“I want to apply for my dream college but can’t due to lack of funds” – this is a story of many aspiring students. 

While loans seem to be the solution, high-interest rates and complicated application procedures can discourage them. But don’t let that stop you from pursuing your dreams. 

Instead, consider applying for a personal loan for education.

In this article, we’ll explore six reasons why a for education is an attractive option for students.

1. No Need for Collateral

If you want to get an education loan, you must have a co-applicant in the form of your spouse or parents. Personal loans, on the other hand, do not require collateral or a guarantor as it is an unsecured loans.

2. Easy Documentation

Getting a loan for education can be daunting, especially when the loan application process is complex and requires extensive documentation. However, with a personal loan, the process is made simpler, allowing borrowers to focus on other important aspects of their education, like finding accommodation. 

 

With minimal documentation requirements, getting a personal loan for education is a hassle-free experience, saving borrowers time and effort.

3. High Loan Amount

Aside from your college fees, you require additional funds to meet your day to day expenses.And this is where personal loan for education helps you as you can get a loan of up to Rs 50 lakhs. The high loan amount means that you have the flexibility to choose the sum you’re comfortable with. 

4. End-use

With a personal loan for education, you can use the funds for any purpose, including tuition fees, accommodation, and other expenses. Unlike an education loan, where the loan amount is disbursed directly to the college, a personal loan gives you more control over your finances.

5. Flexible Tenure

Personal loans for education come with a flexible loan repayment tenure of up to 48 months. This means you can prioritize lower interest payments or monthly payments based on your needs. The EMI calculator on the lender’s website can help you decide the best tenure for you. 

You can use the EMI calculator on the lender’s website to decide which tenure is best for you.

6. Quick Disbursal

When you apply for a personal loan online, your funds are disbursed into your account as soon as your documents are verified. This makes it easier for you to get immediate funds to pay your fees and other expenses associated with your education.

In the End

To summarise, the reasons why you should apply for a personal loan for education are as follows:

  •  No physical documentation process
  • High loan limits
  • Flexible repayment tenure
  • Multipurpose 
  • Instant disbursal of funds

Personal loans represent an excellent opportunity for students to finance their education and fulfil their academic ambitions without being held back by financial constraints. IndusInd Bank   provides complete digital personal loans with  no physical documentation, competitive interest rates and instant approval. 

So, apply for a personal loan and focus on your studies with peace of mind, knowing your financial needs are met.