Eligibility Criteria for Personal Loans for Education

Students who require financial assistance to pay for their education in India and overseas can apply for loans also known as student loans from financial institutions. The personal loan for education is available at competitive interest rates with flexible repayment tenures. The documentation procedure is also kept to a minimum to allow students to get their loan money as quickly as possible.

What is a Personal Loan for Education?

Financial institutions provide personal loans as a credit option. Any reason, including education, is allowed to use personal loan funds. In case you take out a personal loan to pay for your education, you can use the money to cover your living expenditures, tuition fees, and other costs.

Personal loans are unsecured loans. If you apply for such financing, you are not required to offer any collateral. One can apply for a personal loan online. The loan application procedure only takes a few days, and after the loan application is approved, you can have the money in your bank account in a few hours. 

Features of Personal Loan

  • Minimal paperwork requirements 
  • Simple processing 
  • Quick loan disbursal
  • Hassle-free documentation
  • Collateral-free loan
  • Flexible loan repayment terms 

Eligibility for Personal Loan for Education

Here is a list of the necessary qualifications for personal loans for educational purposes that applicants must meet in order to be approved for a loan. Check personal loan eligibility here: 

  • The applicant requesting the loan must be an Indian citizen.
  • The age of the candidate must fall within the bracket of 21 to 58 years. 
  • To qualify for a credit, your monthly income must be at least Rs. 15,000, regardless of whether you are applying for the first time or have previously taken out a loan.

Remember, a strong academic record facilitates speedy loan approval. However, some documents are also required. The required documents to obtain a personal loan for education include an aadhar card and a PAN card. It facilitates E-KYC verification and quickens the loan application procedure.

So, if you satisfy the prerequisites listed above, you qualify to submit an online personal education loan application.

Application Process: Personal Loan for Education

The loan application process is quite easy. Simply adhere to the following three simple steps:

  • Download the loan app on your mobile phone.
  • Sign up with your email address or mobile number for the OTP verification procedure.
  • Fill out the online registration form and digitally upload the required documents.

Wrapping Up

If you’re thinking about how to pay for your child’s education, a personal loan for education might be your best bet. These loans are designed to be simple and practical. The borrower stays stress-free because the loan is unsecured. Lastly, a personal loan for education is only a click away with such basic and straightforward eligibility requirements! So go right ahead and use the loan app to check personal loan interest rate and  eligibility and apply for a personal loan.

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