If you are looking to avail of the personal loan for education facility to meet your needs of pursuing higher education abroad, then the first thing is meeting the loan eligibility.
Yes, if you the education loan eligibility, then a lender may sanction your loan request super quickly. Out of the many education loan eligibility parameters, CIBIL score is one of the most vital ones.
If you want to know more about this, then here is a quick post to go through!
What is a CIBIL score and its impacts on education loan eligibility?
A CIBIL score is a significant factor that computes your creditworthiness. It is considered by lenders when you apply for a personal loan for education and others.
The education loan is an unsecured credit that does not require you to put any collateral. Hence, creditors want to ensure that you have the ability to repay the availed loan. And the best way to measure that is by checking your CIBIL score.
Apart from other education loan eligibility criteria such as age, professional experience and more, you also need to ensure a higher CIBIL score. A credit score of 750+ is considered as the best.
If you have a credit score of 750+ and more, then you can easily get loan approval at a lower rate. This way, you can enjoy paying lesser EMIs, meaning reduced burden on your finances.
The best ways to improve your credit score and help it stay higher are paying off your credit card and other bills on time, not missing EMIs and defaulting on other loans.
Bajaj Finserv provides you with pre-approved deals on personal loans, home loans, EMI finance and other alternatives. It is to simplify your loan deals and make it less time-consuming. You only need to share your basic details such as your name and mobile number to check out your pre-approved loan offers today.
