By: Examplad Media & Advertising
The rising cost of education sometimes makes it hard to pursue higher studies through self-funding. And many people prefer to take an instant personal loan to cover their educational expenses.
Though an education loan can cover the cost of your higher study, it has many limitations.
And today, we share the top seven reasons you should get an instant loan for your higher education.
What is a personal loan?
A personal loan is a multipurpose loan you can use for various reasons. Personal or instant personal loans are easy to apply for with minimal documentation. The personal loan eligibility criteria are also easy to fill, and one can get an instant loan using a mobile loan app.
Unlike education loans, personal loans are more flexible, and you can get instant approval and loan disbursement for your needs.
Reasons to choose a personal loan for education
Not every student gets a scholarship or financial aid to pursue their studies. Also, the expense becomes more significant when you want to pursue your education in a foreign land. But a personal loan can help you cover your educational expenses in various ways. Here are some reasons you should get an instant loan for your higher education.
Minimal documentation
Applying for an educational loan requires huge and complicated documentation. You must submit proof of expenses like admission fees, hostel fee slips, and future expense estimation for the course. It can be difficult to arrange all the documents and many people fail to get a loan due to this complex documentation.
But you can get an instant personal loan with minimal documentation like an Aadhaar card, PAN card, and a 3-month e-banking statement.
Quick approval and instant disbursement
Another reason to choose a personal loan is its quick approval and instant loan disbursement. Instant personal loan providers like PaySense offer instant loan disbursement after loan approval. Also, unlike education loans, personal loans get quick approvals within 2-3 days of your application. So, when you apply for a personal loan, you get instant loan disbursement without waiting a long time. Personal loans can be a saviour when you need the fund immediately because, in many cases, an education loan takes too much time in loan disbursal. You have to live under stress about whether it will be sent on time.
Cover more than the institutional expenses
The educational loan can cover only a limited aspect of your higher education, like college admission fees, tuition fees, hostel fees, and other institutional expenses. But when you choose a personal loan, it gives flexibility and covers the entire cost of your higher education, including non-institutional expenses like flight tickets, food, daily expenses, etc.
Flexible repayment tenure
When you apply for an instant personal loan, you can also decide the repayment tenure according to your convenience. For example, PaySense offers flexible repayment tenure and EMI amount that the borrower can customise.
Higher loan amount
Education loans are difficult to get, and the loan amount is also fixed for different education streams. But the personal loan eligibility and application process is easy, and anyone can access it for various needs. Also, a personal loan is a multipurpose loan, and you can claim a higher amount than you can get from an education loan.
Non-collateral
Personal loans are the unsecured or non-collateral type which means you can get an instant loan without pleading your personal property or asset. It may cause the higher interest on the lent money, but you also remove the stress of losing your property or asset if you fail to repay the loan timely.
Eligibility
Where only the student can apply for an education loan, a personal loan does not come with such restrictions. Moreover, personal loan eligibility is very simple, and anyone above 21, whether salaried or self-employed, can apply for the loan. So, it is easy for a parent to apply for a personal loan to support their child's education.
Conclusion
Personal loans have multiple benefits, and you can use them for various purposes. Personal loans are easy to get, and one can use a personal loan to cover various educational expenses. And, here we have covered seven important reasons why you must get an instant loan for your higher education.
