over the years has made Indian higher education system the 3rd largest in the world.

Parents accumulate funds over a long period of time to finance their child’s higher studies. The expenses are higher if the student looks to study abroad. To finance these expenses, parents are often confused as to choose between a personal loan for education and education loan. A personal loan for education is any day a better alternative.

 

Education loans come with multiple stringent eligibility criteria which one might find challenging to fulfil. In such cases, personal loan for education comes as a viable option. Personal loans for education not only meet your tuition fee, but it also meets the miscellaneous expenses related to studies.

Since a personal loan for education is a collateral-free loan, the eligibility criteria are not as complex. You only need to meet the following criteria –

  • You must be an Indian citizen, residing in the country.

  • You must be between 23 and 57 years of age.

  • You must be salaried and hold a position at an MNC, public or private company.

  • You must meet the minimum monthly salary requirements of the city you reside in.

The documents you need to apply for a personal loan for education include –

  • KYC documents such as Aadhaar card, voter ID card and driving licence.

  • Employee ID card.

  • Last 2 months’ salary slips.

  • Previous 3 months’ bank account statements of your salary account.

Check your eligibility for availing a personal loan for education

Checking your eligibility for a personal loan is super easy. All you need to do is eligibility calculator online and fill in the following details –

  • Date of birth.

  • Monthly income.

  • Monthly expenses.

  • The current city of your residence.

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